Superannuation Industry (Supervision) Regulations 1994
For the purpose of subregulation (2), the following are categories of benefits:
(a) preserved benefits, as defined in Subdivision 6.1.2 ;
(b) restricted non-preserved benefits, as defined in Subdivision 6.1.3 ;
(c) unrestricted non-preserved benefits, as defined in Subdivision 6.1.4 .
View history note
Hide history noteFor the purposes of this Part, the governing rules of a fund, or the trustee of a fund, may alter the category of any of a member ' s benefits in the fund but, subject to subregulation (3), not so as to:
(a) decrease the amount of the member ' s preserved benefits in the fund; or
(b) increase the amount of the member ' s unrestricted non-preserved benefits in the fund.
The trustee may alter the category of benefits in a fund from preserved benefits to unrestricted non-preserved benefits if:
(a) before the commencement of regulation 6.15A and during the transitional period of the fund, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ' Nil ' cashing restriction if these regulations applied; or
(b) before the commencement of regulation 6.15A , both:
(i) the benefits were rolled over or transferred to the fund from:
(A) a superannuation fund ( Fund A ) during its transitional period; or
(B) a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund ( Fund B ) during its transitional period; and
(ii) the trustee is reasonably satisfied that:
(A) during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ' Nil ' cashing restriction if these regulations applied; or
(B) before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 in respect of the benefits was ' Nil ' .
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