Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2004 (NO. 8) 2004 NO. 155 - SCHEDULE 1

(regulation 3)

[1] Subregulation 9.04I (1)

omit

A regulated superannuation fund

insert

Subject to subregulation (3), a regulated superannuation fund

[2] After subregulation 9.04I (2)

insert

(3) A regulated superannuation fund that has less than 50 members may provide a defined benefit pension only:
(a) to a person:

(i)

who, on 11 May 2004, was a member of the fund; and

(ii) who, before 1 July 2005:

(A) retires (within the meaning of subregulation 6.01 (7)) on or after attaining age 55; or
(B) attains age 65; and

(iii)

who, after 11 May 2004 and before 1 July 2005, becomes entitled to be paid a defined benefit pension; and

(b)

if the first pension payment is made within 12 months after the day when the person became entitled to the pension.