Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 3) (353 of 2001)

Schedule 1   Amendments

[16]   After regulation 1.03A

insert

1.03AA Defined benefit interest

(1) A superannuation interest is a defined benefit interest if it is:

(a) an interest in an unfunded public sector superannuation scheme that has at least 1 defined benefit member; or

(b) an interest that entitles the member who holds the interest, when benefits in respect of the interest become payable, to be paid a benefit defined, wholly or in part, by reference to one or more of the following:

(i) the amount of:

(A) the member's salary at the date of the termination of the member's employment, the date of the member's retirement, or another date; or

(B) the member's salary averaged over a period;

(ii) a specified amount;

(iii) specified conversion factors.

(2) However, a superannuation interest is not a defined benefit interest if the only benefits defined by reference to any of the amounts or factors mentioned in subparagraphs (1) (b) (i) to (iii) are benefits payable on death or invalidity.

(3) In this regulation:

unfunded public sector superannuation scheme means a regulated superannuation fund that is declared to be an unfunded defined benefits superannuation scheme under regulation 2A of the Superannuation Contributions Tax (Assessment and Collection) Regulations 1997.