Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 244

244.(1) If:

   (a)  the trustee of a standard employer-sponsored fund determines that,
        under the governing rules of the fund, a benefit (other than a
        pension) is immediately payable to:

        (i)    a member; or

        (ii)   the trustee of another fund in respect of a member; or

        (iii)  another person in respect of a member; and

   (b)  the member is or was a standard employer-sponsored member of the
        first-mentioned fund; and

   (c)  a period of 90 days has elapsed since the benefit became payable or
        this Part commenced, whichever is the later; and

   (d)  the benefit has not been paid; the trustee may pay the benefit to an
        eligible rollover fund.

(2) Subsection (1) empowers the trustee of a fund to pay the benefit despite
anything in the governing rules of the fund.

(3) Subject to section 248, if:

   (a)  subsection (1) applies in relation to a benefit that is payable in
        respect of a member of a standard employer-sponsored fund; and

   (b)  the trustee of the fund is satisfied that at least 2 consecutive
        prescribed reports to members of the fund have not been received by
        the member; the trustee must pay the benefit to an eligible rollover
        fund.

(4) A person who intentionally or recklessly contravenes this section is
guilty of an offence punishable on conviction by a fine not exceeding 100
penalty units.