PART II
-
SUPERANNUATION FUNDS
Division 1
-
General
History
Div 1 heading inserted by SR No 224 of 1992, reg 4.1, effective 1 July 1992.
REGULATION 8A
VESTING STANDARD: LIMITATION ON INCREASES
8A(1)
[
"
fund
"
]
In this regulation,
"
fund
"
means a superannuation fund:
(a)
that is not a defined benefit superannuation fund; and
(b)
whose benefits are not guaranteed by the Commonwealth or by a State or Territory.
History
Reg 8A(1) amended by SR No 213 of 1993, reg 8.1 and 8.2, effective 3 August 1993, by substituting
"
fund:
"
for
"
fund that:
"
, and by inserting
"
that
"
before
"
is not
"
in para (a).
8A(2)
[
Vesting standard
]
For the purposes of subsection 7(1) of the Act, the standard in subregulation (3) is prescribed in relation to the vesting in members of funds benefits that arise directly or indirectly from amounts contributed to the funds.
History
Reg 8A(2) amended by SR No 213 of 1993, reg 8.3, effective 3 August 1993, by substituting
"
benefits that arise
"
for
"
of benefits arising
"
.
8A(3)
[
Rate of increase of benefits
]
The rate of increase of benefits vested in a member of a fund must not be such that, if the fund were to be terminated immediately after the vesting of those benefits, the assets of the fund would be insufficient to pay the minimum requisite benefit in respect of the other members of the fund.
Note:
minimum requisite benefit
is defined in subregulation
3(1).
History
Reg 8A(3) and Note substituted for reg 8A(3)-(4) by SR No 213 of 1993, reg 8.4, effective 3 August 1993. Reg 8A(3) formerly read:
8A(3)
The rate of increase of benefits vested in a member of a fund in respect of a year of income of that fund from the net earnings of the fund must be less than the rate of vesting of benefits in members of the fund that is prescribed in subregulation (4).
8A(4)
(Omitted by SR No 213 of 1993)
History
Reg 8A(3) and Note substituted for reg 8A(3)-(4) by SR No 213 of 1993, reg 8.4, effective 3 August 1993. Reg 8A(4) formerly read:
8A(4)
The prescribed rate is the rate that, if the fund were terminated immediately after the vesting, would have the effect of reducing the amount of the assets of the fund so that those assets would be insufficient to pay the minimum requisite benefit in respect of other members of the fund.
Reg 8A inserted by SR No 223 of 1992, reg 6.1, effective 1 July 1992.
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