PART 23
-
FINANCIAL ASSISTANCE TO CERTAIN FUNDS
Division 1
-
Preliminary
SECTION 228
228
INTERPRETATION
In this Part:
defined benefit fund
(Repealed by No 154 of 2007)
History
Definition of
"
defined benefit fund
"
repealed by No 154 of 2007, s 3 and Sch 2 item 3, effective 24 September 2007. The definition formerly read:
defined benefit fund
means:
(a)
a public sector superannuation scheme that:
(i)
is a regulated superannuation fund; and
(ii)
has at least one defined benefit member; or
(b)
a regulated superannuation fund (other than a public sector superannuation scheme) that has at least one defined benefit member.
Definition of
"
defined benefit fund
"
inserted by No 24 of 2000, s 3 and Sch 9 item 5, applicable only in relation to losses incurred by a fund on or after 3 April 2000.
defined benefit member
(Repealed by No 154 of 2007)
History
Definition of
"
defined benefit member
"
repealed by No 154 of 2007, s 3 and Sch 2 item 4, effective 24 September 2007. The definition formerly read:
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.
Definition of
"
defined benefit member
"
inserted by No 24 of 2000, s 3 and Sch 9 item 6, applicable only in relation to losses incurred by a fund on or after 3 April 2000.
defined benefit pension
(Repealed by No 154 of 2007)
History
Definition of
"
defined benefit pension
"
repealed by No 154 of 2007, s 3 and Sch 2 item 5, effective 24 September 2007. The definition formerly read:
defined benefit pension
means a pension other than:
(a)
a pension wholly determined by reference to policies of life assurance purchased or obtained by a trustee of a regulated superannuation fund solely for the purposes of providing benefits to members of that fund; or
(b)
an allocated pension (as defined in subregulation
1.03(1)
of the
Superannuation Industry (Supervision) Regulations 1994
).
Definition of
"
defined benefit pension
"
amended by No 53 of 2004, s 3 and Sch 2 item 215, by substituting
"
a trustee
"
for
"
the trustee
"
, effective 1 July 2004.
Definition of
"
defined benefit pension
"
inserted by No 24 of 2000, s 3 and Sch 9 item 7, applicable only in relation to losses incurred by a fund on or after 3 April 2000.
eligible loss
means a loss suffered by a fund as a result of fraudulent conduct, or theft, but does not include an amount that the fund did not receive because of the failure of a person to pay contributions to the fund.
History
Definition of
"
eligible loss
"
substituted by No 154 of 2007, s 3 and Sch 2 item 6, effective 24 September 2007. The definition formerly read:
eligible loss
:
(a)
in relation to a fund that is not a defined benefit fund
-
means a loss suffered by the fund as a result of fraudulent conduct, or theft; and
(b)
in relation to a fund that is a defined benefit fund
-
means so much of a loss suffered by the fund as a result of fraudulent conduct, or theft, that a standard employer-sponsor of the fund:
(i)
is required to pay to the fund; but
(ii)
cannot pay to the fund while remaining able to pay all debts incurred by the standard employer-sponsor, as and when the debts become due and payable.
Definition of
"
eligible loss
"
inserted by No 24 of 2000, s 3 and Sch 9 item 8, applicable only in relation to losses incurred by a fund on or after 3 April 2000.
fund
(Repealed by No 154 of 2007)
History
Definition of
"
fund
"
repealed by No 154 of 2007, s 3 and Sch 2 item 7, effective 24 September 2007. The definition formerly read:
fund
means a regulated superannuation fund or an approved deposit fund but does not include a self managed superannuation fund.
Definition of
"
fund
"
amended by No 121 of 1999, s 3 and Sch 1 item 55, by substituting
"
a self managed superannuation fund
"
for
"
an excluded fund
"
, effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
levy
means the levy imposed by the
Superannuation (Financial Assistance Funding) Levy Act 1993
.
"loss"
(Repealed by No 24 of 2000)
History
Definition of
"
loss
"
repealed by No 24 of 2000, s 3 and Sch 9 item 9, applicable only in relation to losses incurred by a fund on or after 3 April 2000. The definition formerly read:
'loss'
, in relation to a fund, does not include an amount that the fund did not receive because of the failure of a person to pay contributions to the fund.
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