Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 13   Early release of superannuation

Superannuation Industry (Supervision) Regulations 1994

9   At the end of Division 6.2 of Part 6

Add:

6.17D Benefits to be paid as soon as practicable where member satisfies compassionate ground relating to coronavirus

(1) For the purposes of subsections 31(1) and 32(1) of the Act, the standard set out in subregulation (3) is applicable to the operation of regulated superannuation funds and approved deposit funds.

(2) This regulation applies if:

(a) the Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the fund may be released on a compassionate ground; and

(b) the trustee of the fund receives from the Regulator a copy of the determination as referred to in subregulation 6.19B(6).

Note: See items 107A and 207AA of Schedule 1.

(3) The trustee must pay the benefits to the member as soon as practicable after the trustee receives the copy of the determination, without requiring any additional application from the member.

(4) However, subregulation (3) does not apply if it would require the trustee to pay benefits from a defined benefit interest.