Superannuation (Resolution of Complaints) Regulations (Amendment) (Cth)

Statutory Rules 1996

No. 151 1

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Superannuation (Resolution of Complaints)

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 (Resolution of Complaints) Act 1993.

Dated 5 July 1996.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

JIM SHORT

Assistant Treasurer

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1.   Amendment

1.1   The Superannuation (Resolution of Complaints) Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   New regulation 7

2.1   After regulation 6, insert:

Method of calculation of interest

 “7. For the purposes of subparagraph 37A (3) (a) (iii), paragraph 37A (4) (c) and subparagraph 37B (2) (a) (iii) of the Act, interest on any:

• (a)

  money received under a life policy; or

• (b)

  money received in relation to a life policy fund; or

• (c)

  money received under an annuity policy;

that is required by the Tribunal to be repaid is to be worked out in accordance with the formula:

p¥__[(1+i)n – 1];

where:

‘p’ is the amount of money received in a particular calendar month;

 ‘n’is the number of whole calendar months since the end of that calendar month to the date of the repayment; and

 ‘i’ is 0.05 ÷ 12, worked out to 5 decimal places.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 12 July 1996.

2. Statutory Rules 1994 No. 56 as amended by 1994 No. 374; 1995 Nos. 77, 318 and 429.