OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)
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Hide history noteFor the purposes of subsection 7(1) of the Act, the following standards are prescribed where the right of a member of a fund or of the dependants of a member to receive benefits from the fund ceases during a year of income:
(a) if, at the time of the cessation of the right, a specific part of the amount of the fund was appropriated for the provision of benefits for the member or his or her dependants - the amount of those benefits must be applied in the year of income, or in the period of 6 months after the year of income, for:
(i) the provision of the benefits that other members or their dependants have rights to receive from the fund; or
(ii) the provision for other members or their dependants who have rights to receive benefits from the fund of additional benefits on a basis that the Commissioner is satisfied is reasonable having regard to all the circumstances; or
(iii) any other purpose approved in writing by the Commissioner;
(b) if, at the time of the cessation of the right, a specific part of the amount of the fund was not appropriated for the provision of benefits for the member or his or her dependants - any additional benefits that have been, or are to be, provided from the fund for other members of the fund or their dependants because of the cessation of the right must have been, or must be, provided on a basis that the Commissioner is satisfied is reasonable having regard to all the circumstances.
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