Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 1999 (No. 1) 1999 No. 14 - SCHEDULE 1

Schedule 1 Amendment of Superannuation Industry (Supervision)  Regulations
1994 
(regulation 3)

(1) Subregulation 1.03 (1), definition of withdrawal benefit, paragraph (b)
substitute

   (b)  the trustee of another superannuation entity or an EPSSS in respect of
        the member; and

(2) Subregulation 1.03 (1)
insert EPSSS means an exempt public sector superannuation scheme.

(3) Note After the definition of eligible rollover fund in subregulation 1.03
(1), insert the following note: Note As to what is an eligible rollover fund
for Part 24 of the Act, see section 242 of the Act and regulation 10.01.

(4) Paragraph 1.03A (1) (c)
substitute

   (c)  the member joined the fund from another fund or an EPSSS as a lost
        member; or

(5) Note Omit paragraph (c) of the note following regulation 1.03A, and
insert:

   (c)  that, if the member is transferred to another fund or an EPSSS (the
        transferee fund), the trustee of the transferring fund must supply
        certain information about the member to the trustee of the transferee
        fund (see Division 2.7A).

(6) Subregulation 2.04 (1)
omit
(both inclusive)

(7) Subparagraph 2.05 (1) (c) (ii)
omit
person.
insert
person; or

(8) After subparagraph 2.05 (1) (c) (ii)
insert

        (iii)  the trustee of the EPSSS from which the member has transferred
               has fulfilled a requirement similar to that set out in
               paragraph (a) or (b).

(9) Paragraph 2.11A (1) (b)
omit
Act;
insert
Act; or

(10) After paragraph 2.11A (1) (b)
insert

   (c)  the trustee of an EPSSS before a beneficiary of the EPSSS is issued
        with a superannuation interest in the circumstance mentioned in
        paragraph 3.09A (1) (b);

(11) Subparagraph 2.12 (1) (b) (ii)
after
section 243 of the Act
insert
or in the circumstances mentioned in paragraph 3.09A (1) (b)

(12) Subregulation 2.14 (1)
omit
or the trustee of another fund
insert
, or the trustee of another fund or of an EPSSS,

(13) Subregulation 2.14 (1A)
after
trustee of another fund
insert
or of an EPSSS

(14) Subregulation 2.36 (3)
substitute

(3) The trustee of a fund must give to a member information concerning an
incident affecting the member if the incident is one of the following kinds:

   (a)  the member is transferred to a different category of membership or to
        a different fund;

   (b)  the benefits of the member are transferred to an RSA or to an EPSSS.

(15) Subregulation 2.36A (1)
omit
another entity
insert
another superannuation entity, an EPSSS

(16) Subregulation 2.36A (1)
omit
that other entity, the RSA or eligible rollover fund,
insert
that other superannuation entity, the EPSSS, the RSA or the eligible rollover
fund,

(17) Paragraph 2.36A (2) (e)
omit
an entity
insert
a superannuation entity, EPSSS

(18) Subregulation 2.36A (4)
omit
RSAs, or entities
insert
RSAs, EPSSSs or superannuation entities

(19) Subregulation 2.48 (3)
after
another fund
insert
or to an EPSSS

(20) Subparagraph 2.48 (3) (b) (ii)
omit
period.
insert
period; or

(21) After subparagraph 2.48 (3) (b) (ii)
insert

        (iii)  the trustee of the EPSSS to which the member is being
               transferred, information to the same general effect as that
               required under Subdivision 2.4.2 in respect of the member's
               exit reporting period.

(22) Regulation 3.09A
substitute 3.09A Specified circumstances for issue of superannuation interests
(Act, s 153 (1) (d))

(1) For paragraph 153 (1) (d) of the Act, the following circumstances are
specified:

   (a)  that the interest is issued by the trustee of the public offer entity,
        as trustee of a successor fund, in relation to the transfer of
        benefits to the fund;

   (b)  that:

        (i)    the interest is issued by the trustee of the public offer
               entity in relation to the payment of benefits to the entity
               from an EPSSS in accordance with an application made under the
               provisions of section 243 of the Act as applied by
               subregulation (2) (the applied provisions); and

        (ii)   if the application is the first application under the applied
               provisions made to the trustee of the public offer entity by
               the trustee of the EPSSS on behalf of any person Ñ the
               application is an eligible application.

(2) For subparagraph (1) (b) (i), the provisions of section 243 of the Act
apply to a payment of benefits from an EPSSS to a public offer entity as if,
in that section:

   (a)  a reference to the transferor fund were a reference to that EPSSS; and

   (b)  a reference to an eligible rollover fund were a reference to that
        public offer entity.

(23) After regulation 3.10
insert 3.10A Specified circumstances for dispensing with giving of information
(Act, s 157 (5))
For subsection 157 (5) of the Act, the circumstance is specified that:

   (a)  the superannuation interest is issued in accordance with an
        application made under the applied provisions mentioned in paragraph
        3.09A (1) (b); and

   (b)  the application is not the first application under those applied
        provisions made to the trustee of the public offer entity by the
        trustee of the EPSSS on behalf of any person.

(24) Subregulation 4.12 (1)
omit
or from an RSA,
insert
or from an EPSSS or RSA,

(25) Subregulation 5.01 (1), definition of superannuation system, paragraph
(e)
substitute

   (e)  EPSSSs; and

(26) Subregulation 5.01 (1), definition of transferred
substitute transferred, in relation to a member's benefits paid out of, or
received by, a regulated superannuation fund or approved deposit fund, means
paid to, or received from:

   (a)  another regulated superannuation fund or approved deposit fund; or

   (b)  an RSA provided by an RSA institution; or

   (c)  an EPSSS; otherwise than upon the satisfaction by the member of a
        condition of release (within the meaning of Part 6) for all those
        benefits.

(27) Division 5.4
omit

(28) Sub-subparagraph 6.21 (1A) (a) (iii) (C)
omit
RSA;
insert
RSA; or

(29) After sub-subparagraph 6.21 (1A) (a) (iii) (C)
insert

                (D)  an EPSSS;

(30) Sub-subparagraph 6.21 (1A) (b) (iii) (C)
omit
RSA;
insert
RSA; or

(31) After sub-subparagraph 6.21 (1A) (b) (iii) (C)
insert

                (D)  an EPSSS;

(32) Paragraph 6.21 (5) (b)
omit
or to an RSA
insert
or to an EPSSS or an RSA

(33) Paragraph 6.25 (3) (a)
omit
or to an RSA,
insert
or to an EPSSS or an RSA,

(34) Subparagraph 6.28 (b) (i)
omit
fund or the approved deposit fund;
insert
fund, the approved deposit fund or the EPSSS;

(35) Subparagraph 6.29 (b) (i)
omit
fund;
insert
fund or the EPSSS;

(36) Division 6.4A
omit

(37) Additional amendments
The following provisions are amended by omitting 'exempt public sector
superannuation scheme' and inserting 'EPSSS': . subparagraph 6.07 (2) (a) (ii)
. subparagraph 6.07 (2) (b) (ii) . paragraph 6.07 (3) (a) . paragraph 6.07 (4)
(a) . paragraph 6.08 (1) (b).

(38) Additional amendments
The following provisions are amended by omitting 'or scheme;' and inserting
'or EPSSS;': . subparagraph 6.07 (2) (b) (ii) . paragraph 6.07 (3) (b) .
paragraph 6.07 (4) (b).