Superannuation Industry (Supervision) Regulations (Amendment) (Cth)
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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
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1.1 These Regulations commence on 1 July 1995.
2.1 The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.
3.1 Paragraph 2.23 (d):
Omit the paragraph, substitute:
“(d) the amount (if any) of the member’s withdrawal benefit at the end of the reporting period that consists of preserved benefits within the meaning of Subdivision 6.1.2;
(e) the amount (if any) of the member’s withdrawal benefit at the end of the reporting period that consists of restricted non-preserved benefits within the meaning of Subdivision 6.1.3;
(f) the amount (if any) of the member’s withdrawal benefit at the end of the reporting period that consists of unrestricted non-preserved benefits within the meaning of Subdivision 6.1.4.”.
4.1 Paragraph (1) (d):
After “whether”, insert “or not”.
5.1 Paragraph 2.33 (1) (b):
Omit paragraph (1) (b), substitute:
“(b) a change of a kind referred to in subregulation 2.36 (1); or”.
6.1 Subregulation 2.36 (1):
After “changed”, insert “or, because of any other act carried out, or consented to, by the trustee, a change occurs in relation to a fund”.
6.2 Paragraph 2.36 (2) (a):
Omit the paragraph, substitute:
“(a) have an adverse effect on a member’s right or claim to accrued benefits or the amount of those benefits; or”.
7.1 Subregulation 2.43 (1):
Omit “the person” (first occurring), substitute “that or another person (‘the former member’)”.
7.2 Subregulation 2.43 (1):
Omit “the person” (second occurring), substitute “the former member”.
8.1 Paragraph 2.46 (1) (d):
Omit the paragraph, substitute:
“(d) the amount (if any) of the member’s benefit at the end of the exit reporting period that consists of preserved benefits within the meaning of Subdivision 6.1.2;
(da) the amount (if any) of the member’s benefit at the end of the exit reporting period that consists of restricted non-preserved benefits within the meaning of Subdivision 6.1.3;
(db) the amount (if any) of the member’s benefit at the end of the exit reporting period that consists of unrestricted non-preserved benefits within the meaning of Subdivision 6.1.4;”.
9.1 Paragraph 3.10 (2) (d):
Omit “the person to whom the interest is issued”, substitute “the applicant for the issue of the interest”.
10.1 After regulation 4.12, insert:
(1) For the purposes of subsection 32 (1) of the Act, the standards stated in subregulations (2) and (3) are standards applicable to the operation of approved deposit funds.
The trustee of a fund must not:
(a) lend money of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund; or
(b) give any other financial assistance using the resources of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund.
The trustee of a fund must take all reasonable steps to ensure that the investment manager does not:
(a) lend money of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund; or
(b) give any other financial assistance using the resources of the fund to:
(i) a member of the fund; or
(ii) a relative of a member of the fund.
In this regulation:
‘
11.1 Paragraph 13.16 (1):
Omit “member’s”, substitute “beneficiary’s”.
11.2 Paragraph 13.16 (1):
Omit “member”, substitute “beneficiary”.
11.3 Paragraph 13.16 (2) (a):
Omit the paragraph, substitute:
“(a) in the case of an alteration that does not relate to minimum benefits within the meaning of Part 5:
(i) subject to subregulation (3), the beneficiary has consented in writing to the alteration; or
(ii) the Commissioner has consented in writing to the alteration after either:
(A) the alteration has been approved by at least two-thirds of all of the beneficiaries of the fund who are affected by it, in accordance with the procedures specified in subregulation (4); or
(B) subject to subregulation (5), if, in accordance with section 89 of the Act, the fund complies with the basic equal representation rules, the alteration has been approved by at least two-thirds of the total number of trustees or, if the fund has a single corporate trustee, by two-thirds of the directors of the corporate trustee; or”.
11.4 Subregulation 13.16 (2):
Add at the end:
“; or (d) the alteration:
(i) is solely for the purpose of rectifying a mistake which has resulted in a beneficiary’s right or claim to accrued benefits, or the amount of the beneficiary’s accrued benefits, being advantageously altered; and
(ii) the Commissioner has approved the alteration.”.
11.5 Add at the end:
A consent referred to in subparagraph (2) (a) (i) is not effective for the purposes of this regulation unless, before the consent is given:
(a) the trustee of the fund has given to the beneficiary a notice that:
(i) informs the beneficiary that it is proposed that the beneficiary’s right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
(ii) explains the effect of the alteration on the beneficiary’s rights or claims to accrued benefits and the amount of those benefits; and
(iii) provides any other information that the trustee reasonably believes a beneficiary would expect to be told about the proposed alteration; and
(b) the beneficiary has been allowed adequate time to consider the proposed alteration and its effect on the beneficiary’s rights or claims to accrued benefits and the amount of those benefits.
For the purposes of sub-subparagraph (2) (a) (ii) (A), the procedures to be followed in obtaining the approval of beneficiaries are as follows:
(a) the trustee of the fund must send to each beneficiary of the fund who would be adversely affected by the alteration a notice that:
(i) informs the beneficiary that it is proposed that the beneficiary’s right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
(ii) explains the effect of the alteration on the beneficiary’s rights or claims to accrued benefits and the amount of those benefits; and
(iii) explains that the alteration requires:
(A) the approval of at least two-thirds of all of the beneficiaries of the fund who are affected by it, obtained by ballot in accordance with this subregulation; and
(B) the consent of the Commissioner; and
(iv) explainsthe manner in which the beneficiary can cast his or her vote in relation to the ballot; and
(v) provides any other information that the trustee reasonably believes a beneficiary would expect to be told about the proposed alteration;
(b) the ballot must be conducted in a manner that ensures that each beneficiary is given not less than 21 days to consider the notice and the proposed alteration before voting.
An approval referred to in sub-subparagraph (2) (a) (ii) (B) is not effective for the purposes of this regulation unless, at least 21 days before the giving of that approval, the trustee of the fund has given to each beneficiary of the fund who would be adversely affected by the alteration a notice that:
(a) informs the beneficiary that it is proposed that the beneficiary’s right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
(b) explains the effect of the alteration on the beneficiary’s rights or claims to accrued benefits and the amount of those benefits and
(c) provides any other information that the trustee reasonably believes a beneficiary would expect to be told about the proposed alteration.”.
12.1 Item 1:
Omit the item, substitute:
“1. The pension valuation factor for:
(a) a pension that is to be indexed at a rate greater than 8% each year; or
(b) a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;
is the factor determined in writing by the Commissioner, on a case-by-case basis, in relation to that pension or class of pensions.”.
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 and 142.
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