Superannuation Industry (Supervision) Regulations 1994

PART 5 - BENEFIT PROTECTION STANDARDS  

Division 5.1 - Preliminary  

REGULATION 5.01   INTERPRETATION  

5.01(1)    

In this Part, unless the contrary intention appears:

accumulated deposit
, in relation to a member of an approved deposit fund as at a particular time, means the total of the following amounts:

(a) amounts deposited in the fund for the member down to that time; and

(b) investment earnings on those amounts down to that time;

less:

(c) the costs applicable to those amounts down to that time.

administration costs
includes all fees and charges charged against a member ' s benefits (whether or not charged against the contributions by or in respect of the member), other than:

(a) in the case of a member who was a member of the fund on 30 June 1995, the exit fee (if any) applicable to the member ' s benefits at that date; and

(b) the cost (if any) of providing to the member:

(i) an insured death benefit; or

(ii) an insured permanent or temporary incapacity benefit; and

(c) taxation costs.

Note: Examples of " taxation costs " : contributions tax, superannuation contributions surcharge.

cashed
means cashed in accordance with Division 6.3 .

costs
, in relation to a member ' s benefits in a regulated superannuation fund or an approved deposit fund as at any time, means the total costs determined under regulation 5.02 in relation to those benefits and charged to those benefits in accordance with that regulation down to that time.

deferred annuity
means an annuity that is not payable on purchase, and the terms of which ensure:

(a) that payment of benefits under the annuity:

(i) is not commenced earlier than the time at which Part 6 permits or requires the benefits to be paid from an approved deposit fund; and

(ii) is to commence as soon as practicable after the annuitant:

(A) dies; or

(B) if the annuitant dies before attaining the age of 65 - would have attained that age; and

(b) that, except as permitted in relation to approved deposit funds by the Act or these Regulations, the provider of the annuity is not taken to recognise, or in any way encourage or sanction:

(i) an assignment of an interest under the annuity; or

(ii) the giving of a charge over, or in relation to, the annuity.

Government co-contribution benefits
means Government co-contributions made under the Co-contribution Act, less:

(a) the costs applicable to them; and

(b) any amounts repaid under section 24 of the Co-contribution Act.

investment earnings
, in relation to a member ' s benefits (or a members ' benefits of a particular kind) in a regulated superannuation fund or an approved deposit fund as at any time, means the total of the amounts credited, less the total of the amounts debited, to the member ' s account by way of investment return down to that time in respect of those benefits.

investment return
, in relation to a member ' s benefits (or a member ' s benefits of a particular kind) in a regulated superannuation fund or an approved deposit fund over a particular period means:

(a) in the case of an approved deposit fund or an accumulation fund in which the trustee does not maintain reserves - the proportion of the return to the fund on investments over that period that is attributable to those benefits; or

(b) in the case of an approved deposit fund or an accumulation fund in which the trustee maintains reserves - the return determined by the trustee in accordance with regulation 5.03 for that period; or

(c) in the case of a defined benefit fund:

(i) the proportion of the return to the fund on investments over that period that is attributable to those benefits; or

(ii) the return on the benefits over that period that is fair and reasonable to all members of the fund, being a return based either on the actual return earned on the investments of the fund or on a commercially available rate of interest; or

(iii) the return on the benefits that is derived by increasing the benefits in proportion with the increase in the salary of the member over that period.

mandated employer contributions
, in relation to a member of a regulated superannuation fund, means contributions by, or on behalf of, an employer that are equal to the sum of:

(a) the contributions made by, or on behalf of, the employer to the fund in relation to the member, that:

(i) reduce the employer ' s potential liability for the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992 ; or

(ii) are payments of shortfall components; and

(b) the contributions (other than contributions of the kind specified in paragraph (a)) made by, or on behalf of, the employer to the fund in relation to the member in or towards satisfaction of the employer ' s obligation to make contributions for the member, being an obligation under an agreement certified, or an award made, on or after 1 July 1986 by an industrial authority.

mandated employer-financed benefits
, in relation to a member of a regulated superannuation fund as at a particular time, means benefits equal to the sum of:

(a) the amount of the mandated employer contributions (if any) made to the fund in relation to the member down to that time; and

(b) the amount of the mandated employer-financed benefits (if any) paid into the fund in relation to the member down to that time; and

(c) the amount of the investment earnings on those contributions and benefits down to that time;

less the costs applicable to the amounts down to that time.

member contributions
, in relation to a member of a regulated superannuation fund, means contributions by, or on behalf of, the member to the fund, but does not include employer contributions made in respect of the member.

member-financed benefits
, in relation to a member of a regulated superannuation fund as at a particular time, means benefits equal to the sum of:

(a) the amount of the member contributions (if any) made to the fund in relation to the member down to that time; and

(b) the amount of the member-financed benefits (if any) paid into the fund in relation to the member down to that time; and

(c) the amount of the investment earnings on those contributions and benefits down to that time;

less the costs applicable to those amounts down to that time.

OSS Laws
means:

(a) the Occupational Superannuation Standards Act 1987 as in force immediately before the commencement of section 5 of the Occupational Superannuation Standards Amendment Act 1993 ; and

(b) the Occupational Superannuation Standards Regulations.

rolled over
means paid as a superannuation lump sum (other than by way of being transferred) within the superannuation system.

superannuation provider
means:

(a) the trustee of a regulated superannuation fund; or

(b) the trustee of an approved deposit fund; or

(c) an RSA provider.

superannuation system
means the system comprising:

(a) regulated superannuation funds; and

(b) approved deposit funds; and

(c) the Commissioner of Taxation in the Commissioner of Taxation ' s role as the maker of payments to a superannuation provider under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(d) deferred annuities; and

(e) EPSSSs; and

(f) (Omitted by SLI No 282 of 2008)

(g) (Omitted by SLI No 282 of 2008)

(h) RSAs; and

(i) annuities; and

(j) the Commissioner of Taxation in the Commissioner of Taxation ' s role as the maker of payments to a superannuation provider under subsection 131-80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 .

transferred,
in relation to a member ' s benefits paid out of, or received by, a regulated superannuation fund or approved deposit fund, means paid to, or received from:

(a) another regulated superannuation fund or approved deposit fund; or

(b) an RSA provided by an RSA institution; or

(c) an EPSSS;

otherwise than upon the satisfaction by the member of a condition of release (within the meaning of Part 6 ) for all those benefits.

5.01(2)    
For the purposes of this Part, a payment from the Superannuation Holding Accounts Special Account is taken to be a mandated employer contribution.

5.01(3)    

(Repealed by SR No 200 of 2002)