Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (Extracts only) (24 of 2000)

Schedule 9   Amendment of superannuation legislation relating to financial assistance to funds

Superannuation Industry (Supervision) Act 1993

6   Section 228

Insert:

defined benefit member means:

(a) a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to one or more of the following:

(i) the amount of the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement or an earlier date;

(ii) the amount of the member’s salary averaged over a period before retirement;

(iii) a specified amount; or

(b) a member who is being paid a defined benefit pension.