Superannuation Industry (Supervision) Regulations 1994

[ CCH Note: MODIFICATION DECLARATION No 1 of 2013 (registered 28 June 2013, effective 1 July 2013) revoked MODIFICATION DECLARATION No 23 (No GN 3 of 20 January 1999, effective 12 January 1999). Modification Declaration No 23 provided that certain Superannuation Industry (Supervision) Regulations are to have effect, in relation to trustees and members of superannuation entities (other than public sector superannuation schemes), as if they were modified by inserting the following definition:

'defined benefit sub-fund'
means a segment of a regulated superannuation fund (other than a public sector superannuation scheme) that has the following characteristics:

(a) the segment has at least 1 defined benefit member who is being paid a defined benefit pension from the fund; and

(b) the segment has separately identifiable assets and separately identifiable beneficiaries; and

(c) each beneficial interest in the segment is an interest only in the assets of the segment and not in any other assets of the regulated superannuation fund; and

(d) there is no transfer of assets, benefits or money between the segment and any other part of the regulated superannuation fund without a transfer of a corresponding beneficial interest; and

(e) the insurance and administration costs of the segment are attributable only to that segment.

Note: Paragraph (c) of this definition does not prevent a beneficiary having more than one beneficial interest in one segment or more than one beneficial interest in one regulated superannuation fund.

This modification applies in relation to the effect of reg 2.29, 5.08, 7.03, 9.08, 9.09, 9.17, 9.23, 9.24, 9.25, 9.29 and 9.30, and, to the extent that they were made for the purposes of Pt 3 of the Superannuation Industry (Supervision) Act 1993 , to the effect of reg 1.03, 5.01, 5.04, 7.05, 9.01, 9.05, 9.06, 9.07, 9.10, 9.11, 9.12, 9.13, 9.14, 9.16, 9.18, 9.19, 9.20, 9.21, 9.22, 9.26, 9.27, 9.28 and 9.31.]