Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.1 - Introductory  

Subdivision 6.1.3 - Restricted non-preserved benefits  

Note: Approved deposit funds do not have restricted non-preserved benefits.

REGULATION 6.07   RESTRICTED NON-PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS - BEFORE 1 JULY 1999  

6.07(1)   Type A members before 1 July 1999; type B members before changeover day.  

Subject to regulations 6.09 and 6.12 and to Subdivision 6.1.5 , the amount of restricted non-preserved benefits in a regulated superannuation fund:

(a) for a type A member at any time during the period commencing on the commencement day and ending immediately before 1 July 1999; or

(b) for a type B member at any time during the period commencing on the commencement day and ending immediately before the changeover day;

is the amount of the member's total benefits in the fund, less the sum of:

(c) the amount of the member's preserved benefits in the fund as defined by regulation 6.02 ; and

(d) the amount of the member's unrestricted non-preserved benefits in the fund as defined by regulation 6.10 .

6.07(2)   Type B members on and after changeover day.  

Subject to regulation 6.12 and to Subdivision 6.1.5 , the amount of a type B member's restricted non-preserved benefits in a regulated superannuation fund at any time on or after the changeover day and before 1 July 1999 is the greatest of the following amounts:

(a) the total of:

(i) the indexed amount of the member's restricted non-preserved benefits (as defined by subregulation (1)) in the fund that would be payable to the member on the changeover day if the member resigned from employment on that day; and

(ii) the indexed amount of the member's restricted non-preserved benefits received by the fund from another regulated superannuation fund, an RSA or an EPSSS on or after the changeover day that are subject to indexation in the fund;

(b) the total of:

(i) the indexed amount of the member's restricted non-preserved benefits (as defined by subregulation (1)) in the fund on the changeover day that would be payable to the member if the member were retrenched from employment that day; and

(ii) the indexed amount of the member's restricted non-preserved benefits received by the fund from another regulated superannuation fund, an RSA or an EPSSS on or after the changeover day that are subject to indexation in that other fund, RSA or EPSSS;

(c) the amount of the member's restricted non-preserved contributions in the fund.

6.07(3)   [Benefits to be indexed]  

Subject to regulation 6.12 and to Subdivision 6.1.5 , a type B member's benefits in a regulated superannuation fund (the transferee fund ) that:

(a) were rolled over or transferred from another regulated superannuation fund, an RSA or an EPSSS; and

(b) were indexed amounts of restricted non-preserved benefits in that other fund, RSA or EPSSS;

continue to be subject to indexation in the transferee fund.

6.07(4)   [Benefits to be restricted non-preserved contributions]  

Subject to regulation 6.12 and to Subdivision 6.1.5 , a type B member's benefits in a regulated superannuation fund (the transferee fund ) that:

(a) were rolled over or transferred from another regulated superannuation fund, an RSA or an EPSSS; and

(b) were restricted non-preserved contributions in that other fund, RSA or EPSSS;

continue to be restricted non-preserved contributions in the transferee fund.

6.07(5)   [Indexation]  

The references in this regulation to indexation apply subject to regulation 6.14 .