OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 5   STANDARDS RELATING TO LIENS OVER BENEFITS  

5(1)   [ Prescribed standard ]  

For the purposes of subsection 7(1) of the Act, the standards in this regulation are prescribed in relation to the exercise of liens over prescribed benefits of a superannuation fund.

5(2)   [ Restrictions on trustees ]  

A trustee of a superannuation fund must not be a party, or give effect, to the exercise of a lien over prescribed benefits by another person.

5(3)   [ Exception ]  

The trustees of a superannuation fund must not exercise a lien over prescribed benefits except in respect of an identified debt owed by a member to the trustees as trustees of the fund.

5(4)   [ Variation of existing lien ]  

If a person has exercised a lien over particular prescribed benefits before the commencement of this regulation otherwise than in accordance with this regulation, the person must not vary the lien except to limit its scope or to remove it.

5(5)   [ " prescribed benefits " ]  

In this regulation, " prescribed benefits " , in relation to a member of a superannuation fund, means benefits that are required by the standards prescribed in this Part to be:

(a) vested in the member; or

(b) preserved by the fund.

5(6)   [ Reference to exercise of lien ]  

In this regulation, a reference to the exercise by a person of a lien over prescribed benefits of a superannuation fund includes a reference to:

(a) the making by a member of the fund of an arrangement in writing that provides for the lien to be exercised in respect of an identified debt owed by the member to the person; and

(b) the giving of notice of the intention of the person to exercise the lien in respect of an identified debt owed by a member to the person if exercise of the lien is required to protect the interests of that person; and

(c) the taking by the person of any action required for the purpose of giving effect to the lien in respect of an identified debt owed by a member to the person.