Superannuation Industry (Supervision) Regulations 1994

PART 12 - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 12.12   TRANSFER OF PJFCs - TRUSTEES OF TRANSFEROR FUNDS  

12.12(1)   [Application for approval of transfer]  

If the trustee of a defined benefit fund proposes to transfer a PJFC, or part of a PJFC, from the fund (in this regulation called the transferor fund ) to another superannuation fund (in this regulation called the transferee fund ), the trustee may apply in writing to APRA to approve the transfer.

12.12(2)   [Requirements for approval]  

APRA may approve an application only if:

(a) the requirements specified in regulation 12.15 are satisfied; or

(b) if a requirement of that kind is not satisfied - APRA is satisfied that, because of special circumstances, the requirement does not need to be satisfied.

12.12(3)   [Amount of PJFC to be transferred]  

The amount of a PJFC to be transferred must not exceed the lesser of:

(a) the amount of the liability in respect of benefits to be transferred to the transferee fund, being benefits accrued before 1 July 1988; and

(b) the amount of any pre-1 July 88 funding credits available in the transferor fund immediately before the transfer.

12.12(4)   [Notice of approval]  

As soon as practicable after a decision is made by APRA to approve a transfer, APRA must give notice in writing of the approval to the trustees of both the transferor fund and the transferee fund.