Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 8) (155 of 2004)

Schedule 1 Amendments

insert

(3) A regulated superannuation fund that has less than 50 members may provide a defined benefit pension only:

(a) to a person:

(i) who, on 11 May 2004, was a member of the fund; and

(ii) who, before 1 July 2005:

(A) retires (within the meaning of subregulation 6.01 (7)) on or after attaining age 55; or

(B) attains age 65; and

(iii) who, after 11 May 2004 and before 1 July 2005, becomes entitled to be paid a defined benefit pension; and

(b) if the first pension payment is made within 12 months after the day when the person became entitled to the pension.