Part 9Pension income
Chapter 7Former approved superannuation funds
Unauthorised payments
593Unauthorised payments: application of section 583
1
Section 583 applies to a payment if—
a
the payment is made out of funds which are held for the purposes of a former approved superannuation fund (“the paying fund”), but
b
it is not expressly authorised—
i
by the rules of the paying fund, or
ii
by virtue of paragraph 33 of Schedule 6 to FA 1989, and
c
conditions B and C in section 583(4) and (5) are met.
2
But section 583 does not apply to a payment to which section 623 applies.
3
In this section “payment” includes—
a
a transfer of assets, and
b
any other transfer of money’s worth.
4
If section 583 applies to a payment by virtue of this section, sections 584, 585 and 588 apply accordingly.