Superannuation Industry (Supervision) Regulations 1994

Div 6.5 substituted by SR No 251 of 2003, reg 3 and Sch 1 item 10, effective 1 July 2004. Div 6.5 formerly read:

Division 6.5 - Additional standards for eligible rollover funds

REGULATION 6.30 OBLIGATIONS OF TRUSTEES  
6.30(1)
The trustee of an eligible rollover fund must comply, as soon as practicable, with a request by a member:

(a) to pay benefits of the member in the fund; or

(b) for payment of any benefit to be in the form of a lump sum.

6.30(2)

(Omitted by SR No 64 of 1995)

Reg 6.30(2) amended by SR No 189 of 1994.

Reg 6.30(1) amended by FRLI No F2018L01373, reg 4 and Sch 2 item 1, by omitting " or (b) " after " paragraph (2)(a) " from para (a), effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019.

Reg 6.30(2) amended by FRLI No F2018L01373, reg 4 and Sch 2 item 2, by repealing para (b), effective 29 September 2018 and applicable to rollovers and transfers requested on or after 30 November 2019. Para (b) formerly read:

(b) to a self-managed superannuation fund; and

Reg 6.30(2) amended by SLI No 14 of 2013, reg 3 and Sch 1 item 1, by substituting " account-based pension, allocated pension or market linked pension " for " allocated pension " , effective 19 February 2013.

Reg 6.30(3) repealed by SLI No 142 of 2005, reg 3 and Sch 1 item 1, effective 1 July 2005. Reg 6.30(3) formerly read:

6.30(3)
This Division does not apply in respect of a member who holds a superannuation interest in a superannuation fund at a particular time if, in the 6 months before that time, the fund has received an employer contribution, or an allocated surplus amount, for the benefit of the member.

Reg 6.30(3) amended by SR No 153 of 2004, reg 3 and Sch 2 item 1, by inserting " , or an allocated surplus amount, " after " employer contribution " , effective 1 July 2004.

Reg 6.30(4) repealed by SLI No 142 of 2005, reg 3 and Sch 1 item 1, effective 1 July 2005. Reg 6.30(4) formerly read:

6.30(4)
In this regulation:

allocated surplus amount
, in relation to a member of a superannuation fund in relation to a financial year, means an amount that is allocated by the relevant superannuation provider for the benefit of the member in respect of the financial year (other than an amount paid for or by the member to the provider) to the extent to which the allocated amount exceeds an amount that, in the opinion of an eligible actuary according to Australian actuarial practice, is reasonable having regard to:

(a) the amounts paid by or for the member to the provider; and

(b) the fund's investment earnings relating to the member's interest in the fund; and

(c) any other relevant matters.

Reg 6.30(4) inserted by SR No 153 of 2004, reg 3 and Sch 2 item 2, effective 1 July 2004.

Reg 6.30 inserted by SR No 251 of 2003, reg 3 and Sch 1 item 10, effective 1 July 2004. For former wording of former reg 6.30, see note under Div 6.5 heading.