Superannuation Guarantee (Administration) Amendment Act 2015 (71 of 2015)

Schedule 2   Transfers to successor funds

Superannuation Guarantee (Administration) Act 1992

5   At the end of Division 4 of Part 3A

Add:

32J A successor fund may become a chosen fund

For the purposes of this Act, if:

(a) an employee's interest in a superannuation fund (the original fund ) is transferred to another superannuation fund without the consent of the member; and

(b) the other fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997) in relation to the transfer; and

(c) immediately before the transfer takes effect, the original fund was a chosen fund for the employee; and

(d) at the time the transfer takes effect, the other fund:

(i) is an eligible choice fund; and

(ii) is a fund to which the employer can make contributions for the benefit of the employee;

from the time the transfer takes effect, the other fund is taken to be a chosen fund for the employee, and the original fund is taken no longer to be a chosen fund for the employee.