Superannuation Industry (Supervision) Act 1993

PART 18 - AMALGAMATION OF FUNDS  

SECTION 146   146   APPROVAL OF TRANSFER  


APRA may approve the transfer of all benefits of members and beneficiaries in the transferor fund to the transferee fund in accordance with an application under section 145 if, and only if, APRA is satisfied that:


(a) either:


(i) reasonable attempts to bring about the transfer under another provision of this Act or under the regulations have failed; or

(ii) the transfer would take place under a scheme formulated under section 142 ; and


(b) the transfer is reasonable in all the circumstances, having regard to:


(i) the benefit entitlements of members and beneficiaries under the governing rules of the transferor fund; and

(ii) the likely effect on the amount of those entitlements if those members and beneficiaries were to remain members and beneficiaries of the transferor fund; and

(iii) the benefit entitlements of members and beneficiaries under the governing rules of the transferee fund; and

(iv) the value of the assets transferred from the transferor fund to the transferee fund under the arrangement referred to in paragraph 144(1)(b) ; and


(c) the transfer would not adversely affect the interests of the members and beneficiaries of the transferee fund; and


(d) the transferee fund has an RSE licensee.

146(2)  
(Repealed by No 25 of 2008)


 

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