Commonwealth Numbered Regulations

1997 No. 117 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 44

44.1 Subregulation 6.21 (1):
After "superannuation fund", insert "(other than the member's post-65
employer-financed benefits)".

44.2 After subregulation 6.21 (1), insert:

"(1A) Subject to subregulation (3), a member's post-65 employer-financed
benefits in a regulated superannuation fund must be cashed as soon as
practicable after the occurrence of any of the following events:

   (a)  where:

        (i)    the member has reached age 65 but not age 70; and

        (ii)   the member is not gainfully employed on either a full- time or
               part-time basis; and

   (iii) mandated employer contributions have ceased to be made, and are not
        liable to be made, in respect of the member to:

                (A)  the fund; or

                (B)  another regulated superannuation fund; or

                (C)  an RSA;

   (b)  where:

        (i)    the member has attained age 70; and

        (ii)   the member is not gainfully employed on a full-time basis; and

        (iii)  mandated employer contributions have ceased to be made, and are
               not liable to be made, in respect of the member to:

                (A)  the fund; or

                (B)  another regulated superannuation fund; or

                (C)  an RSA;

   (c)  where the member dies.".

44.3 Subregulation 6.21 (3): Omit "subregulation (1),", substitute
"subregulations (1) and (1A),".

44.4 Add at the end:

"(4) Benefits in a regulated superannuation fund that were post-65
employer-financed benefits in the source from which they were received
continue to be post-65 employer-financed benefits in that fund.

"(5) In this regulation: 'post-65 employer-financed benefits', in relation to
a member of a regulated superannuation fund as at a particular date, means the
sum of:

   (a)  the amount of the mandated employer contributions made to the fund in
        respect of the member in respect of the period commencing when the
        member reached age 65 and ending on that date; and

   (b)  the amount of the mandated employer contributions made to another
        regulated superannuation fund or to an RSA in respect of the member in
        respect of that period, if the benefits arising in respect of those
        contributions were transferred or rolled over to the fund during that
        period; and

   (c)  the amount of the investment earnings on those amounts during that
        period; less the costs applicable to those amounts during that
        period.".