Superannuation Industry (Supervision) Regulations 1994
View history note
Hide history notePt 10 substituted by SLI No 155 of 2013, reg 4 and Sch 1 item 101, effective 1 July 2013. Pt 10 formerly read:
PART 10 - ELIGIBLE ROLLOVER FUNDS
Division 10.1 - Introductory
REGULATION 10.01 DEFINITION OF ELIGIBLE ROLLOVER FUND (ACT, S 242)
10.01(1)
For the purposes of the definition of eligible rollover fund in section 242 of the Act, a fund is an eligible rollover fund if:
(a) it has the following characteristics:
(i) the fund is a regulated superannuation fund or an approved deposit fund;
(ii) the trustee of the fund has given to APRA a notice in the approved form stating that it is an eligible rollover fund;
(iii) the fund has not ceased to be an eligible rollover fund; or
(b) the fund:
(i) was an eligible rollover fund immediately before 1 July 1995; and
(ii) has not ceased to be an eligible rollover fund.HistoryReg 10.01(1) amended by SR No 193 of 1998.
10.01(2)
A fund ceases to be an eligible rollover fund if the trustee of the fund gives notice of wishing to do so to APRA in the approved form.HistoryReg 10.01(2) amended by SR No 193 of 1998.
10.01(3)
A notice under subparagraph (1)(a)(ii) or subregulation (2) has effect at the time when APRA acknowledges having received it.HistoryReg 10.01(3) amended by SR No 193 of 1998.
Reg 10.01 substituted by SR No 159 of 1995.
Division 10.2 - Prescribed matters
SECTION 10.02 REGULATION 10.02 INTERPRETATION
10.02
Expressions used in this Division that are defined for the purposes of Part 24 of the Act have the same meaning in this Division as in that Part.REGULATION 10.03 PAYMENT OF BENEFIT TO ELIGIBLE ROLLOVER FUNDHistoryReg 10.02 inserted by SR No 159 of 1995; omitted by SR No 64 of 1995.
10.03(1)
For the purposes of paragraph 243(1)(b) of the Act, 1 July 1995 is the date from which section 243 of the Act applies to a person.
10.03(2)
For paragraph 243(1)(c) of the Act, the condition is that the beneficiary is not a non-member spouse whose entitlement under a payment split is to be dealt with under regulation 7A.16.HistoryReg 10.03(2) and (3) substituted for reg 10.03(2) by SR No 353 of 2001, reg 3 and Sch 1 item 50, effective 28 December 2002. Reg 10.03(2) formerly read:
10.03(2)
For the purposes of paragraph 243(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest is the amount of the beneficiary ' s withdrawal benefit in the transferor fund.
Note: Section 243 of the Act sets out the circumstances in which the trustee of a fund may apply on behalf of a beneficiary of the fund to an eligible rollover fund for the issue of a superannuation interest to the beneficiary. There are no conditions prescribed for the purposes of paragraph 243(1)(c) of the Act.
10.03(3)
For paragraph 243(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest is the amount of the beneficiary ' s withdrawal benefit in the transferor fund (not including any amount that would be payable to the member ' s spouse or former spouse under a payment split).Note: Section 243 of the Act sets out the circumstances in which the trustee of a fund may apply to an eligible rollover fund, on behalf of a beneficiary of the fund, for the issue of a superannuation interest in the eligible rollover fund to the beneficiary.
HistoryReg 10.03(2) and (3) substituted for reg 10.03(2) by SR No 353 of 2001, reg 3 and Sch 1 item 50, effective 28 December 2002.
Reg 10.03 substituted by SR No 159 of 1995.
SECTION 10.04 REGULATION 10.04 PRESCRIBED INFORMATION TO BE GIVEN TO ELIGIBLE ROLLOVER FUND
10.04
(Omitted by SR No 159 of 1995)
SECTION 10.04A REGULATION 10.04A MINIMUM AMOUNT TO BE DEALT WITH AS UNCLAIMED MONEY
10.04A
(Omitted by SR No 159 of 1995)HistoryReg 10.04A inserted by SR No 432 of 1994.
SECTION 10.05 REGULATION 10.05 PRESCRIBED INFORMATION TO BE GIVEN TO THE COMMISSIONER
10.05
(Omitted by SR No 64 of 1995)Division 10.3 - Additional operating standards applicable to eligible rollover funds
REGULATION 10.06 OPERATING STANDARDS - ELIGIBLE ROLLOVER FUNDS
10.06(1)
For subsections 31(1) and 32(1) of the Act, and subject to regulation 10.07 , the standard stated in subregulation (2) is a standard applicable (in addition to other standards applicable under these Regulations) to the operation of an eligible rollover fund.HistoryReg 10.06(1) substituted by SR No 113 of 2004, reg 3 and Sch 1 item 17, effective 1 July 2004. Reg 10.06(1) formerly read:
10.06(1)
For the purposes of subsections 31(1) and 32(1) of the Act, a requirement of this Division is a standard applicable (in addition to other standards applicable under these Regulations) to the operation of an eligible rollover fund.
10.06(2)
The trustee of an eligible rollover fund must accept payment of:
(a) benefits (other than pension benefits) paid from:
(i) a superannuation fund (other than an eligible rollover fund); or
(ii) an approved deposit fund (other than an eligible rollover fund); or
(iii) an RSA; and
(b) shortfall components; and
(c) amounts paid from the Superannuation Holding Accounts Special Account.HistoryReg 10.06(2) amended by SLI No 218 of 2005, reg 3 and Sch 1 item 36, by substituting " Superannuation Holding Accounts Special Account " for " Superannuation Holding Accounts Reserve " in para (c), effective 8 October 2005.
Reg 10.06(2) amended by SR No 117 of 1997 and SR No 159 of 1995.
10.06(3)
The trustee of an eligible rollover fund must at all times treat the whole of the benefits of every member as minimum benefits (within the meaning of Part 5).HistoryReg 10.06(3) substituted by SLI No 86 of 2013, reg 4 and Sch 1 item 10, effective 1 July 2013. Reg 10.06(3) formerly read:
10.06(3)
The trustee of an eligible rollover fund must treat:
(a) every member of the fund as a protected member at all times; and
(b) the whole of the benefits of every member as minimum benefits (within the meaning of Part 5) at all times.Reg 10.06(3) amended by SR No 159 of 1995.
Reg 10.06 substituted by SR No 64 of 1995.
REGULATION 10.07 OPERATING STANDARD - RESTRICTION ON ACCEPTANCE OF ROLLOVERS
10.07(1)
For paragraphs 31(2)(d) and 32(2)(a) of the Act, the standard stated in subregulation (2) is applicable to a registrable superannuation entity that is an eligible rollover fund.HistoryReg 10.07(1) and note substituted by SLI No 113 of 2004, reg 3 and Sch 2 item 11, effective a July 2006. Reg 10.07(1), including the note, formerly read:
10.07(1)
For paragraphs 31(2)(d) and 32(2)(a) of the Act, the standard stated in subregulation (2) is applicable to a registrable superannuation entity that is an eligible rollover fund:
(a) that came into existence on or after the start of the licensing transition period; and
(b) for which there is an RSE licensee.Note: Licensing transition period is defined in subsection 10(1) of the Act.
10.07(2)
A trustee of a registrable superannuation entity that is an eligible rollover fund must not, unless the registrable superannuation entity is registered under Part 2B of the Act, accept payment of:
(a) benefits; or
(b) shortfall components; or
(c) amounts paid from the Superannuation Holding Accounts Special Account.HistoryReg 10.07(2) amended by SLI No 218 of 2005, reg 3 and Sch 1 item 37, by substituting " Superannuation Holding Accounts Special Account " for " Superannuation Holding Accounts Reserve " in para (c), effective 8 October 2005.
Reg 10.07 inserted by SR No 113 of 2004, reg 3 and Sch 1 item 18, effective 1 July 2004.
Pt 10 heading substituted by SR No 159 of 1995.
For paragraph 243(1)(b) of the Act, 1 July 1995 is the date from which section 243 of the Act applies to a person.
10.02(2)
For paragraph 243(1)(c) of the Act, the condition is that the beneficiary is not a non-member spouse whose entitlement under a payment split is to be dealt with under regulation 7A.16 .
10.02(3)
For paragraph 243(3)(b) of the Act, the amount of the consideration for the issue of a superannuation interest:
(a) is the amount of the beneficiary ' s withdrawal benefit in the transferor fund; and
(b) does not include any amount that would be payable to the member ' s spouse or former spouse under a payment split.
Note: Section 243 of the Act sets out the circumstances in which the trustee of a fund may apply to an eligible rollover fund, on behalf of a beneficiary of the fund, for the issue of a superannuation interest in the eligible rollover fund to the beneficiary.
Reg 10.02 substituted by SLI No 155 of 2013, reg 4 and Sch 1 item 101, effective 1 July 2013. For former wording, see history note under Pt 10 heading.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.