Superannuation Industry (Supervision) Regulations 1994

PART 5 - BENEFIT PROTECTION STANDARDS  

Division 5.2 - Minimum benefits  

REGULATION 5.06   CERTAIN BENEFITS ROLLED OVER OR TRANSFERRED TO REGULATED SUPERANNUATION FUNDS TAKEN TO BE MINIMUM BENEFITS  

5.06(1)   [ Minimum benefits ]  

Subject to this regulation, the following benefits are taken to be minimum benefits in a regulated superannuation fund:

(a) benefits rolled over or transferred to the regulated superannuation fund;

(b) benefits allotted under Division 6.7 to an interest in the regulated superannuation fund held by, or created for, a receiving spouse.

5.06(2)   [ Benefits received after one year ]  

If:

(a) at least 1 year has elapsed since the fund received the benefits; and

(b) the trustee:

(i) is satisfied that the benefits are not in fact minimum benefits; and

(ii) decides not to continue to treat the benefits as minimum benefits;

subregulation (1) ceases to apply to the benefits.

5.06(3)   [ Benefits received before lapse of one year ]  

If:

(a) less than 1 year has elapsed since the fund received the benefits; and

(b) the trustee is satisfied that the benefits are not in fact minimum benefits;

subregulation (1) ceases to apply to the benefits.

5.06(4)   [ Amount of minimum benefits ]  

If benefits that have been rolled over or transferred to a regulated superannuation fund are taken under this regulation to be minimum benefits, the amount of the minimum benefits as at any time is the sum of:

(a) the benefits rolled over or transferred to the fund; and

(b) the investment earnings on those benefits down to that time;

less the costs applicable to those benefits down to that time.

5.06(5)   [ Power of trustee ]  

The trustee has power to make a decision of the kind mentioned in subparagraph (2)(b)(ii) despite anything in the governing rules of the fund.

5.06(6)   [ Interpretation ]  

In this regulation:

benefits
means benefits other than benefits rolled over or transferred to a regulated superannuation fund from an RSA.