Commonwealth Numbered Regulations Commonwealth Numbered Regulations
[1] Paragraph 292‑170.05 (2) (b)
substitute
(b) either:
(i) the member has not moved to a new benefit category; or
(ii) if the member has moved to a new benefit category, the new benefit category does not provide the member with an improved level of benefit.
[2] Subregulation 292‑170.05 (5)
substitute
(5) If the rate of superannuation salary has increased, since 5 September 2006, by:
(a) more than 50% in 1 year; or
(b) more than 75% over 3 years;
a condition is that the employer‑sponsor advises the trustee that the increase in the rate is on an arm's length basis.
[3] Paragraph 292‑170.06 (2) (b)
substitute
(b) either:
(i) the member has not moved to a new benefit category; or
(ii) if the member has moved to a new benefit category, the new benefit category does not provide the member with an improved level of benefit.
[4] Subregulation 292‑170.06 (5)
substitute
(5) If the rate of superannuation salary has increased, since 5 September 2006, by:
(a) more than 50% in 1 year; or
(b) more than 75% over 3 years;
a condition is that the employer‑sponsor advises the trustee that the increase in the rate is on an arm's length basis.
[5] Schedule 1A, paragraph 1.3 (a)
omit
; and
insert
; or
[6] Schedule 1A, subsection 2.5 (2)
substitute
(2) Subject to subsection (2A), if the fund rules provide a discretion to pay, on voluntary exit, a benefit that is higher than the standard benefit, the actuary must assume that a higher benefit is always paid on voluntary exit on or after age 55.
(2A) If the higher benefit mentioned in subsection (2) exceeds the accrued retirement benefit, the actuary may assume that the benefit is an amount:
(a) greater than or equal to the accrued retirement benefit; and
(b) less than or equal to the higher benefit.
[7] Schedule 1A, after subsection 3.6 (2)
insert
(2A) If:
(a) on 1 July 2007, the defined benefit members of the fund include persons who have been, before becoming members of the fund, members of a predecessor fund; and
(b) the actuary considers that it is reasonable to do so;
the actuary may use the age of entry of those members into the predecessor fund in determining the average age of entry.
(2B) For this section:
defined benefit member does not include a person who:
(a) is receiving only a pension benefit from the fund; or
(b) has deferred his or her benefit entitlement in the fund.