OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)
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Hide history note(a) the Commissioner is to calculate a person ' s reasonable benefit limits in relation to a benefit paid, or commencing to be paid, to the person; and
(b) paragraph 15F(1)(a) or (b) of the Act applies to the person;
the person ' s reasonable benefit limits are to be the greater of the person ' s lump sum RBL or pension RBL (whichever of those is to be applied under regulation 4X or 4Z ) and:
(c) if the person was at least 50 years old on 15 February 1990 - the sum of:
(i) the aggregate of the rolled-over amounts held in approved deposit funds, life assurance companies or registered organisations on behalf of the person on that day; and
(ii) the amount of earnings that have accrued after that day on those amounts while held in those funds, companies or organisations or in:
(A) other approved deposit funds, life assurance companies or registered organisations; or
(B) superannuation funds; and
(iii) the amount of earnings on the amount referred to in subparagraph (ii); or
(d) in any other case - the aggregate of the rolled-over amounts held in approved deposit funds, life assurance companies or registered organisations on behalf of the person on that day.
For the purposes of subparagraph (1)(c)(ii), earnings are to be taken to accrue on amounts rolled-over to a superannuation fund and used to provide defined benefits at the rate of 10 % annually.
4ZA(3) [ Order of application of amounts in reduction ]For the purposes of applying paragraph (1)(c) to a person, where:
(a) after 15 February 1990, an amount is paid out of a superannuation fund, an approved deposit fund, life assurance company or registered organisation in respect of the person; and
(b) after that day, the person rolled-over an amount to the fund, company or organisation (not being an amount that was held in another approved deposit fund, life assurance company or registered organisation on behalf of the person on that day);
the amount referred to in paragraph (a) is taken to be applied first in reduction of the amount referred to in paragraph (b), and any earnings attributable to that amount, before being applied in reduction of the amount that was held in the fund, company or organisation on that day.
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