Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 2)
(84 of 2004)
10 May 2004
Superannuation Industry (Supervision) Act 1993.
1 Name of Regulations
These Regulations are theSuperannuation Industry (Supervision) Amendment Regulations 2004 (No. 2).
2 Commencement
These Regulations commence on the date of their notification in theGazette.
3 Amendment of Superannuation Industry (Supervision) Regulations 1994
Schedule 1 amends theSuperannuation Industry (Supervision) Regulations 1994.
Schedule 1 Amendments
[1] Subregulation 5.04 (2)
substitute
(2) If the fund is an accumulation fund, the member's minimum benefits are all of the member's benefits in the fund.
[2] Regulation 5.08
omit
For the purposes of subsections 31 (1) and 32 (1) of the Act,
insert
(1) For subsections 31 (1) and 32 (1) of the Act,
[3] Regulation 5.08
insert
(2) Subregulation (1) does not apply in relation to an amount of a member's minimum benefits in an accumulation fund if:
(a) the amount is attributable only to employer contributions (other than mandated employer contributions); and
(b) there is a written agreement between the member of the fund and the member's employer that:
(i) was entered into before the commencement of this subparagraph; and
(ii) requires the employer to make the employer contributions (other than mandated employer contributions) to the fund for the benefit of the member; and
(iii) specifies that if the member's employment with the employer ends at or after the end of a period specified in the agreement, the employee is entitled to all of the amount; and
(iv) specifies that if the member's employment with the employer ends before the end of the specified period, the member is entitled only to a proportion of the amount; and
(c) the member's employment has ended before the end of the period mentioned in subparagraph (b) (iii).
(3) In addition to subregulation (1), a trustee of an accumulation fund may allow an amount of a member's minimum benefits in the fund to be cashed as benefits of the member if:
(a) the cashing of the benefits is for the purpose of the member's temporary incapacity; and
(b) the amount:
(i) is not attributable to the member's member-financed benefits; and
(ii) is not attributable to the member's mandated employer-financed benefits.
[4] Before regulation 7.01
insert
Division 7.1 General
[5] Regulation 7.01
omit each mention of
this Part
insert
this Division
[6] Regulation 7.02, heading
substitute
7.02 Application of Division 7.1
[7] Regulation 7.02
omit
Part
insert
Division
[8] Regulation 7.03
omit each mention of
Part
insert
Division
[9] After regulation 7.05
insert
Division 7.2 Contributions to be allocated to members - accumulation funds
7.06 Application of Division 7.2
This Division applies only to an accumulation fund.
7.07 Operating standard
For subsection 31 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds that are accumulation funds.
7.08 Contributions to be allocated to members
If a trustee of an accumulation fund receives a contribution in a month, the trustee must allocate the contribution to a member of the fund:
(a) within 28 days after the end of the month; or
(b) if it is not reasonablypracticable to allocate the contribution to the member of the fund within 28 days after the end of the month - within such longer period as is reasonable in the circumstances.
[10] After Division 9.2
insert
Division 9.2A Size of defined benefit funds
9.04A Application
(1) This Division applies to:
(a) a defined benefit fund established after the commencement of this Division; and
(b) a fund that is converted to a defined benefit fund after the commencement of this Division; and
(c) a defined benefit fund that wishes to accept a new defined benefit member after the commencement of this Division; and
(d) a defined benefit fund that wishes to convert a member of the fund to a defined benefit member after the commencement of this Division.
(2) This Division does not apply to a fund that is part of:
(a) the scheme established by the Superannuation Act 1976; or
(b) the scheme established under the provisions of the Superannuation Act 1990; or
(c) the Military Superannuation and Benefits Scheme; or
(d) an exempt public sector superannuation scheme.
9.04B Sub-funds to be treated as funds
A sub-fund within a defined benefit fund is taken, for the purposes of this Division, to be a defined benefit fund if the sub-fund satisfies the following conditions:
(a) the sub-fund has separately identifiable assets and separately identifiable beneficiaries;
(b) the interest of each beneficiary of the sub-fund is determined by reference only to the conditions governing that sub-fund.
9.04C Operating standard
For subsection 31 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds that are defined benefit funds.
9.04D Size of defined benefit funds
(1) A defined benefit fund established after the commencement of this Division must have at least 50 defined benefit members.
(2) A fund that is converted to a defined benefit fund after the commencement of this Division must have at least 50 defined benefit members.
(3) A defined benefit fund may accept a new defined benefit member after the commencement of this Division only if the fund will have at least 50 defined benefit members after accepting the new defined benefit member.
(4) A defined benefit fund may convert a member of the fund to a defined benefit member after the commencement of this Division only if the fund will have at least 50 defined benefit members after converting the member to a defined benefit member.
Division 9.2B Provision of defined benefit pensions
9.04E Definition for Division 9.2B
In this Division:
defined benefit pension means a pension under section 10 of the Act, other than:
(a) a pension wholly determined by reference to policies of life assurance purchased or obtained by the trustee of a regulated superannuation fund solely for the purposes of providing benefits to members of that fund; or
(b) an allocated pension.
9.04F Application of Division 9.2B
(1) This Division applies to:
(a) a regulated superannuation fund established after the commencement of this Division, the governing rules of which provide for the payment of a defined benefit pension; and
(b) a regulated superannuation fund established before the commencement of this Division, the governing rules of which are amended after the commencement of this Division to provide for the payment of a defined benefit pension.
(2) This Division does not apply to a fund that is part of:
(a) the scheme established by the Superannuation Act 1976; or
(b) the scheme established under the provisions of the Superannuation Act 1990; or
(c) the Military Superannuation and Benefits Scheme; or
(d) an exempt public sector superannuation scheme.
9.04G Sub-funds to be treated as funds
A sub-fund within a regulated superannuation fund is taken, for the purposes of this Division, to be a regulated superannuation fund if the sub-fund satisfies the following conditions:
(a) the sub-fund has separately identifiable assets and separately identifiable beneficiaries;
(b) the interest of each beneficiary of the sub-fund is determined by reference only to the conditions governing that sub-fund.
9.04H Operating standard
For subsection 31 (1) of the Act, a requirement set out in this Division is a standard applicable to the operation of regulated superannuation funds.
9.04I Provision of defined benefit pensions
(1) A regulated superannuation fund that has less than 50 members must not provide a defined benefit pension.
(2) Subregulation (1) has effect despite anything in the governing rules of the fund.