Superannuation Industry (Supervision) Act 1993 Modification Declaration No 24 (Cth)

Modification declaration No 24

Superannuation Industry (Supervision) Act 1993

I, Brandon Khoo, a delegate of APRA under section 332 of the Act, DECLARE that subregulations 6.21(1) and 6.21(1A) of the Regulations are to have effect in relation to trustees and members of superannuation entities as if they were modified by inserting after subregulation 6.21(1A):

“(1B)                During the period 1 July 2004 to 30 June 2005, the benefits of a member (including a member’s post-65 employer-financed benefits) are not required to be cashed in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a).

(1C)                 A trustee’s failure to cash a member’s benefits (including a member’s post-65 employer-financed benefits) in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 24 is not a breach of those paragraphs.”

This Declaration commences on the date it is signed.

Dated 2 May 2005

[signed]

Brandon Khoo

Executive General Manager

Specialised Institutions Division

Interpretation

In this Declaration

Act means the Superannuation Industry (Supervision) Act 1993

APRA means the Australian Prudential Regulation Authority

Regulations means the Superannuation Industry (Supervision) Regulations 1994