Superannuation Industry (Supervision) Regulations 1994

PART 7 - CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)  

Division 7.1 - General  

REGULATION 7.05   ACCRUAL OF BENEFITS - DEFINED BENEFIT FUNDS  

7.05(1)   [Condition for accepting benefit accruals]  

Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who is under age 65.

7.05(2)   [ Member aged between 65 and 70]  

Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 65 but not age 70 only if:


(a) the accrual is attributable to mandated employer contributions; or


(b) the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.

7.05(3)   [ Member aged between 70 and 75]  

Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 70 but not age 75 only if:


(a) the accrual is attributable to mandated employer contributions; or


(b) the accrual is attributable to:


(i) contributions made by the member in respect of the member; or

(ii) contributions made by the employer that are not mandated employer contributions;
and the member has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.

7.05(4)   [ Member aged 75]  

Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member who has reached age 75 only if the accrual is attributable to mandated employer contributions.

7.05(5)   [ Standard of reasonableness]  

A defined benefit fund may grant an accrual of benefits in respect of a member if the trustee is reasonably satisfied that the accrual is in respect of a period during which, under subregulation (1), (2), (3) or (4), the fund may grant an accrual of benefits in respect of that member, even though the grant occurs after that period.




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