OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 11   PRESERVATION AND PORTABILITY STANDARDS  

11(1)   [ Prescribed standards ]  

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

(a) in relation to each member of a superannuation fund, the benefits referred to in regulations 9 , 10 and 25A that relate to the member, except to the extent to which those benefits become payable on the retirement of the member before attaining the age of 55 years in the form of a non-commutable pension or annuity payable for life, shall be preserved until:

(i) those benefits are transferred in accordance with paragraph (c);

(ii) the member has:

(A) retired from the workforce; and

(B) attained an age of not less than 55 years; or

(iii) those benefits become payable in one of the following circumstances:

(A) the retirement of the member from the workforce before attaining the age of 55 years on the ground of permanent incapacity or permanent invalidity;

(B) the death of the member;

(C) the permanent departure of the member from Australia;

(CA) because of the operation of paragraph 5AC(2)(a) , (b) or (c) ;

(D) such other circumstances (if any) as the Commissioner approves;

(b) a member seeking payment of benefits from a superannuation fund on his or her retirement from the workforce on the ground of permanent incapacity or permanent invalidity shall be required to give to the trustees of the fund a certificate signed by 2 registered medical practitioners certifying that, in the opinion of those medical practitioners, the member is unlikely ever to be able to work again in a job for which the member is reasonably qualified by education, training or experience;

(c) where a person who was a member of a superannuation fund withdraws from the fund, or ceases to be a member of the fund, in circumstances other than those specified in subparagraph (a)(ii) or (iii), all benefits to which a person is entitled on such withdrawal, and that are required to be preserved in relation to the person shall be:

(i) retained in the fund; or

(ii) transferred directly to, for preservation in relation to the person in:

(A) another superannuation fund nominated by the person, being a superannuation fund of which the person is, or intends to become, a member and that is required to preserve any benefits so transferred in accordance with the standards set out in this regulation;

(B) an approved deposit fund nominated by the person, being a fund that is required to preserve any benefits so transferred in accordance with the standards set out in these Regulations; or

(C) a deferred annuity nominated by the person, being a deferred annuity that cannot be surrendered or assigned before the person attains the age of 55 years and that does not pay benefits except in the circumstances specified in subparagraph (a)(ii) or (iii).

11(2)   [ " Deferred annuity " ]  

A deferred annuity:

(a) nominated by a person, being an annuity to which sub-subparagraph (1)(c)(ii)(C) applies; and

(b) the benefits of which are payable not earlier than the happening of a circumstance referred to in subparagraph (1)(a)(ii) or sub-subparagraph (1)(a)(iii)(A), (B), (C) or (D);

is not, for the purposes of sub-subparagraph (1)(c)(ii)(C), a deferred annuity that can be assigned before the person attains the age of 55 years only because the value of the annuity may be commuted and transferred, with the consent of that person, before he or she attains that age, to:

(c) a superannuation fund referred to in sub-subparagraph (1)(c)(ii)(A); or

(d) an approved deposit fund referred to in sub-subparagraph (1)(c)(ii)(B); or

(e) another deferred annuity referred to in sub-subparagraph (1)(c)(ii)(C).