Superannuation Industry (Supervision) Regulations 1994

PART 1 - PRELIMINARY  

REGULATION 1.03AA   DEFINED BENEFIT INTEREST  

1.03AA(1)   [Definition]  

A superannuation interest is a defined benefit interest if it is:


(a) an interest in an unfunded public sector superannuation scheme that has at least 1 defined benefit member; or


(b) an interest that entitles the member who holds the interest, when benefits in respect of the interest become payable, to be paid a benefit defined, wholly or in part, by reference to one or more of the following:


(i) the amount of:

(A) the member ' s salary at the date of the termination of the member ' s employment, the date of the member ' s retirement, or another date; or

(B) the member ' s salary averaged over a period; or

(C) salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);

(ii) a specified amount;

(iii) specified conversion factors.

1.03AA(2)   [Death or invalidity]  

However, a superannuation interest is not a defined benefit interest if the only benefits defined by reference to any of the amounts or factors mentioned in subparagraphs (1)(b)(i) to (iii) are benefits payable on death or invalidity.

1.03AA(3)  


(Repealed by SR No 251 of 2003)

 

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