OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART III - APPROVED DEPOSIT FUNDS  

REGULATION 21   PRESERVATION AND PORTABILITY STANDARDS  

21(1)   [ Prescribed standards ]  

For the purposes of subsection 8(1) of the Act, the following standards are prescribed in relation to the preservation and portability of amounts deposited with approved deposit funds and of earnings on such amounts:

(a) the trustee or trustees of an approved deposit fund shall not accept the transfer to it of any amounts of a kind referred to in regulation 9 or 10 or of any amounts consisting of benefits arising from a superannuation fund of a kind referred to in paragraph 23(ja) of the Tax Act, as in force at the commencement of this regulation, or to which section 23FB of that Act as so in force applies, being amounts transferred to the first-mentioned fund, on behalf of a depositor, by another approved deposit fund or a superannuation fund, unless any such transferred amounts are required to be preserved in accordance with:

(i) where the amounts are of a kind referred to in regulation 9 or 10 - the standards set out in paragraph (b); or

(ii) where the amounts comprise benefits arising from a superannuation fund of a kind referred to in paragraph 23(ja) of the Tax Act, as in force at the commencement of this regulation, or to which section 23FB of that Act as so in force applies - either the terms and conditions referred to in paragraph 23(ja) of that Act as so in force or terms and conditions that comply with paragraph 23FB(2)(f) of that Act as so in force, whichever are applicable;

as the case requires;

(b) in relation to each depositor with an approved deposit fund, amounts of the kind referred to in paragraph (a) transferred to the fund on behalf of that depositor, and earnings allotted to the depositor, in accordance with the terms of the governing rules, on the basis of such amounts, shall be preserved until:

(i) those amounts are transferred in accordance with paragraph (d);

(ii) the depositor has:

(A) retired from the workforce; and

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

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

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

(B) the death of the depositor;

(BA) the attainment by the depositor of the age of 65 years;

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

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

(c) a depositor seeking payment of benefits from an approved deposit 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 trustee or trustees of the fund a certificate signed by 2 registered medical practitioners certifying that, in the opinion of those medical practitioners, the depositor is unlikely ever to be able to work again in a job for which the depositor is reasonably qualified by education, training or experience;

(d) all amounts required under paragraph (b) to be preserved in relation to a person shall, at the request of the person, be transferred directly to:

(i) another approved deposit fund nominated by the person, being a fund that is required to preserve any amounts so transferred in accordance with the standards set out in this regulation;

(ii) a superannuation fund nominated by the person, being a fund of which the person is, or intends to become, a member and that is required to preserve any amounts so transferred in accordance with the standards set out in these Regulations; or

(iii) 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 (b)(ii) or (iii).

21(2)   [ " Deferred annuity " ]  

A deferred annuity:

(a) nominated by a person to whom paragraph (1)(d) applies; and

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

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

(c) an approved deposit fund referred to in subparagraph (1)(d)(i); or

(d) a superannuation fund referred to in subparagraph (1)(d)(ii); or

(e) another deferred annuity referred to in subparagraph (1)(d)(iii).