Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.1 - Introductory  

Subdivision 6.1.2 - Preserved benefits  

REGULATION 6.02   PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS - BEFORE 1 JULY 1999  

6.02(1)   Type A members before 1 July 1999; type B members before changeover day.  

Subject to regulations 6.06 and 6.12 and to Subdivision 6.1.5 , the amount of preserved benefits in a regulated superannuation fund:

(a) for a type A member at any time during the period commencing on the commencement day and ending immediately before 1 July 1999; or

(b) for a type B member at any time during the period commencing on the commencement day and ending immediately before the changeover day;

is the amount required to be preserved under the OSS laws as applied in accordance with subregulation (2).

6.02(2)   [Operation of OSS laws]  

For subregulation (1), despite the repeal of sections of the Occupational Superannuation Standards Act 1987 by the Occupational Superannuation Standards Amendment Act 1993 , the OSS laws are taken to have continued in force, subject to the modifications set out in Schedule 2 , in relation to regulated superannuation funds as if the references in the OSS laws (as so modified) to superannuation funds were references to regulated superannuation funds within the meaning of these regulations.

6.02(3)   Type B members on and after changeover day.  

Subject to regulation 6.12 and to Subdivision 6.1.5 , the amount of a type B member ' s preserved benefits in a regulated superannuation fund at any time on or after the changeover day and before 1 July 1999 is the amount of the member ' s total benefits in the fund less the sum of:

(a) the amount of the member ' s restricted non-preserved benefits in the fund as defined by regulation 6.07 ; and

(b) the amount of the member ' s unrestricted non-preserved benefits in the fund as defined by regulation 6.10 .