Commonwealth Numbered Regulations

CORPORATIONS AMENDMENT REGULATIONS 2003 (NO. 7) 2003 NO. 202 - SCHEDULE 2

(regulation 3)

[1] After regulation 7.1.04D

insert

7.1.04E Issue of a new interest in a superannuation fund

(1)

This regulation applies if a member of a superannuation fund, who has a superannuation interest in the growth phase, elects to receive a pension in relation to that interest or part of that interest.

(2) For paragraph 761E (7) (a) of the Act, the superannuation fund is taken to issue a new financial product when:

(a)

it acknowledges receipt of the member's election; or

(b)

it makes the first payment of the pension;

whichever occurs first.

(3) For this regulation:

"growth phase" has the meaning given by regulation 1.03AB of the SIS Regulations.

"pension "has the meaning given by subregulation 1.06 (1) of the SIS Regulations .

[2] Subregulation 7.9.04 (1)

substitute

(1) For section 1012F of the Act, the following superannuation products are specified:
(a) a superannuation interest issued by the trustee of a regulated superannuation fund that is not a public offer superannuation fund, other than:

(i)

a child account; or

(ii)

a financial product taken to be issued because of regulation 7.1.04E; or

(iii)

an annuity or pension taken to be issued because of subregulation 7.9.02 (4);

(b)

a pension issued by a superannuation fund the rules of which do not allow a member to receive accumulated benefits in a form other than a pension from that fund;

(c)

a superannuation interest issued by the trustee of a successor fund in relation to the transfer of benefits in the fund.

[3] Paragraph 7.9.64 (1) (f)

substitute

(f) a superannuation product that is issued in relation to a superannuation entity that is not a public offer superannuation entity, other than;

(i)

a superannuation product taken to be issued because of regulation 7.1.04E; or

(ii)

an annuity or pension taken to be issued because of subregulation 7.9.02 (4);

(fa) a superannuation product that is issued in relation to:

(i)

a public offer superannuation entity mentioned in paragraph 7.6.01 (1) (b), (c) or (d); or

(ii)

a public offer superannuation entity that is a successor fund in relation to the transfer of benefits to that fund; or

(iii)

a public offer superannuation entity that is an eligible rollover fund and in relation to which the superannuation product is issued pursuant to Part 24 of the SIS Act or Part 9 of the RSA Act;

(fb)

a superannuation product that is a pension issued by a superannuation fund the rules of which do not allow a member to receive accumulated benefits in a form other than a pension from that fund;