Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p28
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 28/41)
Character Range: 702658–705500

property;
 (b) right to receive notices in relation to the financial property;
 (c) right to vote in relation to the financial property;
 (d) right to substitute other financial property that the parties agree is of equivalent value for the financial property;
 (e) right to withdraw excess financial property;
 (f) right to determine value of financial property.
 (2) In this regulation:
approved body means a body mentioned in Schedule 4.
derivative means any of the following:
 (a) a derivative (within the meaning of Chapter 7 of the Corporations Act 2001);
 (b) a foreign exchange contract (within the meaning of that Act);
 (c) an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities;
but does not include any arrangement that is of a kind mentioned in subregulation 6(2) of the Payment Systems and Netting Regulations 2001.
Note: Subregulation 6(2) of the Payment Systems and Netting Regulations 2001 identifies obligations that are not eligible obligations in relation to a close‑out netting contract. The arrangements mentioned include credit facilities, reciprocal purchase agreements (otherwise known as repurchase agreements), sell‑buyback arrangements, securities loan arrangements, contracts of insurance and managed investment schemes.
financial property has the same meaning as in the Payment Systems and Netting Act 1998.
intermediary has the same meaning as in paragraph (h) of the definition of financial property in section 5 of the Payment Systems and Netting Act 1998.
intermediated financial property has the same meaning as in the Payment Systems and Netting Act 1998.

13.16  Accrued benefits—restriction on alteration
 (1) For the purposes of subsection 31(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds that, subject to subregulation (2), a beneficiary's right or claim to accrued benefits, and the amount of those accrued benefits, must not be altered adversely to the beneficiary by amendment of the governing rules or by any other act carried out, or consented to, by the trustee of the fund.
 (2) The standard stated in subregulation (1) does not apply to an alteration if:
 (a) in the case of an alteration that does not relate to minimum benefits within the meaning of Part 5:
 (i) subject to subregulation (3), written consent to the alteration has been given by:
 (A) the beneficiary; and
 (B) if the benefits are subject to a payment split, the non‑member spouse; or
 (ii) the Regulator has consented in writing to the alteration after either:
 (A) the alteration has been approved by at least two‑thirds of all of the beneficiaries of the fund who are affected by it, in accordance with the procedures specified in subregulation (4); or
 (B) subject to subregulation (5), if, in accordance