Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.2B - Provision of defined benefit pensions  

REGULATION 9.04I   PROVISION OF DEFINED BENEFIT PENSIONS  

9.04I(1)   [Number of members]  

Subject to subregulation (3), a regulated superannuation fund that has less than 50 members must not provide a defined benefit pension.

9.04I(2)   [Effect]  

Subregulation (1) has effect despite anything in the governing rules of the fund.

9.04I(3)   [Exception]  

A regulated superannuation fund that has less than 50 members may provide a defined benefit pension only:

(a) to a person:

(i) who, on 11 May 2004, was a member of the fund; and

(ii) who, before 1 January 2006:

(A) retires (within the meaning of subregulation 6.01(7) ) on or after attaining age 55; or

(B) attains age 65; and

(iii) who, after 11 May 2004 and before 1 January 2006, becomes entitled to be paid a defined benefit pension; and

(b) if the first pension payment is made within 12 months after the day when the person became entitled to the pension.