Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Superannuation Industry (Supervision) Regulations 1994

101   Part 10

Repeal the Part, substitute:

Part 10 - Eligible rollover funds

10.01 Application for authority to operate eligible rollover fund

For subsection 242A(1) of the Act, the following may apply to APRA for authority to operate a regulated superannuation fund as an eligible rollover fund:

(a) the class of RSE licensee that holds a public offer entity licence;

(b) the class of RSE licensee that holds an extended public offer entity licence.

Note: For extended public offer entity licences, see regulation 3A.03.

10.02 Payment of benefit to eligible rollover fund

(1) 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.

(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.

(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.

10.03 Operating standard - eligible rollover funds

(1) For subsection 31(1) of the Act, this standard applies to the trustee of an eligible rollover fund.

(2) The trustee must accept payment of benefits, other than pension benefits, paid from a superannuation fund, other than an eligible rollover fund.