Commonwealth Consolidated Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 2

(subregulation   6.02(2))

Part   1 -- Modifications of the Occupational Superannuation Standards Act 1987

101.   Section   7 (Operating standards for superannuation funds)

101.1   After subsection   7(3), insert:

  (4)   Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section.

Part   2 -- Modifications of the Occupational Superannuation Standards Regulations

201.   Regulation   3 (Interpretation)

201.1   Paragraph   3(2)(a):

  Omit the paragraph.

201A.   Regulation   8 (Vesting standards)

201A.1   After subregulation   8(1A), insert:

  (1B)   Paragraph   (1A)(a) does not apply in relation to contributions made in accordance with a prescribed agreement or award.

202.   Regulation   9 (Preservation standards)

202.1A   Subparagraph   9(1)(a)(i):

  Omit "subject to regulation   10,".

202.1   Paragraph   9(1)(b):

  After "the fund", insert "before the commencement day".

202.2   Paragraph   9(1)(c):

  Omit the paragraph, substitute:

  (c)   member - financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period during which the member did not have employer support in the fund, being a period that:

  (i)   commenced on or after 13   March 1989 (in the case of a private sector fund) or 1   July 1990 (in the case of a public sector fund); and

  (ii)   ended before the commencement day;

  (d)   member - financed benefits must be preserved if they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day;

  (e)   benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Special Account;

  (f)   benefits must be preserved if they arise from eligible spouse contributions within the meaning of section   159TC of the Tax Act;

  (g)   benefits must be preserved if they arise from a capital gains tax exempt component rolled over to the fund because of subsection   160ZZPZF(1), 160ZZPZH(7) or 160ZZPZI(5) of the Tax Act.

202.3   Subregulation   9(3):

  After "arising", insert "before the commencement day,".

202.4   Add at the end:

  (5)   In paragraphs   (1)(b), (c) and (d) and subregulation   (3):

"commencement day" has the same meaning as in Part   6 of the Superannuation Industry (Supervision) Regulations.

"undeducted contributions" has the same meaning as in Part   6 of the Superannuation Industry (Supervision) Regulations.

202A.   New regulation   10A

202A.1   After regulation   10, insert:

10A.   Preservation standard--interaction of subparagraph   9(1)(a)(i) and regulation   10

    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 if the fund preserves the greater of those amounts.

203.   Regulation   11 (Preservation and portability standards)

203.1   Omit the regulation.

204.   Regulation   12 (Preservation standards not to apply in certain cases)

204.1   Omit the regulation.