Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 5   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 5   Benefits provided by taking out insurance

Superannuation Industry (Supervision) Act 1993

21   After subsection 68AAB(3A)

Insert:

(3B) Subsection (3C) applies if:

(a) the benefits of a member of a regulated superannuation fund (the original fund ) are transferred from the original fund to another regulated superannuation fund (the successor fund ); and

(b) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits.

(3C) Subsection (1) does not apply in relation to the successor fund providing a benefit to, or in respect of, the member if, immediately before the transfer:

(a) the original fund provided a benefit to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance; and

(b) subsection (1):

(i) did not apply in relation to the original fund providing that benefit to, or in respect of, the member; but

(ii) would have applied if paragraphs (1)(a) and (b) were disregarded.