OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 5AA   STANDARDS: ACCEPTANCE OF CONTRIBUTIONS BY SUPERANNUATION FUNDS  

5AA(1)   [ Prescribed standards ]  

For the purposes of subsection 7(1) of the Act, the standards in subregulations (2) and (3) are prescribed.

5AA(2)   [ Contributions for new member ]  

A superannuation fund must not commence accepting contributions in respect of a new member:

(a) unless the member is employed part time or full time; or

(b) unless the contributions are made:

(i) in respect of the member for the purposes of the Guarantee Act in amounts that do not exceed the minimum amounts required by that Act so that superannuation guarantee charge is not payable by the employer making the contributions; or

(ii) as payment of the shortfall component in relation to the member; or

(iii) in accordance with a prescribed agreement or award.

5AA(3)   [ Contributions for members ]  

A superannuation fund must not accept contributions in respect of a member:

(a) if the member:

(i) has ceased for a continuous period of 2 years to be employed part time or full time; but

(ii) has not retired from the workforce;

unless the contributions are made:

(iii) in respect of the member for the purposes of the Guarantee Act in amounts that do no exceed the minimum amounts required by that Act so that superannuation guarantee charge is not payable by the employer making the contributions; or

(iv) as payment of the shortfall component in relation to the member; or

(v) in accordance with a prescribed agreement or award; or

(b) if the member has retired from the workforce.

5AA(4)   [ Exclusions from " contribution " ]  

In this regulation, " contribution " does not include a payment of the kind referred to in paragraph (b) of the definition of transferred retiree member in subsection 3(1) of the Act.