Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 3) (113 of 2004)

Schedule 1   Amendments commencing on 1 July 2004

[18]   After regulation 10.06

insert

10.07 Operating standard - restriction on acceptance of rollovers

(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.

(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 Reserve.