Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 142 1

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Superannuation Industry (Supervision)

Regulations 2(Amendment)

I, The 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 8 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.   Commencement

1.1   These regulations commence on 1 July 1995.

2.   Amendment

2.1 The Superannuation Industry (Supervision)

  Regulations are amended as set out in these Regulations.

3. New

regulation 4.12

3.1   After regulation 4.11, insert:

Operating standard—acceptance by regulated superannuation funds and approved deposit funds of rollovers and transfers

 “4.12.   For the purposes of subsections 31 (1) and 32 (1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that the trustee of a fund must not accept the rollover or transfer of a benefit from another regulated superannuation fund or approved deposit fund if:

• (a)

  the trustee has reasonable grounds to believe that the benefit being rolled over or transferred is being rolled over or transferred on the basis of a belief that the trustee has received the member’s written consent to the rollover or transfer; and

• (b)

  the trustee has not received that consent.”.

4.   Regulation 6.28 (Rollover—regulated superannuation funds and approved deposit funds)

4.1   Omit the regulation, substitute:

Rollover—regulated superannuation funds and approved deposit funds

 “6.28.   Except as otherwise provided by the Act, a member’s benefits in a regulated superannuation fund or an approved deposit fund must not be rolled over from the fund unless:

• (a)

  the member has given to the trustee the member’s written consent to the rollover; or

• (b)

  the trustee of the fund believes, on reasonable grounds, that the trustee of the regulated superannuation fund or approved deposit fund into which the benefits are to be rolled over has received, from the member, written consent to the rollover.”.

5.   Regulation 6.29 (Transfer—regulated superannuation funds)

5.1   Omit the regulation, substitute:

Transfer—regulated superannuation funds

 “6.29.   Except as otherwise provided by the Act, a member’s benefits in a regulated superannuation fund must not be transferred from the fund unless:

• (a)

  the member has given to the trustee the member’s written consent to the transfer; or

• (b)

  the trustee of the fund believes, on reasonable grounds, that the trustee of the regulated superannuation fund into which the benefits are to be transferred, has received, from the member, written consent to the transfer; or

• (c)

  the transfer is to a successor fund.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 15 June 1995.

2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47 and 64.