Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - SCHEDULE 2

                         SCHEDULE 2           Subregulation 6.02 (2)

MODIFICATIONS OF THE OSS LAWS WITH EFFECT FROM THE
COMMENCEMENT DAY IN RELATION TO PRESERVED BENEFITS
IN REGULATED SUPERANNUATION FUNDS
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. 202. Regulation 9 (Preservation
standards) 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:

        (i)    arise from contributions made to a superannuation fund in
               relation to the member on or after the commencement day and

        (ii)   are not undeducted contributions." 202.2 Subregulation 9 (3):
After "arising", insert "before the commencement day,". 202.3 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.". 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.