Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 2   Amendments relating to MySuper product dashboard and other measures

Superannuation Industry (Supervision) Regulations 1994

7   Subregulation 1.03(1) (definition of defined benefit member )

Repeal the definition, substitute:

defined benefit member means a member who is entitled, on retirement or termination of employment, to be paid a benefit defined wholly or in part by reference to:

(a) the member’s salary on retirement, termination of employment or an earlier date; or

(b) the member’s salary averaged over a period before retirement; or

(c) both (a) and (b); or

(d) a specified amount.

defined benefit pension means a pension mentioned in section 10 of the Act, other than:

(a) a pension wholly determined by reference to policies of life assurance purchased or obtained by the trustee of a regulated superannuation fund, solely for the purposes of providing benefits to members of that fund; or

(b) an allocated pension; or

(c) a market linked pension; or

(d) an account-based pension.

defined benefit sub-fund means a sub-fund of a defined benefit fund that:

(a) has at least one defined benefit member; and

(b) satisfies the conditions mentioned in section 69A of the Act.