Commonwealth Numbered Regulations

1995 No. 159 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 3

3.1 Subregulation 1.03 (1) (definition of "contributions"): Omit the
definition, substitute:

"'contributions', in relation to a fund, includes:

   (a)  payments of shortfall components to the fund; and

   (b)  payments to the fund from the Superannuation Holding Accounts Reserve;
        but does not include benefits that have been rolled over or
        transferred to the fund;".

3.2 Subregulation 1.03 (1) (definition of "defined benefit fund"): Omit the
definition, substitute:

"'defined benefit fund' means:

   (a)  a public sector superannuation scheme that:

        (i)    is a regulated superannuation fund; and

        (ii)   has at least 1 defined benefit member; or

   (b)  a regulated superannuation fund (other than a public sector
        superannuation scheme):

        (i)    that has at least 1 defined benefit member; and

        (ii)   some or all of the contributions to which (out of which,
               together with earnings on those contributions, the benefits are
               to be paid) are not paid into a fund, or accumulated in a fund,
               in respect of any individual member but are paid into and
               accumulated in a fund in the form of an aggregate amount;

"'defined benefit member' means a member entitled, on retirement or
termination of his or her employment, to be paid a benefit defined, wholly or
in part, by reference to either or both of the following:

   (a)  the amount of:

        (i)    the member's salary at a particular date, being the date of the
               termination of the member's employment or of the member's
               retirement or an earlier date; or

        (ii)   the member's salary averaged over a period before retirement;
               or

   (b)  a specified amount;".

3.3 Subregulation 1.03 (1) (definition of "excluded member", paragraph (b)):
Omit the paragraph, substitute:

"(b) a defined benefit member of a defined benefit fund;".

3.4 Subregulation 1.03 (1) (definition of "protected member"): After
"withdrawal benefits", insert ", or benefits of any other type that are
payable on leaving the fund otherwise than voluntarily, net of any applicable
exit fee,".

3.5 Subregulation 1.03 (1): Insert:

"'Superannuation Holding Accounts Reserve' means the Reserve established under
that name by section 8 of the Small Superannuation Accounts Act 1995;".