OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 6   VESTING OR PAYING STANDARDS: FUNDS IN OPERATION ON CERTAIN DATES  

6(1)   [ Standards ]  

For the purposes of subsection 7(1) of the Act, the following standards are prescribed in relation to the vesting in or payment to members or former members of benefits arising directly or indirectly from amounts contributed to a private sector fund in operation on 30 June 1986 or a public sector fund in operation on 30 June 1990:

(a) subject to paragraph (b), in respect of any member who was a member of the fund on or after 11 June 1986 in the case of a private sector fund or 1 July 1990 in the case of a public sector fund, the following benefits, being or arising from contributions to a superannuation fund made by a member, shall vest in that member, in the case of the benefits referred to in subparagraphs (i) and (ii), on the applicable day, and in the case of the benefits referred to in subparagraphs (iii) and (iv), on the applicable day or, where the benefits accrue after that date, at the time those benefits accrue:

(i) where the amount of benefits is not based on benefits purchased under an endowment or whole of life policy - the total amount of contributions to the fund made by the member during the period commencing on the day on which the member became such a member and ending at the expiration of:

(A) 30 June 1987 in the case of a private sector fund or 30 June 1990 in the case of a public sector fund; or

(B) the day on which the member ceased to be a member;

whichever happens first;

(ii) where the amount of benefits is based on benefits purchased under an endowment or whole of life policy - the total amount of benefits arising from contributions to the fund made by the member under that policy during the period commencing on the day on which the member became such a member and ending at the expiration of:

(A) 30 June 1987 in the case of a private sector fund or 30 June 1990 in the case of a public sector fund; or

(B) the day on which the member ceased to be a member;

whichever happens first;

(iii) where the amount of benefits that are vested in the member on withdrawal from the fund is calculated on the basis of contributions made to the fund or on the basis of such contributions together with earnings based on those contributions - the net earnings of the fund arising on and after the applicable day that are allotted to the member on the basis of the amount referred to in subparagraph (i);

(iv) the total amount of member-financed benefits accruing to the member on or after the applicable day;

(b) a person who:

(i) was a member of the fund on or after 11 June 1986;

(ii) ceased to be such a member before the expiration of 30 June 1987; and

(iii) did not elect to preserve his or her contributions to the fund under the rules of the fund;

shall be paid, not later than 30 June 1988:

(iv) where the amount of benefits is not based on benefits purchased under an endowment or whole of life policy - an amount equal to the total amount of contributions to the fund made by the person during the period commencing on the day on which the person became such a member and ending at the expiration of the day on which the person ceased to be such a member; and

(v) where the amount of benefits is based on benefits purchased under an endowment or whole of life policy - the total amount of benefits arising from contributions to the fund made by the member under that policy.

6(2)   [ Reference to member contributions ]  

A reference in subregulation (1) to contributions to a fund made by a member or by a person shall not be read as including a reference to any earnings of the fund on those contributions or to any amount:

(a) paid out of those contributions; or

(b) allocated out of those contributions to a separate account on the basis of advice provided by an actuary;

in accordance with the terms of the governing rules of the fund, by or on behalf of the member or person, as the case may be, solely for death or disability cover.

6(3)   [ " applicable day " ]  

In this regulation, " the applicable day " means:

(a) in the case of a private sector fund - 1 July 1987; and

(b) in the case of a public sector fund - 1 July 1990.