Superannuation Industry (Supervision) approval of provision of benefits No. 1 of 2007 (Cth)

Superannuation Industry (Supervision) approval of provision of benefits No.1 of 2007

Superannuation Industry (Supervision) Act 1993

I, Thomas Karp, a delegate of APRA,

under subsection 33(3) of the Acts Interpretation Act 1901 and

subparagraph 62(1)(b)(v) of the Superannuation Industry (Supervision) Act 1993 (the Act):

• REVOKE the approval of provision of benefits made under subparagraph 62(1)(b)(v) of the Act which is dated 1 July 1997; and

• APPROVE the provision of the benefits set out in the Schedule.

This instrument comes into force from the date of registration on the Federal Register of Legislative Instruments.

Dated 20 November 2007

[Signed]

Tom Karp

Executive General Manager

Supervisory Support Division

Interpretation

In this Notice:

APRA means the Australian Prudential Regulation Authority;

Regulator has the same meaning as in section 10 of the Act;

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

Federal Register of Legislative Instruments means the register of that name established from 1 January 2005 under the Legislative Instruments Act 2003.

Schedule

1.         The provision of benefits for or in respect of each member of the fund which Part 6 of the SIS Regulations

(a) permits to be paid (by being cashed, rolled over or transferred); or

(b) requires to be paid;

when, to the extent that, and to the persons to whom, the fund is permitted or required under Part 6 of the SIS Regulations to pay them.

2.         The provision of benefits referred to in paragraph 1 includes:

           (a)     provision pursuant to Part 6 of the SIS Regulations as modified by APRA under section 332 of the Act; and

(b)provision pursuant to Part 6 of the SIS Regulations where the provision of the benefit is facilitated by an exemption made by APRA under section 328 of the Act.