Document ID: chunk:federal_register_of_legislation:C2024A00067:clause:5_22
Version: federal_register_of_legislation:C2024A00067
Segment Type: clause
Provision Reference: sch 5 cl 22
Character Range: 83425–84371

22  After subsection 68AAC(3A)
Insert:
 (3B) Subsection (3C) applies if:
 (a) the benefits of a member of a regulated superannuation fund (the original fund) are transferred from the original fund to another regulated superannuation fund (the successor fund); and
 (b) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits.
 (3C) Subsection (1) does not apply in relation to the successor fund providing a benefit to, or in respect of, the member if, immediately before the transfer:
 (a) the original fund provided a benefit to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance; and
 (b) subsection (1):
 (i) did not apply in relation to the original fund providing that benefit to, or in respect of, the member; but
 (ii) would have applied if paragraph (1)(a) were disregarded.