SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7.05 Accrual of benefits--defined benefit funds
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7.05
Accrual of benefits--defined benefit funds(1) Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who is under age 65.
(2) Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who has reached age 65 but not age 75 only if the accrual is attributable to contributions made in respect of the member that are:
(a) employer contributions; or
(b) member contributions.
(4) Subject to subregulation (5), a defined benefit fund may grant an accrual of benefits in respect of a member who has reached age 75 only if the accrual is attributable to mandated employer contributions.
(5) A defined benefit fund may grant an accrual of benefits in
respect of a member if the trustee is reasonably satisfied that the accrual is
in respect of a period during which, under subregulation (1), (2) or
(4), the fund may grant an accrual of benefits in respect of that member, even
though the grant occurs after that period.