Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) Subject to subregulation (3), a regulated superannuation fund that has less than 50 members must not provide a defined benefit pension.
(2) Subregulation (1) has effect despite anything in the governing rules of the fund.
(3) A regulated superannuation fund that has less than 50 members may provide a defined benefit pension only:
(a) to a person:
(i) who, on 11 May 2004, was a member of the fund; and
(ii) who, before 1 January 2006:
(A) retires (within the meaning of subregulation 6.01(7)) on or after attaining age 55; or
(B) attains age 65; and
(iii) who, after 11 May 2004 and before 1 January 2006, becomes entitled to be paid a defined benefit pension; and
(b) if the first pension payment is made within 12 months after the day when the person became entitled to the pension.