OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 9   PRESERVATION STANDARDS  

9(1)   [ Prescribed standards ]  

For the purposes of subsection 7(1) of the Act, the following standards are prescribed in relation to the preservation of benefits arising directly or indirectly from amounts contributed to superannuation funds:

(a) in relation to each member of a superannuation fund, the amount of any benefits vested in the member in accordance with the standard set out in regulation 8 :

(i) subject to regulation 10 , must be preserved if they are employer-financed benefits of a kind referred to in subregulation 8(1A) that:

(A) arise directly or indirectly from contributions of a kind referred to in paragraphs 8(1A)(a) or (b) ; and

(B) accrue on or after 1 July 1994; and

(ii) must be preserved if they are employer-financed benefits of a kind referred to in subregulation 8(1A) that arise directly or indirectly from contributions of a kind referred to in paragraph 8(1A)(c) ;

(b) in relation to each member of a superannuation fund, any amounts transferred to the fund in relation to the member under regulation 11 shall be preserved;

(c) member-financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period:

(i) if the fund is a private sector fund - commencing on or after 13 March 1989; or

(ii) if the fund is a public sector fund - commencing on or after 1 July 1990;

during which the member did not have employer support in the fund.

9(1A)   [ Member-financed benefits with employer support ]  

In spite of paragraph (1)(c), member-financed benefits arising from contributions during a period to a superannuation fund the employer contributions to which, for the benefit of the member, are made only under a prescribed agreement or award need not be preserved if the trustee of the fund is satisfied, by written evidence provided by or on the authority of the member, that any employer support that the member has in another fund during that period is not in an eligible scheme.

9(1B)   [ Member has employer support ]  

For the purposes of paragraph (1)(c) and subregulation (1A), a member has employer support in:

(a) a superannuation fund; or

(b) in an eligible scheme that is, or is part of, a superannuation fund;

during a period if the member acquires during that period an entitlement, or a potential entitlement, under the governing rules of the fund to employer-financed benefits.

9(1C)   [ " Potential entitlement " ]  

In subregulation (1B), " potential entitlement " means an entitlement to benefits which vest in a member of a superannuation fund only on the occurrence of an event specified in the governing rules of the fund.

9(2)   [ Additional standard prescribed ]  

For the purposes of subsection 7(1) of the Act, the standards in subregulations (3) and (4) are prescribed.

9(3)   [ Preservation of certain member-financed benefits ]  

Benefits arising from a superannuation fund:

(a) that is of a kind referred to in paragraph 23(ja) of the Tax Act as in force immediately before the commencement of section 7 of the Taxation Laws Amendment Act (No. 4) 1987 ; or

(b) that is of a kind referred to in section 23FB of the Tax Act as in force immediately before the commencement of section 8 of the Taxation Laws Amendment Act (No. 4) 1987 ;

the governing rules of which have been approved by the Commissioner or by the Commissioner of Taxation, must be preserved.

9(4)    
(Omitted by SR No 213 of 1993)