SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 1.03AA Defined benefit interest

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 1.03AA

  (1)   A superannuation interest is a defined benefit interest if it is:

  (a)   an interest in an unfunded public sector superannuation scheme that has at least 1 defined benefit member; or

  (b)   an interest that entitles the member who holds the interest, when benefits in respect of the interest become payable, to be paid a benefit defined, wholly or in part, by reference to one or more of the following:

  (i)   the amount of:

  (A)   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

  (B)   the member's salary averaged over a period; or

  (C)   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);

  (ii)   a specified amount;

  (iii)   specified conversion factors.

  (2)   However, a superannuation interest is not a defined benefit interest if the only benefits defined by reference to any of the amounts or factors mentioned in subparagraphs   (1)(b)(i) to (iii) are benefits payable on death or invalidity.