Superannuation Industry (Supervision) Regulations 1994
MODIFICATIONS OF THE OSS LAWS IN RELATION TO PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS
PART 1 - MODIFICATIONS OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987
101. Section 7 (Operating standards for superannuation funds)
101.1 After subsection 7(3), insert:
" (4) Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section. " .
PART 2 - MODIFICATIONS OF THE OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS
201. Regulation 3 (Interpretation)
201.1 Paragraph 3(2)(a):
Omit the paragraph.
201A. Regulation 8 (Vesting standards)
201A.1 After subregulation 8(1A), insert:
" (1B) Paragraph (1A)(a) does not apply in relation to contributions made in accordance with a prescribed agreement or award. "
202. Regulation 9 (Preservation standards)
201.1A Subparagraph 9(1)(a)(i):
Omit " subject to regulation 10, " .
202.1 Paragraph 9(1)(b):
After " the fund " , insert " before the commencement day " .
202.2 Paragraph 9(1)(c):
Omit the paragraph, substitute:
202.3 Subregulation 9(3):
After " arising " , insert " before the commencement day, " .
202.4 Add at the end:
" (5) In paragraphs (1)(b), (c) and (d) and subregulation (3):
commencement day has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.
undeducted contributions has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations. "
202A. New regulation 10A
202A.1 After regulation 10, insert:
" 10A. Preservation standard - interaction of subparagraph 9(1)(a)(i) and regulation 10
10A. Where, apart from this regulations, a fund must preserve, in respect of a member:
it is sufficient compliance with those provisions if the fund preserves the greater of those amounts. " .
203. Regulation 11 (Preservation and portability standards)
203.1 Omit the regulation.
204. Regulation 12 (Preservation standards not to apply in certain cases)
204.1 Omit the regulation.
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