OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART 3B - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 23PL   TRANSFER OF PJFCs - TRUSTEES OF TRANSFEROR FUNDS  

23PL(1)   [ Application for approval ]  

If the trustees of a defined benefit superannuation fund propose 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 trustees may apply in writing to the Commissioner to approve the transfer.

23PL(2)   [ Commissioner ' s discretion to approve ]  

The Commissioner may approve an application only if:

(a) the requirements specified in regulation 23PO are satisfied; or

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

23PL(3)   [ Amount 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 credit balance in the transferor fund immediately before the transfer.

23PL(4)   [ Notice of approval ]  

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