Document ID: chunk:federal_register_of_legislation:F2015L01519:body:0:p1
Version: federal_register_of_legislation:F2015L01519
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Character Range: 0–3255

Superannuation Industry (Supervision) modification declaration No. 1 of 2015

Exceptions to restrictions on minimum benefits (remaking MD 26)

Superannuation Industry (Supervision) Act 1993 - section 332

I, Brandon Kong Leong Khoo, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that regulation 5.08 of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

Dated:   23  September 2015

[Signed]

Brandon Kong Leong Khoo
Executive General Manager
Diversified Institutions Division

 Interpretation Document ID: 218989

 In this instrument

 APRA means the Australian Prudential Regulation Authority.

 Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

 Regulations means the Superannuation Industry (Supervision) Regulations 1994.

 Note 1  This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA).

Schedule - the class of persons to whom this declaration applies

All RSE licensees of registrable superannuation entities that are regulated superannuation funds.

Schedule - the manner in which the specified modifiable provisions are modified

Regulation 5.08 of the Regulations is modified by inserting after subregulation 5.08(2):

         "(2A) Subregulation (1) does not apply in relation to an amount of minimum benefits of a member (the forfeited member) in an accumulation fund (the forfeiting fund) that is not a self-managed superannuation fund if all the following conditions are satisfied:

           (a)   The amount is attributable only to non-mandated employer contributions that were made, for the benefit of the forfeited member, to:

                (i) the forfeiting fund; or

                (ii) another regulated superannuation fund (other than a self-managed superannuation fund) of which the forfeited member was a member and in which the forfeited member did not have a defined benefit interest.

              (b) The forfeited member's entitlement to the amount is subject to certain minimum service provisions (the applicable minimum service provisions) that are contained in one or more of the following:

                (i)  the governing rules of the forfeiting fund;

                (ii)  a written agreement between the forfeited member and the forfeited member's employer;

                (iii)  an award relating to the forfeited member's conditions of employment;

                (iv)  a certified agreement relating to the forfeited member's conditions of employment.

                      Note: Some of the applicable minimum service provisions may be contained in one of the documents mentioned in subparagraphs (i) to (iv) while others may be contained in another of those documents.

              (c) The forfeited member failed to satisfy the minimum service requirement contained in the