Commonwealth Numbered Regulations

1995 No. 159 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 27

27.1 Paragraph 5.17 (1) (b): Omit the paragraph, substitute:

"(b) if, on or after 30 June 1996:

        (i)    the member is reportable to the Commissioner as a lost member
               under regulation 11.08; and

        (ii)   90 days have elapsed since the member became reportable under
               that regulation; and

        (iii)  the member remains a lost member.".

27.2 Subparagraph 5.17 (3) (a) (i): Omit the subparagraph, substitute:

"(i) at the end of the period, and subject to any adjustment affecting the
member's benefits (net of any exit fee) made by the trustee in respect of the
period, the member is a protected member; and".

27.3 After subregulation 5.17 (5), insert:

"(5A) If, under Division 5.6, a member elects to waive member protection, the
last relevant member reporting period in relation to that member is taken to
end at the end of the day before the day on which, under regulation 5.22, the
member-protection standards have only lost-member operation in respect of the
member.".

27.4 Paragraph 5.17 (6) (a): Omit the paragraph, substitute:

"(a) the total of the administration costs that would be charged to members of
a fund but for this regulation is greater than the total investment return
that would be credited to or debited against members of the fund but for this
regulation in respect of that period; and".

27.5 Subregulation 5.17 (7): Omit the subregulation.

27.6 Subregulation 5.17 (9): Omit the subregulation, substitute:

"(9) For the purposes of paragraph (6) (b), an apportionment of costs is taken
to be fair and equitable only if:

   (a)  each member of the fund is charged no more than:

        (i)    the amount that the member would be charged if all
               administration costs charged against member's benefits were
               distributed in direct proportion to:

                (A)  the investment return credited to, or debited against,
                     the member's benefits; or

                (B)  the member's benefits; or

        (ii)   the investment return credited to the member's benefits, plus
               $10; or

   (b)  each protected member of the fund is charged no more than an amount
        equal to the investment return credited to the member's benefits, plus
        $10.".