Superannuation Industry (Supervision) Regulations (Amendment) (Cth)
__________________
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the
Federal Executive Council, make the following Regulations under the
Dated 27 June 1995.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
PAUL ELLIOTT
Parliamentary Secretary to the Treasurer
for the Treasurer
____________
1.1 These Regulations, other than regulations 22 and 25, commence on 1 July 1995.
[NOTE: Regulations 22 and 25 commence on gazettal: see
2.1 The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.
3.1 Subregulation 1.03 (1) (definition of “contributions”):
Omit the definition, substitute:
“
(a) payments of shortfall components to the fund; and
(b) payments to the fund from the Superannuation Holding Accounts Reserve;
but does not include benefits that have been rolled over or transferred to the fund;”.
3.2 Subregulation 1.03 (1) (definition of “defined benefit fund”):
Omit the definition, substitute:
“
(a) a public sector superannuation scheme that:
(i) is a regulated superannuation fund; and
(ii) has at least 1 defined benefit member; or
(b) a regulated superannuation fund (other than a public sector superannuation scheme):
(i) that has at least 1 defined benefit member; and
(ii) some or all of the contributions to which (out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount;
“
(a) the amount of:
(i) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement or an earlier date; or
(ii) the member’s salary averaged over a period before retirement; or
(b) a specified amount;”.
3.3 Subregulation 1.03 (1) (definition of “excluded member”, paragraph (b)):
Omit the paragraph, substitute:
“(b) a defined benefit member of a defined benefit fund;”.
3.4 Subregulation 1.03 (1) (definition of “protected member”):
After “withdrawal benefits”, insert “, or benefits of any other type that are payable on leaving the fund otherwise than voluntarily, net of any applicable exit fee,”.
3.5 Subregulation 1.03 (1):
Insert:
“
4.1 Subparagraph 1.03A (1) (a) (ii):
Omit “2 written communications”, substitute “2 written communications or, if the trustee so chooses, 1 written communication”.
4.2 After subparagraph 1.03A (1) (b) (i), insert:
“(ia) he or she was, at the time he or she joined the fund, a person in respect of whom there was in effect a contribution arrangement of the kind referred to in subsection 16 (5) of the Act (which deals with the definition of ‘standard employer-sponsored member’); and”.
4.3 Paragraph 1.03A (2) (a):
After “positive act”, insert “(for example, deferring a benefit in the fund)”.
5.1 Omit the regulation, substitute:
(1) This Division applies only to a fund that is:
(a) a public offer superannuation fund; or
(b) an approved deposit fund that is not an excluded approved deposit fund.
Despite subregulation (1), this Division does not apply to information to be given:
(a) by the trustee of the fund before the issuing of an interest by the trustee to a person who would become, as a result of the issuing of that interest, a standard employer-sponsored member of the fund; or
(b) by the trustee of an eligible rollover fund before the issuing of an interest by the trustee to a beneficiary of another fund under section 243 of the Act; or
(c) by the trustee of a successor fund.”.
[NOTES: 1. Note 2 following subregulation 2.08 (2) should be altered by substituting “sections 157, 157A and 158” for “sections 157 and 158”.
2. The following Note should be inserted after note 3 following subregulation 2.08 (2):
“4. The
disclosure requirements in respect of eligible rollover funds regarding persons
who become members of the fund under section 243 of the Act are set out in
Division 2.3 of these Regulations;
6.1 Paragraph 2.09 (b):
Omit “sections 157 and 158”, substitute “sections 157, 157A and 158”.
6.2 Add at the end:
For the purposes of subsection 157 (5) of the Act (which deals with the circumstances in which interests may be issued without information first being given), the circumstance is specified that the interest is issued by the trustee of a successor fund in relation to a transfer of benefits to that fund.
For the purposes of subsection 158 (3) of the Act (which deals with circumstances in which a person may become a standard employer-sponsor without information being given), the circumstance is specified that:
(a) the person who becomes a standard employer-sponsor without having made an eligible application was a standard employer-sponsor of a fund (‘the original fund’); and
(b) the benefits of members in the original fund are transferred to a successor fund; and
(c) the person was a standard employer-sponsor of the original fund immediately before those benefits are so transferred; and
(d) the person is a standard employer-sponsor of the successor fund immediately after those benefits are so transferred.”.
7.1 Subregulation 2.10 (3):
Add at the end:
“; (l) if there are circumstances in which the trustee would pay the member’s benefit to an eligible rollover fund:
(i) details of those circumstances; and
(ii) the contact details of the eligible rollover fund; and
(iii) a statement of the effect of the payment of benefits to the eligible rollover fund.”.
8.1 Subregulation 2.11 (3):
Add at the end:
“; (k) if there are circumstances in which the trustee would pay a member’s benefit to an eligible rollover fund:
(i) details of those circumstances; and
(ii) the contact details of the eligible rollover fund; and
(iii) a statement of the effect of the payment of benefits to the eligible rollover fund.”.
9.1 After regulation 2.11, insert:
(1) The information that the trustee of an eligible rollover fund must be satisfied has been received by the trustee of a transferor fund before a beneficiary of the transferor fund is issued with a superannuation interest under section 243 of the Act is the information specified in subregulation (2).
The information is all information that the trustee reasonably believes that a person would reasonably need for the purpose of:
(a) understanding the main features of the relevant sub-plan or, if none, of the fund; and
(b) making an informed judgment about the management and financial condition of the fund and of the relevant sub-plan (if any); and
(c) making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the fund.”.
10.1 Subregulation 2.12 (1):
Omit the subregulation, substitute:
This Division applies:
(a) to a regulated superannuation fund that is not a public offer superannuation fund; and
(b) to a public offer superannuation fund that is not a successor fund, but only in respect of:
(i) standard employer-sponsored members of the fund; and
(ii) in the case of an eligible rollover fund—persons who become members of the fund by being issued with a superannuation interest under section 243 of the Act; and
(c) to a successor fund.”.
11.1 Subregulation 2.16 (1):
Add at the end:
“; (j) if there are circumstances in which the trustee would pay the member’s benefit to an eligible rollover fund:
(i) details of those circumstances; and
(ii) the contact details of the eligible rollover fund; and
(iii) a statement of the effect of the payment of benefits to the eligible rollover fund.”.
12.1 Subregulation 2.18 (1):
Omit the subregulation, substitute:
This Division applies to:
(a) a regulated superannuation fund; and
(b) an approved deposit fund.”.
12.2 Add at the end:
Nothing in this Division requires an eligible rollover fund to provide to members information relating to a period before 1 July 1995.”.
13.1 Add at the end:
“; (g) if there are circumstances in which the trustee would pay the member’s benefit to an eligible rollover fund:
(i) details of those circumstances; and
(ii) the contact details of the eligible rollover fund; and
(iii) a statement of the effect of the payment of benefits to the eligible rollover fund.”.
14.1 Subregulation 2.26B (2):
Omit the subregulation, substitute:
For the purposes of subregulation (1), a trustee is not taken to have a reasonable expectation that a member will have a withdrawal benefit of $1,500 within the period of 12 months referred to in that subregulation if termination of the member’s employment with a current employer (not being an employer who or that is an associate, within the meaning of paragraph 70 (a) of the Act, of the member) would be likely to result in the member’s withdrawal benefit being below $1,500 at the end of that period.”.
14.2 Add at the end:
The trustee of a fund must not take advantage of subregulation (1) in respect of a person more than once unless, after an occasion on which the trustee does so but before the next occasion, the member leaves and rejoins the fund.”.
15.1 Subregulation 2.32 (1):
Omit the subregulation, substitute:
This Division applies to:
(a) a regulated superannuation fund; and
(b) an approved deposit fund.”.
16.1 After subregulation 2.36, insert in Division 2.5:
(1) If the benefits of a member of a fund (‘the transferor fund’) will be paid to an eligible rollover fund unless he or she chooses, within a specified period, another entity to which those benefits will be paid, the trustee of the transferor fund must give information to the member relating to the payment to the eligible rollover fund that will assist the member to decide between having the benefits paid to that other entity or the eligible rollover fund, and in particular must give to the member so much of the information described in subregulation (2) as is relevant to the circumstances.
The information is:
(a) an explanation why the trustee intends to pay the member’s benefits to the eligible rollover fund if the member does not make the choice within the period; and
(b) a statement of the effect of the payment of benefits to the eligible rollover fund; and
(c) the contact details of the eligible rollover fund; and
(d) the amount, or, subject to subregulation (3), the approximate amount, of the member’s benefits that will be paid from the transferor fund; and
(e) a statement to the effect that if the member chooses an entity that refuses to accept the payment of the member’s benefit, or the member makes no choice within the specified period, the trustee will pay the member’s benefits to the eligible rollover fund.
A fund may inform a member under paragraph (2) (d) of the approximate amount of the member’s benefits if, at the time the information is to be given, the trustee of the fund cannot determine the exact amount of the member’s benefits that will be paid from the fund.
This regulation does not require the trustee of the transferor fund to provide information about entities other than the eligible rollover fund.”.
17.1 Subregulation 2.42 (1):
Omit the subregulation, substitute:
This Division applies to:
(a) a regulated superannuation fund; and
(b) an approved deposit fund.”.
18.1 After regulation 3.09, insert:
For the purposes of paragraph 153 (1) (d) of the Act, the circumstance is specified that the interest is issued by the trustee of a successor fund in relation to a transfer of benefits to the fund.
For the purposes of paragraph 153 (2) (b) of the Act, the circumstance is specified that:
(a) the person who becomes a standard employer-sponsor without having made an eligible application was a standard employer-sponsor of a fund (‘the original fund’); and
(b) the benefits of members in the original fund are transferred to a successor fund; and
(c) the person was a standard employer-sponsor of the original fund immediately before those benefits are so transferred; and
(d) the person is a standard employer-sponsor of the successor fund immediately after those benefits are so transferred.”.
19.1 After regulation 3.12, insert in Part 3:
For the purposes of paragraph 170 (e) of the Act (which deals with the circumstances in which the cooling-off period does not apply), the circumstance is specified that the interest is issued by the trustee of a successor fund in relation to the transfer of benefits to that fund.”.
20.1 Subregulation 5.01 (1):
Insert:
“
(a) in the case of a member who was a member of the fund on 30 June 1995, the exit fee (if any) applicable to the member’s benefits at that date; and
(b) the cost (if any) of providing to the member:
(i) an insured death benefit; or
(ii) an insured permanent or temporary incapacity benefit; and
(c) taxation costs;”.
[NOTE: Example of ‘taxation costs’: if contributions tax applies to contributions, trustees may deduct tax from those contributions.]
20.2 Subregulation 5.01 (1) (definition of “mandated employer-financed benefits”):
Omit the definition, substitute:
“
(a) the amount of the mandated employer contributions (if any) made to the fund in relation to the member down to that time; and
(b) the amount of the mandated employer-financed benefits (if any) paid into the fund in relation to the member down to that time; and
(c) the amount of the investment earnings on those contributions and benefits down to that time;
less the costs applicable to the amounts down to that time;”.
20.3 Subregulation 5.01 (1) (definition of “member-financed benefits”):
Omit the definition, substitute:
“
(a) the amount of the member contributions (if any) made to the fund in relation to the member down to that time; and
(b) the amount of the member-financed benefits (if any) paid into the fund in relation to the member down to that time; and
(c) the amount of the investment earnings on those contributions and benefits down to that time;
less the costs applicable to those amounts down to that time;”.
20.4 Add at the end:
For the purposes of this Part, a payment from the Superannuation Holding Accounts Reserve is taken to be a mandated employer-financed contribution.
For the purposes of this Part, a reference to the member-protection standards having only lost-member operation in relation to a person is a reference to the member-protection standards operating to protect the benefits of that person only if the person becomes a lost member of a fund and not if he or she becomes a protected member of a fund.”.
21.1 After regulation 5.02, insert:
(1) For the purposes of subregulation 5.02 (3), a distribution of costs in relation to a fund is not fair and reasonable if, in respect of a period that is, in relation to the fund, a good investment period, the trustee of the fund applies administration costs (being administration costs that would, but for the member-protection standards, be applied to erode the minimum benefits of members of the fund to whom the member-protection standards apply) in a way that erodes the benefits (other than the minimum benefits) of those members.
For the purposes of subregulation (1), a period is a good investment period in relation to a fund if the total administration costs that would be charged to members of the fund but for regulation 5.17 is not greater than the total investment return of the fund that would be credited to members of the fund in respect of the period but for that regulation.”.
22.1 Paragraph 5.09 (1) (b):
Omit “the benefit” (first occurring), substitute “subject to subregulation (1A), the benefit”.
22.2 After subregulation 5.09 (1), insert:
For the purposes of paragraph (1) (b), a benefit is not taken to be rolled over or transferred from a fund at the instigation of the trustee of the fund if:
(a) the rollover or transfer takes place in accordance with the governing rules of the fund; and
(b) the rollover or transfer was required by those rules as in force on 22 March 1995.”.
23.1 Omit the regulation, substitute:
For the purposes of subsections 31 (1) and 32 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds and approved deposit funds.”.
24.1 After subregulation 5.14 (1), insert:
For the purposes of subregulation (2), a unitised fund is not taken to be a fund in which all the administration costs of the fund are reflected in the price of units in the fund if administration costs are applied in respect of the receipt of amounts by the fund or payment of amounts from the fund.”.
[NOTE: Example of a fund that, under this subregulation, is not taken to be a fund in which all the administration costs of the fund are reflected in the price of units in the fund: a fund that has a buy/sell administration cost spread.]
25.1 After regulation 5.15, insert:
(1) If:
(a) before 1 July 1995, the trustee of a regulated superannuation fund has formed the intention:
(i) to apply, on behalf of a member of the fund, to an eligible rollover fund for the issue to the member of a superannuation interest in the latter fund; or
(ii) not to protect the benefits of a member; and
(b) the trustee keeps a record of having formed that intention, being a record that identifies the member; and
(c) the benefits of the member are paid out of the fund before 1 October 1995; and
(d) the trustee has not charged an exit fee in respect of the payment of those benefits out of the fund;
the member-protection standards are taken not to have applied to the member in respect of his or her membership of the fund during the period ending on the date on which the last of the member’s benefits are paid out of the fund.
In subregulation (1), a reference to payment of benefits out of a fund includes:
(a) rolling over or transferring the benefits; and
(b) cashing the benefits; and
(c) any combination of rolling over, transferring and cashing the benefits.”.
26.1 After regulation 5.15, insert:
If an existing personal superannuation member (within the meaning of Division 5.6) of a regulated superannuation fund has elected under that Division not to be treated as a protected member, the member-protection standards have only lost-member operation in respect of that member while he or she remains a member of the fund.”.
27.1 Paragraph 5.17 (1) (b):
Omit the paragraph, substitute:
“(b) if, on or after 30 June 1996:
(i) the member is reportable to the Commissioner as a lost member under regulation 11.08; and
(ii) 90 days have elapsed since the member became reportable under that regulation; and
(iii) the member remains a lost member.”.
27.2 Subparagraph 5.17 (3) (a) (i):
Omit the subparagraph, substitute:
“(i) at the end of the period, and subject to any adjustment affecting the member’s benefits (net of any exit fee) made by the trustee in respect of the period, the member is a protected member; and”.
27.3 After subregulation 5.17 (5), insert:
If, under Division 5.6, a member elects to waive member protection, the last relevant member reporting period in relation to that member is taken to end at the end of the day before the day on which, under regulation 5.22, the member-protection standards have only lost-member operation in respect of the member.”.
27.4 Paragraph 5.17 (6) (a):
Omit the paragraph, substitute:
“(a) the total of the administration costs that would be charged to members of a fund but for this regulation is greater than the total investment return that would be credited to or debited against members of the fund but for this regulation in respect of that period; and”.
27.5 Subregulation 5.17 (7):
Omit the subregulation.
27.6 Subregulation 5.17 (9):
Omit the subregulation, substitute:
For the purposes of paragraph (6) (b), an apportionment of costs is taken to be fair and equitable only if:
(a) each member of the fund is charged no more than:
(i) the amount that the member would be charged if all administration costs charged against member’s benefits were distributed in direct proportion to:
(A) the investment return credited to, or debited against, the member’s benefits; or
(B) the member’s benefits; or
(ii) the investment return credited to the member’s benefits, plus $10; or
(b) each protected member of the fund is charged no more than an amount equal to the investment return credited to the member’s benefits, plus $10.”.
28.1 Omit “in a member reporting period”, substitute “in respect of a member reporting period”.
29.1 After Division 5.5, insert:
“
In this Division:
(a) joined the fund before 1 July 1995; and
(b) at the time he or she joined the fund, was not a person in respect of whom there was in effect a contribution arrangement of the kind referred to in subsection 16 (5) of the Act (which deals with the definition of ‘standard employer-sponsored member’).
For the purposes of subsection 31 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds.
(1) The trustee of a regulated superannuation fund that has existing personal superannuation members may offer in writing to each of those members the right to elect never to be treated by the fund as if he or she were a protected member.
If the trustee offers a member the right to elect never to be treated as a protected member, the trustee:
(a) must also offer the member the right to elect to have the member’s benefits paid to an entity of the member’s choice; and
(b) may also offer the member the right to elect to have the member’s benefits paid in any other way.
[NOTE: The trustee also has the power, under Part 24 of the Act, to pay benefits to an eligible rollover fund.]
The trustee may specify an entity (in this regulation called ‘the default entity’) that will be taken to be the member’s choice of entity if:
(a) a member elects to have benefits paid to another entity but does not specify the entity; or
(b) a member elects to have benefits paid to another entity but that other entity refuses to accept the benefits.
The default entity must be:
(a) an entity to which the member-protection standards relating to the protection of protected members apply; or
(b) an eligible rollover fund.
A member to whom a trustee offers the right to make an election under subregulations (1) and (2) is not obliged to elect in favour of any of the courses set out in that subregulation.
For the purposes of this Division, if:
(a) a member specifies an entity to which his or her benefits are to be paid, but that entity refuses to accept the payment; or
(b) the member elects to have his or her benefits paid to another entity, but does not specify the entity;
the member is taken to have elected to have his or her benefits paid to the default entity.
If a trustee offers members of the fund the right to make an election, the trustee must provide each member to whom the election is offered with the following information:
(a) the contact details (within the meaning of Part 2) of the default entity, if any;
(b) a statement that:
(i) states that a member is not obliged to make an election in favour of any of the courses offered; and
(ii) sets out the effect of not making an election; and
(iii) sets out the effect of making an election in favour of each of the courses offered; and
(iv) sets out the circumstances in which the member will be taken to have elected to have his or her benefits paid to the default entity;
(c) the amount, or, subject to subregulation (8), the approximate amount, of the member’s benefits in the fund.
A fund may inform a member under paragraph (7) (c) of the approximate amount of the member’s benefits if, at the time the information is to be given, the trustee of the fund cannot determine the exact amount of the member’s benefits in the fund.
(1) If under regulation 5.21 a member of a fund elects to waive member protection, the member-protection standards have only lost-member operation in relation to the member:
(a) if the waiver takes place before 1 October 1995—from 1 July 1995; or
(b) in any other case—from the date of the waiver.
[NOTE: See subregulation 5.17 (5A) in regard to the end of the last relevant member reporting period in this case.]
If under regulation 5.21 a member of a fund elects to waive member protection, the waiver ceases to have effect when the member ceases to be a member of the fund.
If a member of a fund elects to have his or her benefits paid out of the fund under this Division, and the payment takes place before 1 October 1995, the member-protection standards are taken never to have applied in relation to the member’s membership of the fund.
If:
(a) the trustee of a fund has written to a member offering the right to elect under regulation 5.21; and
(b) the member does not elect to waive member protection; and
(c) the trustee pays benefits of the member out of the fund;
the trustee must not charge an exit fee in respect of the payment.”.
30.1 Subregulation 6.02 (2):
Omit “on and after the commencement day”.
[NOTE: The Note following the heading to Division 6.4 should be omitted and the following Note substituted:
“[NOTE:
31.1 Subparagraph 6.17 (2) (a) (ii):
After “Division 6.4”, insert “or 6.4A”.
32.1 Omit “by the Act,”, substitute “by the Act or these Regulations,”.
33.1 Omit “by the Act,”, substitute “by the Act or these Regulations,”.
34.1 After Division 6.4, insert:
“
A reference in this Division to a member (being a member of a fund) to whom regulation 2.05 applies is a reference to a member of the fund to whom the trustee of the fund need not give information under regulation 2.05.
(1) This regulation applies to a person who:
(a) is a beneficiary of a regulated superannuation fund or an approved deposit fund; and
(b) was a beneficiary of that fund on 30 June 1995;
other than a beneficiary who would be, if he or she were a member of the fund, a member to whom regulation 2.05 applies.
Before the trustee of the fund may apply on behalf of the person to an eligible rollover fund for the issue to the person of a superannuation interest in the eligible rollover fund:
(a) the trustee of a fund must give to the person the opportunity of nominating an entity to which the person’s benefits are to be paid, and must allow the person at least 28 days to do so; and
(b) either:
(i) the entity nominated by the person must have refused to accept the payment; or
(ii) the person must not have nominated an entity within the period allowed by the trustee.”.
35.1 Omit the heading, substitute:
“
36.1 Omit the regulation, substitute:
(1) For the purposes of the definition of ‘eligible rollover fund’ in section 242 of the Act, a fund is an eligible rollover fund if:
(a) it has the following characteristics:
(i) the fund is a regulated superannuation fund or an approved deposit fund;
(ii) the trustee of the fund has given to the Commissioner a notice in the approved form stating that it is an eligible rollover fund;
(iii) the fund has not ceased to be an eligible rollover fund; or
(b) the fund:
(i) was an eligible rollover fund immediately before 1 July 1995; and
(ii) has not ceased to be an eligible rollover fund.
A fund ceases to be an eligible rollover fund if the trustee of the fund gives notice of wishing to do so to the Commissioner in the approved form.
A notice under subparagraph (1) (a) (ii) or subregulation (2) has effect at the time when the Commissioner acknowledges having received it.”.
37.1 Omit the regulation, substitute:
Expressions used in this Division that are defined for the purposes of Part 24 of the Act have the same meaning in this Division as in that Part.
(1) For the purposes of paragraph 243 (1) (b) of the Act, 1 July 1995 is the date from which section 243 of the Act applies to a person.
For the purposes of paragraph 243 (3) (b) of the Act, the amount of the consideration for the issue of a superannuation interest is the amount of the beneficiary’s withdrawal benefit in the transferor fund.”.
[NOTE: Section 243 of the Act sets out the circumstances in which the trustee of a fund may apply on behalf of a beneficiary of the fund to an eligible rollover fund for the issue of a superannuation interest to the beneficiary. There are no conditions prescribed for the purposes of paragraph 243 (1) (c) of the Act.]
38.1 Omit the regulation.
39.1 Omit the regulation.
40.1 Subregulation 10.06 (2):
Add at the end:
“; and (c) amounts paid from the Superannuation Holding Accounts Reserve.”.
40.2 Paragraph 10.06 (3) (b):
Omit the paragraph, substitute:
“(b) the whole of the benefits of every member as minimum benefits (within the meaning of Part 5) at all times.”.
41.1 Subregulation 11.08 (1):
Omit “subregulation (2)”, substitute “subregulation (3)”.
41.2 Subregulation 11.08 (3):
Omit the subregulation, substitute:
The trustee of a fund must give to the Commissioner, on or before the dates set out in subregulation (3A), for each half-year of the fund a statement setting out the most recent information, of the kinds set out in subregulation (4), that the trustee has regarding:
(a) each lost member of the fund who became reportable (unless the member ceased to be a member of the fund, or ceased to be lost) during the half-year; and
(b) each member of the fund previously reported under paragraph (a) who ceased to be a lost member of the fund during the half-year.
The dates are:
(a) in relation to a half-year of the fund that ends on 30 June in a calendar year—31 October in that calendar year; and
(b) in relation to a half-year of the fund that ends on 31 December in a calendar year—30 April in the following calendar year.”.
41.3 Subregulation 11.08 (4):
Omit the subregulation, substitute:
The information regarding each member is:
(a) in the case of a member who became reportable during the half year:
(i) the member’s name, date of birth, contact details and sex; and
(ii) the fund’s name, contact details and fund number; and
(iii) the name and contact details of the member’s employer last known to the trustee;
(iv) a statement to the effect that the member has become a lost member; and
(v) a statement of the amount of the member’s withdrawal benefits at the date on which he or she became reportable; and
(vi) if the Commissioner requests in writing from the fund, in the half-year, information that the Commissioner reasonably believes may assist the Commissioner in administering the register of lost members—that information; and
(b) in the case of a member who ceased to be a lost member during the half year:
(i) a statement to that effect; and
(ii) the member’s name, date of birth, and sex; and
(iii) the fund’s name, contact details and fund number; and
(iv) if the Commissioner requests in writing from the fund, in the half-year, information that the Commissioner reasonably believes may assist the Commissioner in administering the register of lost members—that information; and
(v) if the trustee so chooses—any other information referred to in paragraph (a).”.
41.4 After subregulation 11.08 (5), insert:
For the purposes of this regulation, if a lost member of a fund ceases to be a lost member during a member reporting period or exit reporting period, the trustee may decide that the member is to be taken to continue to be a lost member until the end of that member reporting period or exit reporting period.”.
42.1 After regulation 13.17B, insert in Division 13.2:
(1) For the purposes of subsections 31 (1) and 32 (1) of the Act, the requirement set out in subregulation (2) is a standard applicable to the operation of regulated superannuation funds and approved deposit funds.
A fund that ceases to be an eligible rollover fund must continue to provide those of its members who are members when it so ceases with at least the entitlements that an eligible rollover fund must provide to its members under the Act and these Regulations as in force at the time when it so ceases.”.
43.1 Heading:
Omit “WITH EFFECT FROM THE COMMENCEMENT DAY”.
43.2 Subclause 202.2 (substituted paragraph 9 (1) (d)):
Omit the paragraph, substitute:
“(d) member-financed benefits must be preserved if they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day;
(e) benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Reserve established under that name by section 8 of the
Small Superannuation Accounts Act 1995 .”.
43.3 Subclause 202A.1 (inserted regulation 10A):
Omit “it the fund”, substitute “if the fund”.
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1. Notified in the
Commonwealth of Australia Gazette on 29 June 1995.2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142 and 158.
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