Superannuation Industry (Supervision) Amendment Regulations 2003 (No. 4)(Regulations were disallowed by the Senate on 18 September 2003) (196 of 2003)

Schedule 1   Amendments

[5]   After regulation 1.03AB

insert

1.03B Meaning of protected member

(1) A protected member is a member of a regulated superannuation fund who has a withdrawal benefit, or a benefit of any other type that is payable on leaving the fund otherwise than voluntarily (not including any applicable exit fee), that:

(a) is less than $1,000; and

(b) contains, or contained, benefits that are mandated employer-financed benefits (within the meaning of subregulation 5.01 (1)).

(2) An excluded member is not a protected member.

(3) If the trustee of a regulated superannuation fund has rolled over or transferred an amount that is the whole or part of a member's withdrawal benefit to another regulated superannuation fund or to an approved deposit fund, RSA or EPSSS in accordance with Division 6.5, the member is not a protected member of the fund from which the amount was rolled over or transferred.

(4) For subregulation (1), a benefit in a fund is taken to contain or to have contained mandated employer-financed benefits unless:

(a) if the benefits arose in relation to contributions made before 1 July 1995 - the trustee of the fund reasonably believes otherwise; or

(b) if the benefits arose in relation to contributions made on or after 1 July 1995 - the trustee of the fund knows otherwise.