Superannuation Industry (Supervision) Act 1993

Transitional - funds that lodged a subsection 92(6) application before 1 July 1995  

92B(1)
This section applies to transitional funds (as defined in subsection (2)).

92B(2)
In this section:

(a) `transition period ' , in relation to a transitional fund, means the period beginning at the beginning of 1 July 1995 and ending at the end of a day which the Commissioner specifies in writing given to the trustee of the fund;

(b) `transitional fund ' means a fund:

(i) to which subsection 92(4) applies; and

(ii) the trustee of which lodged an application for an approval under subsection 92(6) before 1 July 1995.

92B(3)
If section 90 applied to a transitional fund at the end of 30 June 1995, the fund does not have to comply with subsection 92(4) during the transition period if:

(a) the fund complies with section 90 during the whole of the transition period; or

(b) the fund complies with section 90 during part of the transition period, and with subsection 92(4) during the remainder of the transition period.

92B(4)
If section 90 did not apply to a transitional fund at the end of 30 June 1995, the fund does not have to comply with subsection 92(4) during the transition period.

92B(5)
As soon as reasonably practicable after 14 July 1995, the Commissioner must specify in writing to the trustee of each transitional fund a day for the purposes of paragraph (2)(a). When doing so, the Commissioner must take into consideration the time reasonably needed by the fund to make arrangements to comply with subsection 92(4) .