Superannuation Industry (Supervision) Regulations (Amendment) 1998 (83 of 1998)

14.   New regulation 6.15A

14.1 After regulation 6.15, insert:

Certain benefits taken to be unrestricted non-preserved benefits

" 6.15A. Benefits in a fund are unrestricted non-preserved benefits if:

(a) during the transitional period of the fund, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a 'Nil' cashing restriction if these Regulations applied; or

(b) both:

(i) the benefits were rolled over or transferred to the fund from:

(A) a superannuation fund ( Fund A ) during its transitional period; or

(B) a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund ( Fund B ) during its transitional period; and

(ii) the trustee is reasonably satisfied that:

(A) during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a 'Nil' cashing restriction if these Regulations applied; or

(B) before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 in respect of the benefits was 'Nil'.".

15. Regulation 6.16 (Redistribution of member benefits within a fund in certain circumstances by operation of governing rules or action of trustee)

15.1 Subregulation 6.16 (2):

After "but", insert ", subject to subregulation (3),".

15.2 Add at the end:

" (3) The trustee may alter the category of benefits in a fund from preserved benefits to unrestricted non-preserved benefits if:

(a) before the commencement of regulation 6.15A and during the transitional period of the fund, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a 'Nil' cashing restriction if these Regulations applied; or

(b) before the commencement of regulation 6.15A, both:

(i) the benefits were rolled over or transferred to the fund from:

(A) a superannuation fund ( Fund A ) during its transitional period; or

(B) a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund ( Fund B ) during its transitional period; and

(ii) the trustee is reasonably satisfied that:

(A) during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a 'Nil' cashing restriction if these Regulations applied; or

(B) before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 in respect of the benefits was 'Nil'.".