Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 12.12

12.12. (1) If the trustee of a defined benefit fund proposes to transfer a
PJFC, or part of a PJFC, from the fund (in this regulation called "the
transferor fund") to another superannuation fund (in this regulation called

"the transferee fund"), the trustee may apply in writing to the Commissioner
to approve the transfer.

(2) The Commissioner may approve an application only if:

   (a)  the requirements specified in regulation 12.15 are satisfied; or

   (b)  if a requirement of that kind is not satisfied-the Commissioner is
        satisfied that, because of special circumstances, the requirement does
        not need to be satisfied.

(3) The amount of a PJFC to be transferred must not exceed the lesser of:

   (a)  the amount of the liability in respect of benefits to be transferred
        to the transferee fund, being benefits accrued before 1 July 1988; and

   (b)  the amount of any pre-1 July 88 funding credit balance in
        the transferor fund immediately before the transfer.

(4) As soon as practicable after a decision is made by the Commissioner to
approve a transfer, the Commissioner must give notice in writing of the
approval to the trustees of both the transferor fund and the transferee fund.