Superannuation Industry (Supervision) Regulations 1994

PART 12 - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 12.13   TRANSFER OF PJFCs - TRUSTEES OF TRANSFEREE FUNDS  

12.13(1)   [Application for approval of transfer]  

The trustee of a superannuation fund (in this regulation called the transferee fund ) may apply in writing to APRA to approve the transfer of a PJFC, or part of a PJFC, from a defined benefit fund (in this regulation called the transferor fund ), if:

(a) the application arises as a direct result of the transfer of a member or members of the transferor fund, and the benefit entitlements of that member or those members, to 1 or more transferee funds following reconstitution of the transferor fund into the transferee fund or transferee funds; or

(b) the application arises as a direct result of the transfer of a member or members of a transferor fund, and the benefit entitlements of that member or those members, to the transferee fund following the merger of 2 or more transferor funds into the transferee fund; or

(c) the transferee fund:

(i) was constituted on or after 1 July 1988; and

(ii) assumed responsibility for the liabilities, but not all the assets, in respect of contributions for superannuation purposes relating to the employment of persons before that date, being contributions that were made to a transferor fund.

12.13(2)   [Requirements for approval]  

APRA may approve an application only if:

(a) the requirements specified in regulation 12.15 are satisfied; or

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

12.13(3)   [Amount of PJFC 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 l988; and

(b) the amount of any pre-1 July 88 funding credits available in the transferor fund immediately before the transfer.

12.13(4)   [Notice of approval]  

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