Superannuation Industry (Supervision) Regulations 1994

PART 5 - BENEFIT PROTECTION STANDARDS  

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History

Pt 5 heading substituted by SR No 64 of 1995.

Division 5.1 - Preliminary  

REGULATION 5.01B  

5.01B   TRUSTEE MAY PROVIDE GREATER PROTECTION THAN THIS PART REQUIRES  
The trustee of a regulated superannuation fund or approved deposit fund has the power, despite anything in the governing rules of the fund, to protect the benefits of members:

(a) to a greater degree than is required by this Part; or

(b) from an earlier date than is required by this Part;

if the trustee does so in a way that is consistent with this Part.

Note:

This regulation was amended with effect from 1 July 2013 as part of changes to the former member protection standards. A trustee might choose to continue to protect the benefits of all members from 1 July 2013 until when the trustee starts to enrol members in the MySuper product.

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History

Reg 5.01B amended by SLI No 86 of 2013, reg 4 and Sch 1 item 4, by substituting the note, effective 1 July 2013. The note formerly read:

Note:

For example, a trustee might choose to protect the benefits of all members with withdrawal benefits less than $1,500, rather than all protected members (i.e., broadly, members with withdrawal benefits less than $1,000) as this Part requires. Protected member is defined in regulation 1.03 .

Reg 5.01B inserted by SR No 64 of 1995.

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