Superannuation Industry (Supervision) Regulations 1994
Statutory Rules No. 57, 1994
made under the
Superannuation Industry (Supervision) Act 1993
Compilation No. 159
Compilation date: 1 July 2026
Includes amendments: F2026L00133
This compilation is in 2 volumes
Volume 1: | Parts 1 to 14 regulations 1.01 to 14.39 |
Volume 2: | Schedules Endnotes |
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Superannuation Industry (Supervision) Regulations 1994 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).
Application, saving and transitional provisions
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Presentational changes
The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary
1.01 Name of Regulations
1.03 Interpretation
1.03A Lost member
1.03AA Defined benefit interest
1.03AAA Defined benefit fund
1.03AB Meaning of growth phase
1.03C Meaning of permanent incapacity
1.04 Prescribed matters (Act, s 10)
1.04AAAA Interdependency relationships (Act s 10A)
1.04AAA Modified meaning of member (Act s 15B)
1.04AA Self managed superannuation funds—persons not taken to be employees (Act s 17A(8))
Part 1A—Annuities and pensions
Division 1A.1
1.05A Interpretation
1.05 Meaning of annuity (Act, s 10)
1.05AA Limited period for full commutation of certain annuities
1.06 Meaning of pension (Act, s 10)
1.06A Standards for certain innovative superannuation income streams
1.06B Maximum commutation amount for certain innovative superannuation income streams
1.06C Limited period for full commutation of certain income streams
1.07 Periods when beneficiary may not receive benefits
1.07A Commutation of allocated annuities and pensions
1.07B Commutation of other annuities and pensions
1.07C Commutation of market linked income stream
1.07D Commutation of superannuation…
Overview
The Superannuation Industry (Supervision) Regulations 1994, made under the Superannuation Industry (Supervision) Act 1993, were enacted to provide detailed rules and standards governing the administration and operations of superannuation funds in Australia. These regulations address gaps left by the overarching Act, including the need for specific operational guidelines, standards, and compliance requirements for superannuation funds and their trustees. They were introduced to ensure that superannuation funds operate efficiently, transparently, and in the best interest of their members. The regulations were enacted by the Australian Parliament, reflecting the policy objective of enhancing the supervision and regulation of the superannuation industry to protect members' interests and promote the efficient management of superannuation funds.
Scope and Application
The Superannuation Industry (Supervision) Regulations 1994, as amended, apply to regulated superannuation funds, approved deposit funds, and public offer entities within the superannuation industry in Australia. These regulations are made under the Superannuation Industry (Supervision) Act 1993 and provide detailed standards and operational requirements for these entities. The regulations cover a broad range of topics, including the management and trusteeship of superannuation entities, information disclosure requirements, benefit protection standards, payment standards, and financial reporting obligations. They also establish specific rules for superannuation funds involved in the trans-Tasman retirement savings portability arrangement, and set out transitional arrangements to facilitate the implementation of various legislative amendments over time. The application of these regulations is Commonwealth-wide, and they extend to prescribed matters through subordinate instruments, thereby offering a comprehensive framework for the supervision and regulation of the superannuation industry in Australia. While the regulations set forth numerous standards and requirements, they also include specific exclusions and exemptions, such as those related to certain types of investments by self-managed superannuation funds and the operation of defined benefit funds.
Key Provisions
- The Superannuation Industry (Supervision) Regulations 1994, as amended, establish a comprehensive regulatory framework governing the operations of superannuation entities in Australia. The regulations outline key provisions related to the management and administration of superannuation funds, including rules on investment strategies, benefit payments, and trustee responsibilities. For instance, regulated superannuation funds are mandated to adhere to strict standards when it comes to the allocation of benefits, with particular attention given to ensuring that certain benefits, such as those derived from defined benefit interests, are protected and not adversely altered without proper procedures in place. Similarly, trustees of these funds are required to maintain a certain level of separation between fund assets and personal or related party interests, particularly in the case of self-managed superannuation funds (SMSFs). These include prohibitions on investing in collectables and personal use assets unless specific conditions are met, and requirements for proper documentation and valuation when transferring such assets.
- The regulations impose a series of obligations on trustees and entities, such as the necessity to provide clear and comprehensive information to members under various circumstances, including annual members’ meetings and changes in the fund’s status. Trustees are also mandated to refrain from actions that could be detrimental to members' interests, such as recognising assignments or charges over members' benefits, unless specific exceptions apply. Furthermore, regulated superannuation funds and approved deposit funds must comply with specific operating standards, such as restrictions on the acceptance of commissions or brokerage fees and the maintenance of adequate funding and solvency levels. These standards are designed to ensure the financial integrity and stability of superannuation entities, protecting the interests of members.
- In terms of penalties and consequences, breaches of the regulations can lead to significant penalties. For example, trustees of SMSFs who engage in prohibited investments or fail to comply with record-keeping requirements can face strict liability offences, with penalties of up to 10 penalty units for each offence. Similarly, trustees who fail to adhere to the specified standards for the acceptance of contributions or the commutation of benefits may face regulatory sanctions, including potential suspension or revocation of their trustee status. Additionally, trustees who fail to comply with the requirements for rolling over or transferring benefits to eligible rollover funds may be subject to enforcement actions by the Australian Prudential Regulation Authority (APRA). These provisions underscore the importance of strict adherence to the regulations to avoid adverse legal and financial consequences.
- Area of Law
- Superannuation Law
- Financial Services Regulation
- Instrument
- Regulation
- Concepts
- Reporting & Disclosure Obligations
- Defined Benefit Funds
- Investment Standards
- Financial Management
- Trustee Duties
- Compliance Obligations
- Superannuation Benefits
- Member Protection
