Commonwealth Numbered Regulations

1995 No. 47 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 3

3.1 Insert after regulation 5.08 in Part 5:

"Division 5.4-Restrictions on exit fees on the rollover or transfer
of benefits in certain cases Application of Division

"5.09 (1) This Division applies to the rollover or transfer of the benefit of
a member of a regulated superannuation fund (other than an excluded
superannuation fund) if:

   (a)  the amount rolled over or transferred is less than $1,000; and

   (b)  the benefit is rolled over or transferred from the fund at the
        instigation of the trustee of the fund, whether or not the member
        chooses the entity to which the benefit is rolled over or transferred;
        and

   (c)  the benefit contains, or has contained, mandated employer-financed
        benefits.

"(2) A benefit to which paragraphs (1) (a) and (b) apply is taken to contain
or have contained mandated employer-financed benefits unless the trustee knows
otherwise.



"(3) This Division has no effect after 30 June 1996. Operating
standard-restriction on exit fees

"5.10. (1) For the purposes of subsection 31 (1) of the Act, the restrictions
set out in subregulations (2) and (3) are operating standards applicable to
the operation of regulated superannuation funds.



"(2) The trustee of a fund must not charge, in respect of a rollover or
transfer to which this Division applies, a fee or charge that the trustee
would not have charged if the rollover or transfer had not occurred.



"(3) The trustee of a fund must not charge a fee or charge that is intended to
circumvent the effect of subregulation (2).".