Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (141 of 2020)

Schedule 4   Minor and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 1   Amendments

Superannuation Industry (Supervision) Act 1993

72   After subsection 68AAC(3)

Insert:

(3A) A member's election:

(a) that:

(i) is given under subsection (2); or

(ii) because of a previous application of this subsection, is taken to have been given under subsection (2);

to the trustee of a regulated superannuation fund (the original fund ); and

(b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the successor fund );

continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if:

(c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and

(d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member.