State Employees Retirement Benefits Regulations 1996

i State Employees Retirement Benefits Regulations 1996 S.R. No. 94/1996 TABLE OF PROVISIONS Regulation Page 1. Title 1 2. Objective 1 3. Authorising provision 1 4. Definitions 2 5. Resignation on the Grounds of Disability 2 6. Lump Sum Payments in lieu of pension 2 SCHEDULES 3 SCHEDULE 1—Application for Benefits on Cessation of Fund Membership for Members who have not attained age 55 3 SCHEDULE 2—Application for Conversion of Part of Pension to Lump Sum 5 ═══════════════ -- 1 of 7 -- 1 STATUTORY RULES 1996 S.R. No. 94/1996 State Employees Retirement Benefits Act 1979 State Employees Retirement Benefits Regulations 1996 The Governor in Council, on the recommendation of the Victorian Superannuation Board, makes the following Regulations: Dated: 10 September 1996 Responsible Minister: ROGER M. HALLAM Minister for Finance N. C. WHITE Acting Clerk of the Executive Council 1. Title These Regulations may be cited as the State Employees Retirement Benefit Regulations 1996. 2. Objective The objective of these Regulations is to facilitate the administration of the State Employees Retirement Benefits Act 1979 by prescribing forms to be completed by resigning members and in respect of lump sum payment in lieu of pensions. 3. Authorising provision These Regulations are made under section 72 of the State Employees Retirement Benefits Act 1979. -- 2 of 7 -- S.R. No. 94/1996 State Employees Retirement Benefits Regulations 1996 2 4. Definitions In these Regulations— "Act" means the State Employees Retirement Benefits Act 1979. 5. Resignation on the Grounds of Disability A statement made pursuant to section 36 of the Act must be in the form contained in Schedule 1. 6. Lump Sum Payments in lieu of pension An application made pursuant to section 41A of the Act must be in the form contained in Schedule 2. __________________ r. 4 -- 3 of 7 -- S.R. No. 94/1996 State Employees Retirement Benefits Regulations 1996 3 SCHEDULES SCHEDULE 1 Regulation 6 State Employees Retirement Benefits Act 1979 STATE EMPLOYEES RETIREMENT BENEFITS REGULATIONS 1996 Application for Benefits on Cessation of Fund Membership for Members who have not attained age 55 Surname...............................................Given Names................................... Address.........................................................................Postcode.................. Employer.............................................................Location............................ Date of Birth....../....../...... Date of Last Day on Duty....../....../...... Telephone No..............................(B.H.)...............................(A.H.) *Tax File Number............/............/............(Refer to information below) Was **disability the reason for termination? Yes or No I hereby apply for: (Delete whichever is not applicable) (a) Cash and deferred benefits according to Section 37 of the State Employees Retirement Benefits Act 1979. (b) ***Deferred benefits according to Section 38 of the State Employees Retirement Benefits Act 1979. (c) (Retrenchment only)—An amount equal to 3.5 times employee contributions paid to the Fund up to 30.06.93 and from 01.07.93 an amount equal to 3.125. Do you wish to rollover your benefits? Yes or No _____________________ Date Signature of Member Sch. 1 -- 4 of 7 -- S.R. No. 94/1996 State Employees Retirement Benefits Regulations 1996 4 *Tax File Number: The tax file number provided on this form will be used by the Board for Insurance Superannuation Commission and Australian Taxation Office purposes. If you do not want information regarding your superannuation benefits released to these organisations do not complete this section. However, you may have your benefit taxed at the top marginal income tax rate. **Disability is defined as: The permanent inability of the employee due to a continuing or recurring injury, disease or infirmity to perform the employee's duties or any other duties for which the employee is suited by education, training or experience or for which the employee would be suited as a result of retraining. Do not complete this form if you consider that disability was the reason for resignation and you are under 60 years of age. Instead, complete an "Application by Member for Retirement Benefits on Account of Disability" form. ***Deferred Benefits: An estimate of your deferred benefit entitlement can be obtained by contacting the Board. Briefly, these benefits are payable in the form of a pension and lump sum from age 55 or earlier only in the event of death or disability (subject to Board Approval). NOTE: Do not complete this form if you are age 55 years or over and disability was not the reason for termination. Instead, complete an "Application by Member for Retirement Benefits on Account of Age" form. __________________ Sch. 1 -- 5 of 7 -- S.R. No. 94/1996 State Employees Retirement Benefits Regulations 1996 5 SCHEDULE 2 Regulation 7 State Employees Retirement Benefits Act 1979 STATE EMPLOYEES RETIREMENT BENEFITS REGULATIONS 1996 Application for Conversion of Part of Pension to Lump Sum (Pursuant to Section 41A of the State Employees Retirement Benefits Act 1979) I, ................................................................................................................. (Full name in BLOCK letters) of.....................................................................................Postcode............... (Full postal address in BLOCK letters) Formerly employed by.................................................................................. Age ............. Born on ........................... Pension No.............................. hereby apply, pursuant to *section 41A of the State Employees Retirement Benefits Act 1979, for reduction of my pension under the said Act and to receive a lump sum payment as determined by the Board's actuary in consideration of the reduction of the pension. Number of years for which reduction is required. .......................years. Amount of reduction requested $................................. (From $ ...................... to $ .........................) Signature of Applicant.................................................................. Signature of Witness..................................................................... Date ............................................ Sch. 2 -- 6 of 7 -- S.R. No. 94/1996 State Employees Retirement Benefits Regulations 1996 6 *Section 41A reads as follows: (1) A pensioner may make application to the Board in a prescribed form, for the reduction of his pension and to receive a lump sum payment in consideration of the reduction of the pension. (2) On receipt of such application the Board may require the pensioner to provide such other information as it determines. (3) The Board may grant the application and reduce the pension in accordance with the terms and conditions from time to time approved by the Treasurer. (4) The amount of lump sum payment made in consideration of the reduction in the pension shall be determined by the Board's actuary. ═══════════════ Sch. 2 -- 7 of 7 --