Retirement Benefits Amendment Regulations 2011
I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Retirement Benefits Act 1993 .
7 February 2011PETER G. UNDERWOOD
Governor
By His Excellency's Command,
LARA GIDDINGS
Treasurer
These regulations may be cited as the Retirement Benefits Amendment Regulations 2011 .
These regulations take effect on the day on which their making is notified in the Gazette.
In these regulations, the Retirement Benefits Regulations 2005 are referred to as the Principal Regulations.
4. Regulation 70 substituted
Regulation 70 of the Principal Regulations is rescinded and the following regulation is substituted:70. Time and manner of benefit payments
(1) The Board is to use its best endeavours to ensure that a person who is entitled to a benefit under these regulations is paid that benefit as soon as practicable after the entitlement arises.(2) Where the Board is satisfied that there has been an unreasonable delay in paying a person a benefit to which the person is entitled under these regulations, it may pay such interest on the benefit (or any part thereof) as it considers fair having regard to all the circumstances including, without limiting this, whether any act or omission of the person caused or contributed to the delay.
5. Regulation 79 amended (Conversion of lump sum benefits to pensions)
Regulation 79 of the Principal Regulations is amended by omitting subregulation (15) and substituting the following subregulation:(15) Any benefit payable under regulation 130(1)(b) or (c) or regulation 130(2) , or any interest payable under regulation 70(2) , is not to be converted to a pension.
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 16 February 2011
These regulations are administered in the Department of Treasury and Finance.
EXPLANATORY NOTE
(This note is not part of the regulation)
These regulations amend the Retirement Benefits Regulations 2005 so as to –(a) allow the Retirement Benefits Fund Board to exercise greater discretion with regard to the timing of benefit payments and the payment of interest on late benefit payments; and(b) make it clear that interest payments of that kind are not capable of being converted to a pension.