Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p47
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 47/66)
Character Range: 345732–348431

member within the 12 month period ending when the transfer is to be made; or
 (c) the transfer is to a successor fund; or
 (d) for section 29SAA, 29SAB, 387, 388 or 394 of the Act the trustee of the fund is required by a prudential standard made under section 34C of the Act to transfer the benefits.
 (1A) Paragraph (1)(c) does not apply to a transfer to a successor fund that is an eligible rollover fund if the transfer takes place on or after the later of:
 (a) 1 May 2021; and
 (b) the seventh day after Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.
 (2) The fund to which the money is to be transferred must not be a registrable superannuation entity that:
 (a) is a regulated superannuation fund or an approved deposit fund; and
 (b) has not been registered under Part 2B of the Act.

Division 6.5—Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds

6.30  Application
 (1) This Division applies:
 (a) to a regulated superannuation fund, other than a fund mentioned in paragraph (2)(a); and
 (b) to an approved deposit fund.
 (2) This Division does not apply:
 (a) to an unfunded public sector superannuation scheme; and
 (c) in respect of a defined benefit component of a superannuation interest in a defined benefit fund, if the member who holds the interest is an employee of an employer‑sponsor of the fund; and
 (d) to benefits that are being paid as a pension (other than an account‑based pension, allocated pension or market linked pension).

6.31  Definitions for Division 6.5

Defined benefit component
 (1) Subject to subregulation (2), a defined benefit component of a superannuation interest is a component of the interest in which the benefits are defined by reference to 1 or more of the following:
 (a) the amount of:
 (i) the member's salary at the date of the termination of the member's employment, the date of the member's retirement, or another date; or
 (ii) the member's salary averaged over a period; or
 (iii) salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);
 (b) a specified amount;
 (c) specified conversion factors.
 (2) A component of a superannuation interest is not a defined benefit component if the only benefits defined by reference to any of the amounts or factors mentioned in subregulation (1) are benefits payable on death or disability.

Illiquid investment
 (3) An investment is an illiquid investment in relation to a member's interest in a superannuation fund if it is of