SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) 1995 NO. 47 

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) 1995 NO. 47 
- TABLE OF PROVISIONS

1.  Amendment  
2.  Regulation 5.02 (Determination of costs)  
3.  New Division 5.4  


1995 No. 47 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) -
REG 1
1. Amendment


  1.1 The Superannuation Industry (Supervision) Regulations are amended as set
out in these Regulations.
(NOTE: These Regulations commence on gazettal: see Acts Interpretation Act
1901, s. 48.)


1995 No. 47 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) -
REG 2
2. Regulation 5.02 (Determination of costs)


  2.1 Subregulation 5.02 (3):
  After "costs of the fund", insert "(including the costs (if any) incurred by
the fund as a result of the operation of Division 5.4)".


1995 No. 47 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) -
REG 3
3. New Division 5.4


  3.1 Insert after regulation 5.08 in Part 5:
       "Division 5.4-Restrictions on exit fees on the rollover or transfer
                        of benefits in certain cases
Application of Division
  "5.09 (1) This Division applies to the rollover or transfer of the benefit
of a member of a regulated superannuation fund (other than an excluded
superannuation fund) if:
  (a) the amount rolled over or transferred is less than $1,000; and
  (b) the benefit is rolled over or transferred from the fund at the
instigation of the trustee of the fund, whether or not the member chooses the
entity to which the benefit is rolled over or transferred; and
  (c) the benefit contains, or has contained, mandated employer-financed
benefits.
  "(2) A benefit to which paragraphs (1) (a) and (b) apply is taken to contain
or have contained mandated employer-financed benefits unless the trustee knows
otherwise.

  "(3) This Division has no effect after 30 June 1996.
Operating standard-restriction on exit fees
  "5.10. (1) For the purposes of subsection 31 (1) of the Act, the
restrictions set out in subregulations (2) and (3) are operating standards
applicable to the operation of regulated superannuation funds.

  "(2) The trustee of a fund must not charge, in respect of a rollover or
transfer to which this Division applies, a fee or charge that the trustee
would not have charged if the rollover or transfer had not occurred.

  "(3) The trustee of a fund must not charge a fee or charge that is intended
to circumvent the effect of subregulation (2).".


- NOTES


1995 No. 47*1* SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS*2*
(AMENDMENT)

- Dated 22 March 1995


*1* Notified in the Commonwealth of Australia Gazette on 23 March 1995.
*2* Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432.