Superannuation Industry (Supervision) Regulations 1994

PART 4 - MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES  

Division 4.1 - Prescribed matters  

REGULATION 4.05   GOVERNING RULES OF A SUPERANNUATION ENTITY - PRESCRIBED CIRCUMSTANCES OF AMENDMENT  

4.05(1)   [Circumstances in which rules may be amended]  

For the purposes of subparagraph 60(1)(b)(iii) of the Act, the circumstances in which the governing rules of a superannuation entity other than a self managed superannuation fund may be amended are:

(a) where, after the making of the amendment:

(i) the fund (if a defined benefit fund) would not become technically insolvent within the meaning of subregulation 9.06(3) ; or

(ii) the fund (if an accumulation fund) would not become technically insolvent within the meaning of subregulation 9.35(3) ; and

(b) where the amendment could have been made by the trustee without contravening the Act (other than section 55 ) or these regulations; and

(c) where the amendment qualifies under subregulation (2).

4.05(2)   [Amendments]  

An amendment qualifies if:

(a) the contributions of the employer-sponsor to the fund include contributions that are not mandated employer contributions (within the meaning of Part 5 ) and the amendment relates solely to either or both of the following:

(i) those non-mandated employer contributions; or

(ii) benefits related to those non-mandated employer contributions; or

(b) whether or not paragraph (a) applies - the amendment relates solely to one or more of the following:

(i) the admission of new members to the fund; or

(ii) the category of members into which a new member or existing member is to be placed; or

(iii) allowing a person to become an employer-sponsor of the fund; or

(iv) the termination of the fund; or

(v) the appointment of a trustee to an entity that does not have a trustee.