Superannuation Industry (Supervision) Regulations 1994
If the trustee of a defined benefit fund proposes to transfer a PJFC, or part of a PJFC, from the fund (in this regulation called the transferor fund ) to another superannuation fund (in this regulation called the transferee fund ), the trustee may apply in writing to APRA to approve the transfer.
View history note
Hide history noteAPRA may approve an application only if:
(a) the requirements specified in regulation 12.15 are satisfied; or
(b) if a requirement of that kind is not satisfied - APRA is satisfied that, because of special circumstances, the requirement does not need to be satisfied.
The amount of a PJFC to be transferred must not exceed the lesser of:
(a) the amount of the liability in respect of benefits to be transferred to the transferee fund, being benefits accrued before 1 July 1988; and
(b) the amount of any pre-1 July 88 funding credits available in the transferor fund immediately before the transfer.
As soon as practicable after a decision is made by APRA to approve a transfer, APRA must give notice in writing of the approval to the trustees of both the transferor fund and the transferee fund.
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