Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 9)

(249 of 2004)

5 August 2004

Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 9).

2   Commencement

These Regulations commence on 20 September 2004.

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1   Amendments

[1]   Subregulation 1.03 (1), definition of market linked income stream

omit

or subregulation 1.06 (8).

insert

of subregulation 1.06 (8).

[2]   Subparagraph 1.05 (2) (f) (iii)

substitute

(iii) if the eligible termination payment resulting from the commutation is transferred directly for the purpose of purchasing another benefit provided under:

(A) a contract that meets the standards of this subregulation or subregulation (3), (9) or (10); or

(B) rules that meet the standards of subregulation 1.06 (2), (3), (7) or (8); or

(C) terms and conditions that meet the standards of subregulation 1.07 (3A) of the RSA Regulations; or

[3]   Subparagraph 1.06 (2) (e) (iii)

substitute

(iii) if the eligible termination payment resulting from the commutation is transferred directly for the purpose of purchasing another benefit provided under:

(A) rules that meet the standards of this subregulation or subregulation (3), (7) or (8); or

(B) a contract that meets the standards of subregulation 1.05 (2), (3), (9) or (10); or

(C) terms and conditions that meet the standards of subregulation 1.07 (3A) of the RSA Regulations; or