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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 4.05 Governing rules of a superannuation entity--prescribed circumstances of amendment

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 4.05

Governing rules of a superannuation entity--prescribed circumstances of amendment

  (1)   For the purposes of subparagraph   60(1)(b)(iii) of the Act, the circumstances in which the governing rules of a superannuation entity other than a self managed superannuation fund may be amended are:

  (a)   where, after the making of the amendment:

  (i)   the fund (if a defined benefit fund) would not become technically insolvent within the meaning of subregulation   9.06(3); or

  (ii)   the fund (if an accumulation fund) would not become technically insolvent within the meaning of subregulation   9.35(3); and

  (b)   where the amendment could have been made by the trustee without contravening the Act (other than section   55) or these regulations; and

  (c)   where the amendment qualifies under subregulation   (2).

  (2)   An amendment qualifies if:

  (a)   the contributions of the employer - sponsor to the fund include contributions that are not mandated employer contributions (within the meaning of Part   5) and the amendment relates solely to either or both of the following:

  (i)   those non - mandated employer contributions; or

  (ii)   benefits related to those non - mandated employer contributions; or

  (b)   whether or not paragraph   (a) applies--the amendment relates solely to one or more of the following:

  (i)   the admission of new members to the fund; or

  (ii)   the category of members into which a new member or existing member is to be placed; or

  (iii)   allowing a person to become an employer - sponsor of the fund; or

  (iv)   the termination of the fund; or

  (v)   the appointment of a trustee to an entity that does not have a trustee.

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