Commonwealth Numbered Regulations

1995 No. 159 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 34

34.1 After Division 6.4, insert:

"Division 6.4A-Certain beneficiaries at 30 June 1995 Interpretation

"6.29A. A reference in this Division to a member (being a member of a fund) to
whom regulation 2.05 applies is a reference to a member of the fund to whom
the trustee of the fund need not give information under regulation 2.05.

Trustee of fund may apply on beneficiary's behalf to eligible rollover
fund-certain beneficiaries of funds on 30 June 1995

"6.29B. (1) This regulation applies to a person who:

   (a)  is a beneficiary of a regulated superannuation fund or an approved
        deposit fund; and

   (b)  was a beneficiary of that fund on 30 June 1995; other than a
        beneficiary who would be, if he or she were a member of the fund, a
        member to whom regulation 2.05 applies.

"(2) Before the trustee of the fund may apply on behalf of the person to an
eligible rollover fund for the issue to the person of a superannuation
interest in the eligible rollover fund:

   (a)  the trustee of a fund must give to the person the opportunity of
        nominating an entity to which the person's benefits are to be paid,
        and must allow the person at least 28 days to do so; and

   (b)  either:

        (i)    the entity nominated by the person must have refused to accept
               the payment; or

        (ii)   the person must not have nominated an entity within the period
               allowed by the trustee.".