SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 5.08 How minimum benefits are to be treated
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 5.08
How minimum benefits are to be treated(1) For subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that the trustee of a fund must ensure that a member's minimum benefits in the fund are maintained in the fund until the benefits are:
(a) cashed as benefits of the member, other than for the purpose of the member's temporary incapacity; or
(b) rolled over or transferred as benefits of the member; or
(c) transferred, rolled over or allotted under Division 6.7.
(1A) Subregulation (1) does not apply if, under a law of the Commonwealth, a State or a Territory mentioned in the table, a court makes a forfeiture order (however called) forfeiting part or all of the member's benefits in the fund to the Commonwealth, a State or a Territory.
Item | Law | Provision(s) |
Commonwealth |
| |
1.1 | Section 47 Section 48 Section 49 Section 92 | |
New South Wales |
| |
2.1 | Subsection 18(1) | |
2.2 | Section 22 | |
Victoria | ||
3.1 | Division 1 of Part 3 Section 35 Part 4 Subsection 157(6) | |
Queensland | ||
4.1 | Section 58 Section 58A Section 151 Part 5 of Chapter 3 | |
Western Australia | ||
5.1 | Section 30, to the extent that it applies to confiscation under section 6 in satisfaction of a person's liability under section 20 Section 30, to the extent that it applies to confiscation under section 7 | |
South Australia | ||
6.1 | Section 47 | |
Tasmania | ||
7.1 | Section 16 | |
Australian Capital Territory | ||
8.1 | Section 54 Section 58 Section 62 Section 67 | |
Northern Territory | ||
9.1 | Section 75 Section 76 Section 80 Section 96 Section 97 Section 99 |
(2) Subregulation (1) does not apply in relation to an amount of a member's minimum benefits in an accumulation fund if:
(a) the amount is attributable only to employer contributions (other than mandated employer contributions); and
(b) there is a written agreement between the member of the fund and the member's employer that:
(i) was entered into before the commencement of this subparagraph; and
(ii) requires the employer to make the employer contributions (other than mandated employer contributions) to the fund for the benefit of the member; and
(iii) specifies that if the member's employment with the employer ends at or after the end of a period specified in the agreement, the employee is entitled to all of the amount; and
(iv) specifies that if the member's employment with the employer ends before the end of the specified period, the member is entitled only to a proportion of the amount; and
(c) the member's employment has ended before the end of the period mentioned in subparagraph (b)(iii).
(3) In addition to subregulation (1), a trustee of an accumulation fund may allow an amount of a member's minimum benefits in the fund to be cashed as benefits of the member if:
(a) the cashing of the benefits is for the purpose of the member's temporary incapacity; and
(i) is not attributable to the member's member - financed benefits; and
(ii) is not attributable to the member's mandated employer -
financed benefits.