Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.2B - Provision of defined benefit pensions  

REGULATION 9.04I   PROVISION OF DEFINED BENEFIT PENSIONS  

9.04I(1)   [Number of members]  

Subject to subregulation (3), a regulated superannuation fund that has less than 50 members must not provide a defined benefit pension.

9.04I(2)   [Effect]  

Subregulation (1) has effect despite anything in the governing rules of the fund.

9.04I(3)   [Exception]  

A regulated superannuation fund that has less than 50 members may provide a defined benefit pension only:


(a) to a person:


(i) who, on 11 May 2004, was a member of the fund; and

(ii) who, before 1 January 2006:

(A) retires (within the meaning of subregulation 6.01(7) ) on or after attaining age 55; or

(B) attains age 65; and

(iii) who, after 11 May 2004 and before 1 January 2006, becomes entitled to be paid a defined benefit pension; and


(b) if the first pension payment is made within 12 months after the day when the person became entitled to the pension.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.