Commonwealth Numbered Regulations

1995 No. 159 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 25

25.1 After regulation 5.15, insert: Member-protection standards taken not to
have applied to certain members

"5.15B. (1) If:

   (a)  before 1 July 1995, the trustee of a regulated superannuation fund has
        formed the intention:

        (i)    to apply, on behalf of a member of the fund, to an eligible
               rollover fund for the issue to the member of a superannuation
               interest in the latter fund; or

        (ii)   not to protect the benefits of a member; and

   (b)  the trustee keeps a record of having formed that intention, being a
        record that identifies the member; and

   (c)  the benefits of the member are paid out of the fund before 1 October
        1995; and

   (d)  the trustee has not charged an exit fee in respect of the payment of
        those benefits out of the fund; the member-protection standards are
        taken not to have applied to the member in respect of his or her
        membership of the fund during the period ending on the date on which
        the last of the member's benefits are paid out of the fund.

"(2) In subregulation (1), a reference to payment of benefits out of a fund
includes:

   (a)  rolling over or transferring the benefits; and

   (b)  cashing the benefits; and

   (c)  any combination of rolling over, transferring and cashing the
        benefits.".