OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)
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Hide history noteIf the trustees of a defined benefit superannuation fund propose to transfer a PJFC, or part of a PJFC, from the fund (in this regulation called " the transferor fund " ) to another superannuation fund (in this regulation called " the transferee fund " ), the trustees may apply in writing to the Commissioner to approve the transfer.
23PL(2) [ Commissioner ' s discretion to approve ]The Commissioner may approve an application only if:
(a) the requirements specified in regulation 23PO are satisfied; or
(b) if a requirement of that kind is not satisfied - the Commissioner is satisfied that, because of special circumstances, the requirement does not need to be satisfied. 23PL(3) [ Amount to be transferred ]
The amount of a PJFC to be transferred must not exceed the lesser of:
(a) the amount of the liability in respect of benefits to be transferred to the transferee fund, being benefits accrued before 1 July 1988; and
(b) the amount of any pre-1 July 88 funding credit balance in the transferor fund immediately before the transfer. 23PL(4) [ Notice of approval ]
As soon as practicable after a decision is made by the Commissioner to approve a transfer, he or she must give notice in writing of the approval to the trustees of the transferor fund and of the transferee fund.
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