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 9 June 1994.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
PAUL ELLIOTT
Parliamentary Secretary to the Treasurer
for the Treasurer
____________
1.1 Regulation 4 commences on 1 July 1994.
The remainder
of these Regulations 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):
Insert the following definition:
“
3.2 Subregulation 1.03 (1) (definition of “member”):
Omit from paragraph (b) “the fund;”, substitute “the fund; and”.
3.3 Subregulation 1.03 (1) (definition of “member”):
Add at the end:
“(c) in relation to a PST—a unit-holder in the PST;”.
4.1 After regulation 1.04, insert:
(1)A benefit provided by a life insurance company or a registered organisation is taken to be an annuity for the purposes of the Act if it is a benefit that:
(a) arises under a contract that meets the standards of subregulation (2), (4), (6), (7) or (8); and
(b) in the case of a benefit purchased on or after 3 August 1993—is purchased with the whole or part of a rolled-over amount within the meaning given to that term by section 27A of the Tax Act.
A contract for the provision of a benefit (in
this subregulation called
(a) the annuity is paid at least annually throughout the life of the primary beneficiary in accordance with paragraphs (b) and (c) and, if there is a reversionary beneficiary:
(i) throughout the reversionary beneficiary’s life; or
(ii) if he or she is a child of the primary beneficiary or of a former reversionary beneficiary under the annuity—at least until his or her 16th birthday; or
(iii) if the person referred to in subparagraph (ii) is a full-time student at age 16—at least until the end of his or her full-time studies or until his or her 25th birthday (whichever occurs sooner); and
(b) the size of the payments of benefit in a year is fixed, allowing for variation only as specified in the contract; and
(c) unless the Commissioner otherwise approves, the sum payable as benefit to the primary beneficiary or to the reversionary beneficiary, as the case may be, increases year by year by an amount that is at least the lesser of:
(i) 5%; or
(ii) a rate equal to the rate of increase (if any) determined by comparing the quarterly CPI first published by the Australian Statistician for the second-last quarter preceding the date on which the payment is to be made with the quarterly CPI first published by the Australian Statistician for that quarter in the preceding year; and
(d) the amount paid as the purchase price is wholly converted into annuity income; and
(e) the annuity does not have a residual capital value; and
(f) the annuity cannot be commuted except:
(i) if the commutation is made within 6 months after the commencement day of the annuity; or
(ii) if the commutation is made, within 10 years after the commencement day of the annuity, to the benefit of a reversionary beneficiary on the death of the primary beneficiary; or
(iii) if the eligible termination payment resulting from the commutation is transferred directly to the purchase of another benefit provided under a contract that meets the standards of this subregulation or subregulation (3) or provided under rules that meet the standards of subregulation 1.06 (2) or (3); and
(g) if the annuity reverts or is commuted, it does not have a reversionary component greater than 100% of the benefit that was payable before the reversion or the commutation; and
(h) the annuity cannot be transferred to a person other than a reversionary beneficiary on the death of the primary beneficiary or of another reversionary beneficiary; and
(i) the capital value of the annuity, and the income from it, cannot be used as security for a borrowing.
For the purpose of determining whether an annuity meets the standards in subregulation (2), it is immaterial that:
(a) if the primary beneficiary dies within 10 years after the commencement day of the annuity, a surviving reversionary beneficiary may obtain a payment equal to the total payments that the primary beneficiary would have received, if the primary beneficiary had not died, from the day of the death until the end of the period of 10 years; and
(b) if the primary beneficiary dies within 10 years after the commencement day of the annuity and there is no surviving reversionary beneficiary, an amount, not exceeding the difference between the sum of the amounts paid to the primary beneficiary and the sum of the amounts that would have been so payable in the period of 10 years, is payable to the primary beneficiary’s estate; and
(c) if the primary beneficiary dies within 10 years after the commencement day of the annuity and there is a surviving reversionary beneficiary who also dies within that period, there is payable to the reversionary beneficiary’s estate an amount determined as described in paragraph (b) as if that paragraph applied to the reversionary beneficiary.
A contract for the provision of a benefit (in
this subregulation called
(a) that does not meet the standards in subregulation (2); and
(b) that does not fix the size of payments of benefit in a year; and
(c) under which the commencement day is on or after 22 December 1992;
meets the standards of this subregulation if the contract at least ensures that:
(d) the standards in paragraphs (2) (h) and (i) are met; and
(e) payments are made at least annually; and
(f) the payments in a year, except a payment by way of commutation, are not larger or smaller in total than, respectively, the maximum and minimum limits calculated in accordance with Schedule 1A.
[NOTE: 22 December 1992 was the date of Royal
Assent to the
For the purpose of determining whether an annuity meets the standards in subregulation (4), it is immaterial:
(a) that:
(i) the commencement day of the annuity occurs or after 1 April in a financial year; and
(ii) the contract does not ensure that payments in that financial year meet the standard in that subregulation for the minimum amount; or
(b) that the contract does not ensure that the payments in the year in which the annuity is to end meet the standard in that subregulation for the minimum amount.
A contract for the provision of a benefit (in
this subregulation called
(a) that does not meet the standards of subregulation (2); and
(b) that fixes the size of the payments of benefit in a year, allowing for variation only as specified in the contract; and
(c) under which the commencement day is on or after 1 July 1994;
meets the standards of this subregulation if the contract at least ensures that:
(d) the standards in paragraphs (2) (g), (h) and (i) are met; and
(e) variation in payments from year to year does not exceed, in any year, the average rate of increase of the CPI in the preceding 3 years; and
(f) payments in accordance with paragraph (b) are made at least annually; and
(g) the amount paid as the purchase price is wholly converted into annuity income.
“(7)A contract for the provision of a benefit
(in this subregulation called
(a) does not meet the standards of subregulation (2); and
(b) provides for payments whose size in a year is fixed, allowing for variation only as specified in the contract; and
(c) provides for additional payments (in this subregulation called
‘bonus payments’ );(d) the commencement day of which is on or after 1 July 1994;
meets the standards of this subregulation if it at least ensures that:
(e) in respect of the fixed-size payments—the standards in subregulation (6) are met; and
(f) the fixed-size payments amount to at least 50% of:
(i) if the provider provides annuities of the kind specified in subregulation (6)—the amount that would be payable if the annuity were wholly of that kind; or
(ii) if the provider does not provide annuities of the kind specified in subregulation (6)—the fixed-size payments are at least equal in amount to 50% of the interest payable on Commonwealth bonds that have the same value as the purchase price of the annuity and that most closely correspond in term to the term of the annuity; and
(g) the amounts of the bonus payments (if any) are reasonably proportional to the investment income from which the payments purport to be derived; and
(h) the amount of a bonus payment (if any) is notified in writing by the provider each year and is paid to the beneficiary in the year next following (except when deferral of the payment would not result, in any future year, in the rate of increase in size of the total payments for the year exceeding the average rate of increase of the CPI in the preceding 3 years).
A contract for the provision of a benefit (in
this subregulation called
(a) that does not meet all the standards in any other provision of this regulation; and
(b) under which the commencement day is on or after 22 December 1992; and
(c) that provides for:
(i) payments whose size in a year is fixed, allowing for variation only as specified in the contract; and
(ii) additional payments whose size is not fixed, derived from the application of part of the purchase price to investments by allocation of the annuity provider;
meets the standards of this subregulation if it at least ensures that:
(d) in respect of fixed-size payments—if the commencement day is on or after 1 July 1994, the standards in subregulation (6) are met; and
(e) in respect of payments whose size is not fixed—the standards in subregulation (4) are met.
[NOTE: 22 December 1992 was the date of Royal
Assent to the
(1)A benefit is taken to be a pension for the purposes of the Act if it is a benefit that is provided under rules of a superannuation fund that meet the standards of subregulation (2), (4) or (6).
Rules meet the standards of this subregulation if they ensure that:
(a) the pension is paid at least annually throughout the life of the primary beneficiary in accordance with paragraphs (b) and (c) and, if there is a reversionary beneficiary:
(i) throughout the reversionary beneficiary’s life; or
(ii) if he or she is a child of the primary beneficiary or of a former reversionary beneficiary under the pension—at least until his or her 16th birthday; or
(iii) if the person referred to in subparagraph (ii) is a full-time student at age 16—at least until the end of his or her full-time studies or until his or her 25th birthday (whichever occurs sooner); and
(b) the size of the payments of benefit in a year is fixed, allowing for variation only as specified in the rules; and
(c) unless the Commissioner otherwise approves, the sum payable as benefit to the primary beneficiary or to the reversionary beneficiary, as the case may be, increases year by year by an amount that is at least the lesser of:
(i) 5%; or
(ii) a rate equal to the rate of increase (if any) determined by comparing the quarterly CPI first published by the Australian Statistician for the second-last quarter preceding the date on which payment is to be made with the quarterly CPI first published by the Australian Statistician for that quarter in the preceding year; and
(d) the pension does not have a residual capital value; and
(e) the pension cannot be commuted except:
(i) if the commutation is made within 6 months after the commencement day of the pension; or
(ii) if the commutation is made within 10 years after the commencement day of the pension to the benefit of a reversionary beneficiary on the death of the primary beneficiary; or
(iii) if the eligible termination payment resulting from the commutation is transferred directly to the purchase of another benefit provided under rules that meet the standards of this subregulation or subregulation (3) or provided under a contract that meets the standards of subregulation 1.05 (2) or (3); and
(f) if the pension reverts or is commuted, it does not have a reversionary component greater than 100% of the benefit that was payable before the reversion or the commutation; and
(g) that the pension is not able to be transferred to a person other than a reversionary beneficiary on the death of the primary beneficiary or of another reversionary beneficiary; and
(h) that the capital value of the pension and the income from it, cannot be used as security for a borrowing.
“(3)For the purpose of determining whether rules meet the standards in subregulation (2), it is immaterial that:
(a) if the primary beneficiary dies within 10 years after the commencement day of the pension, a surviving reversionary beneficiary may obtain a payment equal to the total payments that the primary beneficiary would have received, if the primary beneficiary had not died, from the day of the death until the end of the period of 10 years; and
(b) if the primary beneficiary dies within 10 years after the commencement day of the pension and there is no surviving reversionary beneficiary, an amount, not exceeding the difference between the sum of the amounts paid to the primary beneficiary and the sum of the amounts that would have been so payable in the period of 10 years, is payable to the primary beneficiary’s estate; and
(c) if the primary beneficiary dies within 10 years after the commencement day of the pension and there is a surviving reversionary beneficiary who also dies within that period, there is payable to the reversionary beneficiary’s estate an amount determined as described in paragraph (b) as if that paragraph applied to the reversionary beneficiary.
“(4) Rules:
(a) that do not meet the standards in subregulation (2); and
(b) that do not fix the size of payments of benefit in a year; and
meet the standards of this subregulation if they at least ensure that:
(c) the standards in paragraphs (2) (g) and (h) are met; and
(d) payments are made at least annually; and
(e) on and after 22 December 1992—the payments in a year, except a payment by way of commutation, are not larger or smaller in total than, respectively, the maximum and minimum limits calculated in accordance with Schedule 1A.
[NOTE: 22
December 1992 was the date of Royal Assent to the
For the purpose of determining whether rules meet the standards in subregulation (4), it is immaterial:
(a) that:
(i) the commencement day of the pension occurs on or after 1 April in a financial year; and
(ii) the rules do not provide for the payment of an amount in that financial year that meets the standard for the minimum amount in that subregulation; or
(b) that the rules do not ensure that the payments in the year in which the pension is to end meet the standard for the minimum amount in that subregulation.
Rules:
(a) that do not meet the standards in subregulation (2); and
(b) that provide that the size of the payments of benefit in a year is fixed, allowing for variation only as specified in the rules; and
(c) under which the commencement day is on or after 1 July 1994;
meet the standards in this subregulation if they at least ensure that:
(d) the standards in paragraphs (2) (f), (g) and (h) are met; and
(e) variation in payments from year to year does not exceed, in any year, the average rate of increase of the CPI in the preceding 3 years; and
(f) payments in accordance with the contracted size are made at least annually; and
(g) if, under the rules, the pension can be commuted—the conversion to a lump sum is limited to a sum that is not greater than the sum determined by applying the appropriate pension valuation factor under Schedule 1B to the pension as if the commencement day were the day on which the commutation occurs.
“1.07. A benefit is not taken not to meet the standards in regulation 1.05 or 1.06 by reason only that payments of benefit to the beneficiary have been properly suspended during a period when the beneficiary is the holder of a paid public office.
(1) For the purposes of subsection 31 (1) of the Act, it is a standard applicable to the operation of a regulated superannuation fund that the fund must not use a factor, for converting a prescribed pension to a lump sum, that is greater than the pension valuation factor that would apply under Schedule 1B if the commencement day of the pension were the day on which it was commuted.
Subregulation (1) does not apply to the use of a factor if the Commissioner has approved in writing of the use.
In this regulation, “prescribed pension” means a pension (including a benefit that is taken, under these Regulations, to be a pension for the purposes of the Act), other than a benefit that is taken, under subregulation 1.06 (1), to be a pension by reason only that it is provided under rules of a superannuation fund that meet the standards of subregulation 1.06 (2).”.
5.1 Subregulation 2.03 (4):
Omit “misleading” (first occurring), substitute “misleading,”.
6.1 Paragraph 3.10 (2) (d):
substitute:
“(d) where an interest is issued, the person to whom the interest is issued has, before the issue occurred, been notified in writing of the amount or rate of the proposed payment of commission or brokerage.”.
7.1 Subregulation 4.03 (1)
After “entity” insert “other than an excluded fund”.
7.2 Paragraph 4.03 (1) (b):
Omit the paragraph, substitute:
“(b) where the direction would not require the trustee to contravene the Act (other than section 55) or these Regulations; and”.
7.3 Paragraph 4.03 (1) (c):
Before “the”, insert “where”.
8.1 Regulation 4.04:
Before “For”, insert “(1)”.
8.2 Paragraph 4.04 (1) (b):
Omit the paragraph, substitute:
“(b) where the discretion could have been exercised by the trustee without contravening the Act (other than section 55) or these Regulations; and”.
8.3 Paragraph 4.04 (1) (c):
Before “the”, insert “where”.
9.1 Paragraph 4.05 (1) (b):
Omit the paragraph, substitute:
“(b) where the amendment could have been made by the trustee without contravening the Act (other than section 55) or these Regulations; and”.
9.2 Paragraph 4.05 (1) (c):
Before “the”, insert “where”.
10.1 Paragraph 4.09 (3) (b):
Omit “given in” (second occurring).
11.1 Subregulation 5.01 (1) (definition of “deferred annuity”):
Omit from sub-subparagraph (b) (ii) (B) “to, a preserved benefit (within the meaning of Part 6);”, substitute “to the annuity;”.
11.2 Subregulation 5.01 (1) (definition of “superannuation system”):
Omit from paragraph (d) “annuities;”, substitute “annuities; and”.
11.3 Subregulation 5.01 (1) (definition of “superannuation system”):
Add at the end:
“(e) exempt public sector superannuation schemes;”.
12.1 After regulation 5.01, insert:
“5.01A.For the purposes of subsections 31 (1) and 32 (1) of the Act:
(a) the standard set out in subregulations 5.02 (1) and (3) and 5.03 (2) is applicable to the operation of regulated superannuation funds and approved deposit funds; and
(b) the standard set out in subregulation 5.03 (1) is applicable to the operation of:
(i) accumulation funds; and
(ii) approved deposit funds;
that maintain reserves.”.
13.1 Subregulation 5.03 (2):
Omit “trustee’s determination of”, substitute “trustee of a regulated superannuation fund or an approved deposit fund must determine”.
13.2 Subregulation 5.03 (2):
Omit “must be”, substitute “in a way that is”.
14.1 Subregulation 6.01 (2) (definition of “financial hardship”):
Omit the definition.
14.2 Subregulation 6.01 (2):
Insert the following definitions:
“
‘severe financial hardship’ has the meaning given by subregulation (5);”.
14.3 Regulation 6.01:
After subregulation 6.01 (3), insert:
For the purposes of subsection 31 (1) of the Act, the standards set out in paragraphs (3) (b) and (c) are applicable to the operation of regulated superannuation funds.”.
14.4 Subregulation 6.01 (5):
Before “financial” (twice occurring) insert “severe”.
15.1 Regulation 6.06:
Omit “that:” and paragraphs (a) and (b), substitute “that were preserved benefits in the source from which they were received”.
16.1 Subregulations 6.08 (2) and (3):
Omit “6.12,”, substitute “6.12 and Subdivision 6.1.5,”.
17.1 Paragraphs 6.10 (b) and (c):
Omit the paragraphs, substitute:
“(b) the amounts specified in subregulation (2) that the fund receives in respect of the member on or after the commencement day; and
(c) the amount of unrestricted non-preserved benefits received by the fund in respect of the member on or after the commencement day; and
(d) the amount of any investment earnings on the amounts mentioned in paragraphs (a), (b) and (c).”.
17.2 Regulation 6.10:
Add at the end:
The amounts mentioned in paragraph (1) (b) are amounts that:
(a) will be taken by section 27D of the Tax Act to have been expended out of eligible termination payments within the meaning of that section; and
(b) have been received from sources other than:
(i) superannuation funds; or
(ii) approved deposit funds within the meaning of:
(A) the Act; or
(B) the
Occupational Superannuation Standards Act 1987 as in force immediately before the commencement of section 5 of theOccupational Superannuation Standards Amendment Act 1993 ; or(iii) deferred annuities within the meaning of:
(A) this Part; or
(B) the Occupational Superannuation Standards Regulations.”.
18.1 Paragraphs 6.11 (c) and (d):
the paragraphs, substitute:
“(c) the amounts specified in subregulation (2) that the fund receives in respect of the member on or after the commencement day; and
(d) the amount of unrestricted non-preserved benefits received by the fund in respect of the member on or after the commencement day; and
(e) the amount of any investment earnings on the amounts mentioned in paragraphs (a), (b), (c) and (d).”.
18.2 Regulation 6.11:
Add at the end:
The amounts mentioned in paragraph (1) (c) are amounts that:
(a) will be taken by section 27D of the Tax Act to have been expended out of eligible termination payments within the meaning of that section; and
(b) have been received from sources other than:
(i) superannuation funds; or
(ii) approved deposit funds within the meaning of:
(A) the Act; or
(B) the
Occupational Superannuation Standards Act 1987 as in force immediately before the commencement of section 5 of theOccupational Superannuation Standards Amendment Act 1993 ; or(iii) deferred annuities within the meaning of:
(A) this Part; or
(B) the Occupational Superannuation Standards Regulations.”.
19.1 Regulation 6.13:
Omit the regulation, substitute:
Subject to Subdivision 6.1.5, a member’s
benefits in a regulated superannuation fund or an approved deposit fund (‘
20.1 Regulation 6.20:
Omit “subparagraph (3) (b) (i)”, substitute “paragraph (3) (a)”.
21.1 Subregulation (1):
Omit “A”, substitute “Subject to subregulation (3), a”.
21.2 Subregulation 6.21 (2):
Omit paragraphs (a), (b) and (c), substitute:
“(a) a single lump sum in respect of each person to whom benefits are cashed;
(b) a pension or 2 or more pensions;
(c) the purchase of an annuity or 2 or more annuities.”.
21.3 Regulation 6.21:
Add at the end:
For the purposes of subregulation (1), it is sufficient if, instead of being cashed, the benefits are rolled over as soon as practicable for immediate cashing.”.
22.1 Subregulation 6.22 (1):
After “the member” (first occurring), insert “or the member’s legal personal representative”.
22.2 Paragraph 6.22 (3) (b):
Omit the paragraph.
22.3 Paragraph 6.22 (3) (c):
Omit “(c)”, substitute “(b)”.
23.1 After regulation 6.22, insert:
(1) This regulation applies to a trustee of a regulated superannuation fund if:
(a) a member of the fund has satisfied a condition of release; and
(b) there is a cashing restriction (other than a ‘nil’ restriction) in respect of that condition.
In cashing benefits in accordance with the restriction, the trustee must give priority to benefits in the following order:
(a) first—to unrestricted non-preserved benefits;
(b) second—to restricted non-preserved benefits;
(c) third—to preserved benefits.”.
24.1 Subregulation (1):
Omit “A”, substitute “Subject to subregulation (3), a”.
24.2 Subregulation 6.25 (2):
Add at the end “in respect of each person to whom benefits are cashed.”.
24.3 Regulation 6.25:
Add at the end:
For the purposes of subregulation (1), it is sufficient if, instead of being cashed, the benefits are rolled over as soon as practicable:
(a) in the case of a member who is gainfully employed on a full-time or part-time basis—to a regulated superannuation fund or for immediate cashing; or
(b) in any other case—for immediate cashing.”.
25.1 Regulation 6.26:
After “the member” (first occurring), insert “or the member’s legal personal representative”.
25.2 Paragraphs 6.26 (b) and (c):
Omit the paragraphs, substitute:
“(b) either:
(i) the benefits are cashed in favour of the member’s legal personal representative; or
(ii) the trustee has not, after making reasonable enquiries, found a legal personal representative of the member; and”.
25.3 Paragraph 6.26 (d).
Omit “(d)”, substitute “(c)”.
26.1 After regulation 6.27, insert:
(1) This regulation applies to a trustee of an approved deposit fund if:
(a) a member of the fund has satisfied a condition of release; and
(b) there is a cashing restriction (other than a ‘nil’ restriction) in respect of that condition.
In cashing benefits in accordance with the restriction, the trustee must give priority to benefits in the following order:
(a) first—to unrestricted non-preserved benefits;
(b) second—to preserved benefits.”.
27.1 Paragraph 6.30 (2) (b):
Omit “required under”, substitute “under, or in accordance with,”.
28.1 Regulation 9.27 (definition of “accrued benefits”):
Omit “has a”, substitute “has an absolute or”.
29.1 Regulation 9.36:
Omit “9.37 and 9.38”, substitute “9.37, 9.38 and 9.39”.
30.1 Subdivision 13.1.1:
Omit the heading, substitute:
31.1 Regulation 13.01:
Omit “Subdivision:”, substitute “Division:”.
31.2 Regulation 13.01 (definition of “reporting period”):
Omit “the fund.”, substitute “the fund;”.
31.3 Regulation 13.01:
Insert the following definitions:
“‘
[NOTE: For definitions in Division 2 of Part 31,
‘
‘
[NOTE: For the definition of ‘transitional
period’,
32.1 After regulation 13.01, insert:
33.1 Subdivision 13.1.2:
Omit the passage “
34.1 After Subdivision 13.1.2, insert in Division 13.1:
For the purposes of paragraphs 358 (5) (b) and 367 (5) (b) of the Act:
(a) the persons whom the trustee of the Part 31 entity must notify of amendments under paragraph 358 (2) (c) or 367 (2) (c) of the Act are the members of the entity; and
(b) the trustee must give the notification within 28 days after the making of the amendments.
“13.06.The modifications made by this Subdivision:
(a) are made for the purposes of section 376 of the Act; and
apply during the transitional period.
(1) The following provisions, namely:
(a) Part 6, and sections 102, 116, 122, 123, 124, 125 and 126, of the Act; and
(b) provisions of these Regulations made under, or for the purposes of, any provision of the Act mentioned in paragraph (a);
do not apply in relation to a Part 31 entity.
[NOTE: The term ‘prescribed provisions’, as used in this regulation, is defined in subregulation (6).]
Subject to subregulations (3) and (4), the following prescribed provisions, namely:
(a) section 10 so far as it relates to the definition of ‘relevant person’, sections 100 and 101, subsections 103 (2) and (3) and 106 (1) and (3), sections 119, 121, 132 133, 147, 150, 154, 155, 156, 264, 275, 310 and 312 of the Act; and
(b) regulation 3.10;
apply in relation to a Part 31 entity as though references in those provisions to the ‘trustee’, ‘corporate trustee’ or ‘trustees’ of a fund or trust (however described), to the extent that the fund or trust is a Part 31 entity, were references to the existing management company of the Part 31 entity.
[NOTE: The other prescribed provisions apply to the existing management company in their ordinary application.]
For the purposes of subregulation (2), if a provision has a reference to ‘corporate trustee’ and a reference or references to another trustee or other trustees, the reference:
(a) applies in relation to the reference to ‘corporate trustee’; and
(b) does not apply in relation to the other reference or references.
For the purposes of subregulation (2), section 103 of the Act is modified by omitting subsection 103 (2) and substituting the following subsection:
‘(2) The directors of the existing management company of a Part 31 entity (within the meaning of Division 2 of Part 31) must keep, and retain for at least 10 years, the relevant minutes of all meetings of the directors at which matters affecting the entity were considered.’.
Paragraph 346 (3) (a) of the Act is modified in relation to a Part 31 entity:
(a) by omitting from subparagraph 346 (3) (a) (iii) ‘24; and’ and substituting ‘24; or’; and
(b) by inserting after subparagraph 346 (3) (a) (iii) the following subparagraph:
‘(iv) superannuation entities that, for the purposes of Division 2 of Part 31, are Part 31 entities within the meaning of that Division; and’.
In this regulation:
(a) the provisions of the Act (other than Part 31); and
(b) the provisions of these Regulations made under a provision (other than a provision in Part 31) of the Act.
(1) For the purposes of subsection 376 (3) of the Act, during the transitional period (within the meaning of section 373 of the Act), the following provisions, namely:
(a) Division 5 of Part 7.12 of the Corporations Law of the Australian Capital Territory as in force on 30 November 1993 (the ‘
A.C.T. Corporations Law ’); and(b) Part 7.12 of the Corporations Regulations of the Australian Capital Territory as in force on 30 November 1993 (the ‘
A.C.T. Corporations Regulations ’);
as modified in accordance with this regulation and regulation 13.09, apply in relation to a Part 31 entity.
The A.C.T. Corporations Law is modified by omitting subsection 1063 (2), sections 1064, 1065, 1066, 1067 and 1068, subsections 1069 (8), (9), (9A) and (10) and 1070 (3) and sections 1071 and 1075.
The A.C.T. Corporations Law is further modified:
(a) by omitting ‘an approved deed,’ from subsection 1069 (12) and substituting ‘the deed of the entity,’; and
(b) by omitting ‘or (9A)’ from paragraph 1073 (1A) (b); and
(c) by inserting after section 1074 the following section:
Part 31 entities to be constituted by deed ‘1074A. A Part 31 entity (within the meaning of Division 2 of Part 31 of the
Superannuation Industry (Supervision) Act 1993 ) must be constituted by a deed.’.
The A.C.T. Corporations Regulations are modified by omitting regulations 7.12.02, 7.12.03 and 7.12.04, regulations 7.12.07 to 7.12.14 (both inclusive), paragraphs 7.12.15 (1) (a), (b) and (e) and 7.12.15 (2) (c) and (h), subregulations 7.12.15 (4), (5), (5A) and (5B), paragraphs 7.12.15 (6) (ba), (c), (h) and (j) and 7.12.15 (8) (e), subregulation 7.12.15 (7), paragraph 7.12.15 (10) (h) and regulations 7.12.15A to 7.12.17 (both inclusive).
The A.C.T. Corporations Regulations are further modified:
(a) by omitting the definitions of ‘approved deposit fund’ and ‘superannuation fund’ from regulation 7.12.01; and
(b) by omitting paragraph 7.12.15 (6) (b) and substituting the following paragraph:
‘(b) a covenant that the management company will, on receipt of application moneys, pay the moneys to the trustee as soon as practicable after receipt and in any event by the close of business on the next working day after the day of receipt;’.
(1) Subject to subregulation (2), the applied provisions are to be interpreted:
(a) in the case of the whole of the applied provisions—in accordance with the Corporations Law of the Australian Capital Territory as in force on 30 November 1993; and
(b) in the case of the part of the applied provisions that consists of Regulations—in accordance also with the Corporations Regulations of the Australian Capital Territory as in force on that date.
[NOTE: The term ‘applied provisions’, as used in this regulation, is defined in subregulation (3).]
In the applied provisions:
[NOTE: For definitions in Division 2 of Part 31,
(a) matter that is not written but conveys a message; and
(b) a promise, estimate or forecast;
In this regulation:
‘
(a) Division 5 of Part 7.12 of the Corporations Law of the Australian Capital Territory as in force on 30 November 1993; and
(b) Part 7.12 of the Corporations Regulations of the Australian Capital Territory as in force on 30 November 1993.
(1) A person who intentionally or recklessly contravenes section 1070 of the Corporations Law is guilty of an offence.
Penalty: $100
A person who intentionally or recklessly contravenes section 1072 or 1074 of the Corporations Law is guilty of an offence.
Penalty: $2,500
In this regulation:
35.1 Insert the following definition:
(a) the Financial Institutions (NSW) Code of New South Wales;
(b) the Financial Institutions (Victoria) Code of Victoria;
(c) the Financial Institutions (Queensland) Code of Queensland;
(d) the Financial Institutions (Western Australia) Code of Western Australia;
(e) the Financial Institutions (South Australia) Code of South Australia;
(f) the Financial Institutions (Tasmania) Code of Tasmania;
(g) the Financial Institutions (ACT) Code of the Australian Capital Territory
(h) the Financial Institutions (NT) Code of the Northern Territory”.
36.1 Regulation 13.13:
Omit all the words from and including “in relation to:”, substitute “in relation to a member’s benefits.”.
36.2 Regulation 13.13:
Add at the end:
In this regulation:
‘
(a) the charge was exercised in respect of particular benefits of a member before the fund became a regulated superannuation fund or an approved deposit fund (as the case may be); and
(b) the trustee was permitted, under the Occupational Superannuation Standards Regulations or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, to recognise the charge.”.
37.1 Paragraph 13.16 (2) (a):
Omit “benefits—the”, substitute “benefits within the meaning of Part 5—the”.
37.2 Paragraph 13.16 (2) (b):
Omit “the Tax Act or these Regulations.”, substitute “the Tax Act,
the
37.3 Subregulation 13.16 (2):
Add at the end:
“(c) the alteration is expressly permitted by the Act or these Regulations.”.
38.1 Omit the regulation, substitute:
(1) For the purposes of subsection 32 (1) of the Act, it is a standard applicable to the operation of approved deposit funds that the trustee of a fund must not lend money of the fund to, or invest money of the fund in:
(a) the trustee itself; or
(b) a related body corporate;
except to the extent permitted by subregulation (2).
Subregulation (1) does not apply to investments by a fund in a related body corporate:
(a) in the case of a life insurance policy—if the body corporate issuing the policy is a life insurance company; or
(b) in the case of a deposit—if the body corporate is an approved bank or an approved non-bank financial institution.
(1) For the purposes of subsection 31 (1) of the Act, it is a standard applicable to the operation of public offer superannuation funds that the trustee of a fund must not lend money of the fund to, or invest money of the fund in:
(a) the trustee itself; or
(b) a related body corporate;
except to the extent permitted by subregulation (2).
Subregulation (1) does not apply to investments by a fund in a related body corporate:
(a) in the case of a life insurance policy—if the body corporate issuing the policy is a life insurance company; or
(b) in the case of a deposit—if the body corporate is an approved bank or an approved non-bank financial institution.
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 fail, without lawful excuse, to comply with an order, direction or determination of the Superannuation Complaints Tribunal.”
39.1 Before Schedule 1, insert:
Subregulations 1.05 (4)
and 1.06 (4)
PAYMENT LIMITS
1.Subject to clauses 3 and 4, the maximum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:
where:
(a) on 1 July in the financial year in which the payments are made; or
(b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and
(a) 1 July in the financial year in which the payments are made; or
(b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.
2.Subject to clauses 3 and 4, the minimum limits mentioned in paragraph 1.05 (4) (f) or 1.06 (4) (e) are determined under the formula:
where:
(a) on 1 July in the financial year in which the payments are made; or
(b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and
(a) 1 July in the financial year in which the payments are made; or
(b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.
3.For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 must be applied proportionally to the number of days in the financial year that include and follow the commencement day.
4.An amount determined under the formula that is not evenly divisible by 10 is to be rounded to the nearest amount that is so divisible.
Column 1 | Column 2 | Column 3 | Column 4 |
Item | Age of Beneficiary | Maximum Pension Valuation Factor | Minimum Pension Valuation Factor |
1 | 20 or less | 10 | 28.6 |
2 | 21 | 10 | 28.5 |
3 | 22 | 10 | 28.3 |
4 | 23 | 10 | 28.1 |
5 | 24 | 10 | 28.0 |
6 | 25 | 10 | 27.8 |
7 | 26 | 10 | 27.6 |
8 | 27 | 10 | 27.5 |
9 | 28 | 10 | 27.3 |
10 | 29 | 10 | 27.1 |
11 | 30 | 10 | 26.9 |
12 | 31 | 10 | 26.7 |
13 | 32 | 10 | 26.5 |
14 | 33 | 10 | 26.3 |
15 | 34 | 10 | 26.0 |
Column 1 | Column 2 | Column 3 | Column 4 |
Item | Age of Beneficiary | Maximum Pension Valuation Factor | Minimum Pension Valuation Factor |
16 | 35 | 10 | 25.8 |
17 | 36 | 10 | 25.6 |
18 | 37 | 10 | 25.3 |
19 | 38 | 10 | 25.1 |
20 | 39 | 10 | 24.8 |
21 | 40 | 10 | 24.6 |
22 | 41 | 10 | 24.3 |
23 | 42 | 10 | 24.0 |
24 | 43 | 10 | 23.7 |
25 | 44 | 10 | 23.4 |
26 | 45 | 10 | 23.1 |
27 | 46 | 10 | 22.8 |
28 | 47 | 10 | 22.5 |
29 | 48 | 10 | 22.2 |
30 | 49 | 10 | 21.9 |
31 | 50 | 9.9 | 21.5 |
32 | 51 | 9.9 | 21.2 |
33 | 52 | 9.8 | 20.9 |
34 | 53 | 9.7 | 20.5 |
35 | 54 | 9.7 | 20.1 |
36 | 55 | 9.6 | 19.8 |
37 | 56 | 9.5 | 19.4 |
38 | 57 | 9.4 | 19.0 |
39 | 58 | 9.3 | 18.6 |
40 | 59 | 9.1 | 18.2 |
41 | 60 | 9.0 | 17.8 |
42 | 61 | 8.9 | 17.4 |
43 | 62 | 8.7 | 17.0 |
44 | 63 | 8.5 | 16.6 |
45 | 64 | 8.3 | 16.2 |
46 | 65 | 8.1 | 15.7 |
47 | 66 | 7.9 | 15.3 |
48 | 67 | 7.6 | 14.9 |
49 | 68 | 7.3 | 14.4 |
50 | 69 | 7.0 | 14.0 |
51 | 70 | 6.6 | 13.5 |
52 | 71 | 6.2 | 13.1 |
53 | 72 | 5.8 | 12.6 |
54 | 73 | 5.4 | 12.2 |
Column 1 | Column 2 | Column 3 | Column 4 |
Item | Age of Beneficiary | Maximum Pension Valuation Factor | Minimum Pension Valuation Factor |
55 | 74 | 4.8 | 11.7 |
56 | 75 | 4.3 | 11.3 |
57 | 76 | 3.7 | 10.8 |
58 | 77 | 3.0 | 10.4 |
59 | 78 | 2.2 | 10.0 |
60 | 79 | 1.4 | 9.5 |
61 | 80 | 0 | 9.1 |
62 | 81 | 0 | 8.7 |
63 | 82 | 0 | 8.3 |
64 | 83 | 0 | 7.9 |
65 | 84 | 0 | 7.5 |
66 | 85 | 0 | 7.1 |
67 | 86 | 0 | 6.8 |
68 | 87 | 0 | 6.4 |
69 | 88 | 0 | 6.1 |
70 | 89 | 0 | 5.8 |
71 | 90 | 0 | 5.5 |
72 | 91 | 0 | 5.3 |
73 | 92 | 0 | 5.0 |
74 | 93 | 0 | 4.8 |
75 | 94 | 0 | 4.6 |
76 | 95 | 0 | 4.4 |
77 | 96 | 0 | 4.2 |
78 | 97 | 0 | 4.0 |
79 | 98 | 0 | 3.8 |
80 | 99 | 0 | 3.7 |
81 | 100 or more | 0 | 3.5 |
EXAMPLE:
The date of the first payment to Ms Fortune is 1 January 1995.
Assume a fund earning rate of 7%.
The maximum and minimum payments for 1994/95 are based on:
the account balance on the day of purchase; and
the beneficiary’s age of 60 on the day of purchase:
$100,000 x273 = $8,310.50 (maximum limit, 9.0 365 rounded to $8,310)
$100,000 x273 = $4,201.93 (minimum limit, 17.8 365 rounded to $4,200)
Assume that total payments to Ms Fortune at 30 June 1995 are $6,000.
1995/96: The maximum and minimum payments for the year 1995/96 are based on:
(a) the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and
(b) the beneficiary’s age of 60 on 1 July 1995:
$99145 = $11,016.11 (maximum limit, rounded 9.0 to $11,020)
$99145 = $5,569.94 (minimum limit, rounded 17.8 to $5,570)
–––––––––––––––––––––––––––––––––––––––––––––––––––––––
and subregulation 1.08 (1)
PENSION VALUATION FACTORS
1. The pension valuation factor for a pension that is to be indexed at a rate that is greater than 8% each year is to be calculated in accordance with arrangements determined in writing by the Commissioner.
2. The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.
3. A reference in the tables to “Age” is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.
4. If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the “Below 50%” group.
5. If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.
6. If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.
7. Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:
(a) adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and
(b) dividing the result by 5.
8. If a superannuation fund to which clause 7 applies has been in existence, or making pension payments, for less than a continuous period of 5 years, the pension valuation factor is to be the relevant factor specified in the table that relates to the standard indexation rate.
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 33 | 31 | 29 | 27 | 25 | 23 | 21 | 18 | 16 | 14 | 12 | 10 | 9 | 9 | |
50%-75% | 34 | 33 | 31 | 29 | 27 | 25 | 22 | 20 | 18 | 15 | 13 | 11 | 10 | 9 | |
Above 75% | 35 | 34 | 32 | 30 | 28 | 26 | 24 | 21 | 19 | 16 | 14 | 12 | 10 | 10 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 26 | 25 | 24 | 23 | 21 | 20 | 18 | 16 | 14 | 13 | 11 | 10 | 9 | 8 | |
50%-75% | 27 | 26 | 25 | 24 | 23 | 21 | 19 | 18 | 16 | 14 | 12 | 10 | 9 | 9 | |
Above 75% | 28 | 27 | 26 | 25 | 24 | 22 | 20 | 19 | 17 | 15 | 13 | 11 | 10 | 9 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 22 | 21 | 20 | 19 | 18 | 17 | 16 | 14 | 13 | 12 | 10 | 9 | 8 | 8 | |
50%-75% | 22 | 22 | 21 | 20 | 19 | 18 | 17 | 16 | 14 | 13 | 11 | 10 | 9 | 8 | |
Above 75% | 23 | 22 | 22 | 21 | 20 | 19 | 18 | 16 | 15 | 13 | 12 | 10 | 9 | 8 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 18 | 18 | 17 | 17 | 16 | 15 | 14 | 13 | 12 | 11 | 10 | 9 | 8 | 8 | |
50%-75% | 19 | 18 | 18 | 17 | 17 | 16 | 15 | 14 | 13 | 12 | 10 | 9 | 8 | 8 | |
Above 75% | 19 | 19 | 18 | 18 | 17 | 17 | 16 | 15 | 13 | 12 | 11 | 9 | 8 | 8 | |
Reversion | Age next birthday of recipient on commencement day of pension | |||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | |
or | to | to | to | to | to | to | to | to | to | to | to | to | or | |
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | |
Below 50% | 16 | 15 | 15 | 15 | 14 | 13 | 13 | 12 | 11 | 10 | 9 | 8 | 8 | 7 |
50%-75% | 16 | 16 | 15 | 15 | 15 | 14 | 13 | 13 | 12 | 11 | 10 | 9 | 8 | 7 |
Above 75% | 16 | 16 | 16 | 15 | 15 | 15 | 14 | 13 | 12 | 11 | 10 | 9 | 8 | 7 |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 14 | 14 | 13 | 13 | 13 | 12 | 11 | 11 | 10 | 9 | 8 | 8 | 7 | 7 | |
50%-75% | 14 | 14 | 14 | 13 | 13 | 13 | 12 | 11 | 11 | 10 | 9 | 8 | 7 | 7 | |
Above 75% | 14 | 14 | 14 | 14 | 13 | 13 | 12 | 12 | 11 | 10 | 9 | 8 | 8 | 7 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 12 | 12 | 12 | 12 | 11 | 11 | 10 | 10 | 9 | 9 | 8 | 7 | 7 | 7 | |
50%-75% | 12 | 12 | 12 | 12 | 12 | 11 | 11 | 10 | 10 | 9 | 8 | 8 | 7 | 7 | |
Above 75% | 12 | 12 | 12 | 12 | 12 | 12 | 11 | 11 | 10 | 9 | 9 | 8 | 7 | 7 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 11 | 11 | 11 | 11 | 10 | 10 | 10 | 10 | 9 | 8 | 7 | 7 | 7 | 6 | |
50%-75% | 11 | 11 | 11 | 11 | 11 | 10 | 10 | 10 | 9 | 8 | 8 | 7 | 7 | 6 | |
Above 75% | 11 | 11 | 11 | 11 | 11 | 10 | 10 | 10 | 9 | 9 | 8 | 7 | 7 | 6 | |
Reversion | Age next birthday of recipient on commencement day of pension | ||||||||||||||
20 | 21 | 26 | 31 | 36 | 41 | 46 | 51 | 56 | 61 | 66 | 71 | 76 | 81 | ||
or | to | to | to | to | to | to | to | to | to | to | to | to | or | ||
less | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 | 75 | 80 | more | ||
Below 50% | 10 | 10 | 10 | 10 | 9 | 9 | 9 | 8 | 8 | 8 | 7 | 7 | 6 | 6 | |
50%-75% | 10 | 10 | 10 | 10 | 10 | 9 | 9 | 9 | 8 | 8 | 7 | 7 | 6 | 6 | |
Above 75% | 10 | 10 | 10 | 10 | 10 | 10 | 9 | 9 | 9 | 8 | 8 | 7 | 7 | 6 | |
40.1 Schedule 1(items 105 and 205):
Omit “Financial”, substitute “Severe financial”.
40.2 Schedule 1:
Add at the end of Part 1:
“110 | Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62 (1) (b) (v) of the Act | Restrictions expressed in the approval to be cashing restrictions applying to the condition of release”. |
39.3 Schedule 1:
Add at the end of Part 2:
[NOTE: The definitions set out in subregulation
6.01 (2) apply, unless they are in material or expressed not to apply, to
Schedule 1;
41.1 Schedule 2, Part 2:
After clause 201, insert:
“
201A.1 After subregulation 8 (1A), insert:
Paragraph (1A) (a) does not apply in relation to contributions made in accordance with a prescribed agreement or award.”.
41.2 Schedule 2, Part 2:
Before subclause 202.1, insert:
“201.1A Subparagraph 9 (1) (a) (i):
Omit ‘subject to regulation 10,’.”.
41.3 Schedule 2, Part 2, subclause 202.2 (first occurring):
Omit from substituted paragraph (d) all the words from and including “they:”, substitute “they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day.’.”.
41.4 Schedule 2, Part 2:
Omit “202.2” from subclause 202.2 (second occurring), substitute “202.3”.
41.5 Schedule 2, Part 2:
Omit “202.3” from subclause 202.3, substitute “202.4”.
41.6 Schedule 2, Part 2:
After clause 202, insert:
202A.1 After regulation 10, insert:
Where, apart from this regulations, a fund must preserve, in respect of a member:
(a) the amount of benefits in compliance with subparagraph 9 (1) (a) (i); and
(b) an amount of benefits in compliance with regulation 10
it is sufficient compliance with those provisions it the fund preserves the greater of those amounts.’.”.
____________________________________________________________
1. Notified in the
Commonwealth of Australia Gazette on 16 June 1994.
2. Statutory Rules 1994 No. 57.
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