Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 1) (Cth)
Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 1)
Statutory Rules 1999
No. 14
I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the
Superannuation Industry (Supervision) Act 1993 . Dated 4 February 1999.
WILLIAM DEANE
Governor-General
By His Excellency’s Command,
C. R. KEMP
Assistant Treasurer
made under the
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• •
These regulations are the
Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 1) .
These regulations commence on gazettal.
Schedule 1 amends the
Superannuation Industry (Supervision) Regulations 1994 .
(regulation 3)
[1] Subregulation 1.03 (1), definition of withdrawal benefit , paragraph (b)
substitute
(b) the trustee of another superannuation entity or an EPSSS in respect of the member; and
insert
EPSSS means an exempt public sector superannuation scheme.
Note After the definition ofeligible rollover fund in subregulation 1.03 (1), insert the following note:
Note As to what is aneligible rollover fund for Part 24 of the Act, see section 242 of the Act and regulation 10.01.
substitute
(c) the member joined the fund from another fund or an EPSSS as a lost member; or
Note Omit paragraph (c) of the note following regulation 1.03A, and insert:(c) that, if the member is transferred to another fund or an EPSSS (
the transferee fund ), the trustee of the transferring fund must supply certain information about the member to the trustee of the transferee fund (see Division 2.7A).
omit (both inclusive)
omit person.
insert person; or
insert
(iii) the trustee of the EPSSS from which the member has transferred has fulfilled a requirement similar to that set out in paragraph (a) or (b).
omit Act;
insert Act; or
insert
(c) the trustee of an EPSSS before a beneficiary of the EPSSS is issued with a superannuation interest in the circumstance mentioned in paragraph 3.09A (1) (b);
after section 243 of the Act
insert or in the circumstances mentioned in paragraph 3.09A (1) (b)
omit or the trustee of another fund
insert , or the trustee of another fund or of an EPSSS,
after trustee of another fund
insert or of an EPSSS
substitute (3)The trustee of a fund must give to a member information concerning an incident affecting the member if the incident is one of the following kinds:
(a) the member is transferred to a different category of membership or to a different fund;
(b) the benefits of the member are transferred to an RSA or to an EPSSS.
omit another entity
insert another superannuation entity, an EPSSS
omit that other entity, the RSA or eligible rollover fund,
insert that other superannuation entity, the EPSSS, the RSA or the eligible rollover fund,
omit an entity
insert a superannuation entity, EPSSS
omit RSAs, or entities
insert RSAs, EPSSSs or superannuation entities
after another fund
insert or to an EPSSS
omit period.
insert period; or
insert
(iii) the trustee of the EPSSS to which the member is being transferred, information to the same general effect as that required under Subdivision 2.4.2 in respect of the member’s exit reporting period.
substitute
3.09A Specified circumstances for issue of superannuation interests (Act, s 153 (1) (d)) (1) For paragraph 153 (1) (d) of the Act, the following circumstances are specified:
(a) that the interest is issued by the trustee of the public offer entity, as trustee of a successor fund, in relation to the transfer of benefits to the fund;
(b) that:
(i) the interest is issued by the trustee of the public offer entity in relation to the payment of benefits to the entity from an EPSSS in accordance with an application made under the provisions of section 243 of the Act as applied by subregulation (2) (
the applied provisions ); and(ii) if the application is the first application under the applied provisions made to the trustee of the public offer entity by the trustee of the EPSSS on behalf of any person — the application is an eligible application.
(2) For subparagraph (1) (b) (i), the provisions of section 243 of the Act apply to a payment of benefits from an EPSSS to a public offer entity as if, in that section:
(a) a reference to the transferor fund were a reference to that EPSSS; and
(b) a reference to an eligible rollover fund were a reference to that public offer entity.
insert
3.10A Specified circumstances for dispensing with giving of information (Act, s 157 (5)) For subsection 157 (5) of the Act, the circumstance is specified that:
(a) the superannuation interest is issued in accordance with an application made under the applied provisions mentioned in paragraph 3.09A (1) (b); and
(b) the application is not the first application under those applied provisions made to the trustee of the public offer entity by the trustee of the EPSSS on behalf of any person.
omit or from an RSA,
insert or from an EPSSS or RSA,
[25] Subregulation 5.01 (1), definition of superannuation system , paragraph (e)
substitute
(e) EPSSSs; and
[26] Subregulation 5.01 (1), definition of transferred
substitute
transferred , in relation to a member’s benefits paid out of, or received by, a regulated superannuation fund or approved deposit fund, means paid to, or received from:
(a) another regulated superannuation fund or approved deposit fund; or
(b) an RSA provided by an RSA institution; or
(c) an EPSSS;
otherwise than upon the satisfaction by the member of a condition of release (within the meaning of Part 6) for all those benefits.
omit
omit RSA;
insert RSA; or
[29] After sub-subparagraph 6.21 (1A) (a) (iii) (C)
insert
(D) an EPSSS;
omit RSA;
insert RSA; or
[31] After sub-subparagraph 6.21 (1A) (b) (iii) (C)
insert
(D) an EPSSS;
omit or to an RSA
insert or to an EPSSS or an RSA
omit or to an RSA,
insert or to an EPSSS or an RSA,
omit fund or the approved deposit fund;
insert fund, the approved deposit fund or the EPSSS;
omit fund;
insert fund or the EPSSS;
omit
The following provisions are amended by omitting ‘exempt public sector superannuation scheme’ and inserting ‘EPSSS’:
• subparagraph 6.07 (2) (a) (ii)
• subparagraph 6.07 (2) (b) (ii)
• paragraph 6.07 (3) (a)
• paragraph 6.07 (4) (a)
• paragraph 6.08 (1) (b).
The following provisions are amended by omitting ‘or scheme;’ and inserting ‘or EPSSS;’:
• subparagraph 6.07 (2) (b) (ii)
• paragraph 6.07 (3) (b)
• paragraph 6.07 (4) (b).
1. These regulations amend Statutory Rules 1994 No. 57, as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76, 83, 108, 175, 177, 193, 240 and 312.
2. Made by the Governor-General on 4 February 1999, and notified in the
Commonwealth of Australia Gazette
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