Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 1)

(14 of 1999)

4 February 1999

Made under Superannuation Industry (Supervision) Act 1993

1 Name of regulations

These regulations are the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 1).

2 Commencement

These regulations commence on gazettal.

3 Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1 Amendment of Superannuation Industry (Supervision) Regulations 1994

[1] Subregulation 1.03 (1), definition of withdrawal benefit, paragraph (b)

substitute

(b) the trustee of another superannuation entity or an EPSSS in respect of the member; and

[2] Subregulation 1.03 (1)

insert

EPSSS means an exempt public sector superannuation scheme.

[3] Note

Note After the definition of eligible rollover fund in subregulation 1.03 (1), insert the following note:

Note As to what is an eligible rollover fund for Part 24 of the Act, see section 242 of the Act and regulation 10.01.

[4] Paragraph 1.03A (1) (c)

substitute

[5] Note

Note Omit paragraph (c) of the note following regulation 1.03A, and insert:

(c) that, if the member is transferred to another fund or an EPSSS ( the transferee fund ), the trustee of the transferring fund must supply certain information about the member to the trustee of the transferee fund (see Division 2.7A).

[6] Subregulation 2.04 (1)

omit

(both inclusive)

[7] Subparagraph 2.05 (1) (c) (ii)

omit

person.

insert

person; or

[8] After subparagraph 2.05 (1) (c) (ii)

insert

(iii) the trustee of the EPSSS from which the member has transferred has fulfilled a requirement similar to that set out in paragraph (a) or (b).

[9] Paragraph 2.11A (1) (b)

omit

Act;

insert

Act; or

[10] After paragraph 2.11A (1) (b)

insert

(c) the trustee of an EPSSS before a beneficiary of the EPSSS is issued with a superannuation interest in the circumstance mentioned in paragraph 3.09A (1) (b);

[11] Subparagraph 2.12 (1) (b) (ii)

after

section 243 of the Act

insert

or in the circumstances mentioned in paragraph 3.09A (1) (b)

[12] Subregulation 2.14 (1)

omit

or the trustee of another fund

insert

, or the trustee of another fund or of an EPSSS,

[13] Subregulation 2.14 (1A)

after

trustee of another fund

insert

or of an EPSSS

[14] Subregulation 2.36 (3)

substitute

(3) The trustee of a fund must give to a member information concerning an incident affecting the member if the incident is one of the following kinds:

(a) the member is transferred to a different category of membership or to a different fund;

(b) the benefits of the member are transferred to an RSA or to an EPSSS.

[15] Subregulation 2.36A (1)

omit

another entity

insert

another superannuation entity, an EPSSS

[16] Subregulation 2.36A (1)

omit

that other entity, the RSA or eligible rollover fund,

insert

that other superannuation entity, the EPSSS, the RSA or the eligible rollover fund,

[17] Paragraph 2.36A (2) (e)

omit

an entity

insert

a superannuation entity, EPSSS

[18] Subregulation 2.36A (4)

omit

RSAs, or entities

insert

RSAs, EPSSSs or superannuation entities

[19] Subregulation 2.48 (3)

after

another fund

insert

or to an EPSSS

[20] Subparagraph 2.48 (3) (b) (ii)

omit

period.

insert

period; or

[21] After subparagraph 2.48 (3) (b) (ii)

insert

(iii) the trustee of the EPSSS to which the member is being transferred, information to the same general effect as that required under Subdivision 2.4.2 in respect of the member's exit reporting period.

[22] Regulation 3.09A

substitute

3.09A Specified circumstances for issue of superannuation interests (Act, s 153 (1) (d))

(1) For paragraph 153 (1) (d) of the Act, the following circumstances are specified:

(a) that the interest is issued by the trustee of the public offer entity, as trustee of a successor fund, in relation to the transfer of benefits to the fund;

(b) that:

(i) the interest is issued by the trustee of the public offer entity in relation to the payment of benefits to the entity from an EPSSS in accordance with an application made under the provisions of section 243 of the Act as applied by subregulation (2) ( the applied provisions ); and

(ii) if the application is the first application under the applied provisions made to the trustee of the public offer entity by the trustee of the EPSSS on behalf of any person - the application is an eligible application.

(2) For subparagraph (1) (b) (i), the provisions of section 243 of the Act apply to a payment of benefits from an EPSSS to a public offer entity as if, in that section:

(a) a reference to the transferor fund were a reference to that EPSSS; and

(b) a reference to an eligible rollover fund were a reference to that public offer entity.

[23] After regulation 3.10

insert

3.10A Specified circumstances for dispensing with giving of information (Act, s 157 (5))

For subsection 157 (5) of the Act, the circumstance is specified that:

(a) the superannuation interest is issued in accordance with an application made under the applied provisions mentioned in paragraph 3.09A (1) (b); and

(b) the application is not the first application under those applied provisions made to the trustee of the public offer entity by the trustee of the EPSSS on behalf of any person.

[24] Subregulation 4.12 (1)

omit

or from an RSA,

insert

or from an EPSSS or RSA,

[25] Subregulation 5.01 (1), definition of superannuation system , paragraph (e)

substitute

(e) EPSSSs; and

[26] Subregulation 5.01 (1), definition of transferred

substitute

transferred , in relation to a member's benefits paid out of, or received by, a regulated superannuation fund or approved deposit fund, means paid to, or received from:

(a) another regulated superannuation fund or approved deposit fund; or

(b) an RSA provided by an RSA institution; or

otherwise than upon the satisfaction by the member of a condition of release (within the meaning of Part 6) for all those benefits.

[27] Division 5.4

omit

[28] Sub-subparagraph 6.21 (1A) (a) (iii) (C)

omit

RSA;

insert

RSA; or

[29] After sub-subparagraph 6.21 (1A) (a) (iii) (C)

insert

(D) an EPSSS;

[30] Sub-subparagraph 6.21 (1A) (b) (iii) (C)

omit

RSA;

insert

RSA; or

[31] After sub-subparagraph 6.21 (1A) (b) (iii) (C)

insert

(D) an EPSSS;

[32] Paragraph 6.21 (5) (b)

omit

or to an RSA

insert

or to an EPSSS or an RSA

[33] Paragraph 6.25 (3) (a)

omit

or to an RSA,

insert

or to an EPSSS or an RSA,

[34] Subparagraph 6.28 (b) (i)

omit

fund or the approved deposit fund;

insert

fund, the approved deposit fund or the EPSSS;

[35] Subparagraph 6.29 (b) (i)

omit

fund;

insert

fund or the EPSSS;

[36] Division 6.4A

omit

[37] Additional amendments

The following provisions are amended by omitting 'exempt public sector superannuation scheme' and inserting 'EPSSS':

· subparagraph 6.07 (2) (a) (ii)

subparagraph 6.07 (2) (b) (ii)

paragraph 6.07 (3) (a)

paragraph 6.07 (4) (a)

paragraph 6.08 (1) (b).

[38] Additional amendments

The following provisions are amended by omitting 'or scheme;' and inserting 'or EPSSS;':

· subparagraph 6.07 (2) (b) (ii)

· paragraph 6.07 (3) (b)

paragraph 6.07 (4) (b).