Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.5 - Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds  

REGULATION 6.37   SUSPENSION OR VARIATION OF OBLIGATION TO ROLL OVER OR TRANSFER AMOUNTS BY APRA - APPLICATION BY TRUSTEE  

6.37(1)   [Application to APRA]  

This regulation applies if the trustee of a regulated superannuation fund or approved deposit fund applies to APRA for a suspension or variation of the trustee's obligation to roll over or transfer amounts under regulation 6.34 .

6.37(2)   [Required information]  

The application must contain information about the fund's financial position and the effect of any rollovers or transfers of amounts under regulation 6.34 on:

(a) the financial position of the fund; or

(b) the interests of other members of the fund.

6.37(3)   [Request for further information]  

APRA may ask the trustee to provide further information in relation to the application within the period specified by APRA.

6.37(4)   [If request for further information not met]  

If the trustee does not provide the further information within the specified period, APRA may treat the application as if it had been withdrawn by the trustee.

6.37(5)   [APRA's decision: timing]  

APRA must consider the application and notify the trustee of its decision in writing, within 30 days after the later of:

(a) the day APRA receives the application; and

(b) the day APRA receives the further information.

6.37(6)   [APRA's decision: grounds and notice]  

If APRA believes, on reasonable grounds, that a rollover or transfer of an amount under regulation 6.34 would have a significant adverse effect on:

(a) the financial position of the fund; or

(b) the interests of other members of the fund;

APRA may, by notice in writing to the trustee, suspend or vary an obligation of the trustee under regulation 6.34 .

6.37(7)   [Application of variation, etc]  

A suspension or variation under subregulation (6) applies for the period specified by APRA in the notice.