Northern Territory Numbered Acts

SUPERANNUATION LAW REFORM ACT 2007 (NO 36 OF 2007) - SECT 34

Section 50A

repeal, substitute

50A     Power to charge fees for service

    (1)     The Commissioner may charge fees for services provided at the request of a person.

    (2)     If the person requesting the service has an accumulation account in the Fund, the Commissioner may charge the fee against the accumulation account.

Examples

1     The Commissioner might charge a fee for changing the investment of an accumulation account from one investment option to another.

2     The Commissioner might charge periodic fees against an accumulation account for paying a benefit, in the form of an allocated pension, from the account.

    (3)     The Commissioner may levy a general charge, on a basis the Commissioner considers appropriate, against accumulation accounts for providing incidental services (such as financial advice) for members and adherents of the NTGPAS Scheme.

50B     Power to recover money on behalf of the Territory

If the Territory makes a payment to any person under either Scheme to which the person was not entitled, or in excess of the person's entitlement, the Commissioner may, on behalf of the Territory, recover the amount of the payment or the amount of the excess (as the case requires) as a debt.