SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994
- made under the Superannuation Industry (Supervision) Act 1993
Table of Provisions
PART 1--PRELIMINARY
1.01 Name of Regulations 1.03 Interpretation 1.03A Lost member 1.03AA Defined benefit interest 1.03AAA Defined benefit fund 1.03AB Meaning of growth phase 1.03C Meaning of permanent incapacity 1.04 Prescribed matters (Act, s 10) 1.04AAAA Interdependency relationships (Act s 10A) 1.04AAA Modified meaning of member (Act s 15B) 1.04A Specified body or person (Act s 19) 1.04AA Self managed superannuation funds--persons not taken to be employees (Act s 17A(8))
PART 1A--ANNUITIES AND PENSIONS
Division 1A.1--
1.05A Interpretation 1.05 Meaning of annuity (Act, s 10) 1.06 Meaning of pension (Act, s 10) 1.06A Standards for certain innovative superannuation income streams 1.06B Maximum commutation amount for certain innovative superannuation income streams 1.07 Periods when beneficiary may not receive benefits 1.07A Commutation of allocated annuities and pensions 1.07B Commutation of other annuities and pensions 1.07C Commutation of market linked income stream 1.07D Commutation of superannuation income stream
Division 1A.2--Operating standards
1.08 Restriction on factors for converting pensions
PART 2--INFORMATION FOR CERTAIN PARTIES
Division 2.1--Introductory
2.01 Interpretation 2.02 Scope and application of this Part 2.03 Duties and requirements arising under this Part 2.04 Reasonable efforts are sufficient 2.05 Charges for information requested
Division 2.4--Information to be given for each reporting period
Subdivision 2.4.1--Preliminary
2.17 Interpretation 2.18 Application Subdivision 2.4.3--Derivatives charge ratio
2.29 Specific requirements in particular cases
Division 2.5--Information on request
2.30 Application 2.31 Documents may be made available for inspection 2.32 Time for compliance 2.33 Specific requirements
Division 2.5A--Information about superannuation interest subject to payment split
2.36B Application 2.36C Information to be provided by trustee when interest becomes subject to payment split 2.36D Other information to be provided by trustee 2.36E Other information to be given by trustee--adverse effects on benefits
Division 2.6--Remuneration of executive officers and individual trustees
2.37 Prescribed details 2.38 Obligation to make information publicly available--RSE licensee of registrable superannuation entity
PART 3--MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO PUBLIC OFFER ENTITIES
3.01 Public offer superannuation fund--member of a prescribed class 3.04 Section 54 of the Act--prescribed percentages 3.04A Removal of trustee of public offer entity--s 60A(2) of the Act 3.05 Policy committees--sections 91, 92 and 93 of the Act 3.06 Policy committees--functions (paragraphs 91(3)(b), 92(3)(b) and 93(3)(b) of the Act) 3.07 Definition of policy committee in section 10 of the Act--matters specified for purposes of paragraph (a) 3.08 Policy committees--duties of trustee 3.09 Dissolution of policy committees 3.10 Commission and brokerage 3.11 Payment by trustee of a public offer entity of commission or brokerage
PART 3A--MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO LICENSING OF TRUSTEES AND OF GROUPS OF INDIVIDUAL TRUSTEES
Division 3A.1--Classes of RSE licences
3A.01 Public offer entity licences 3A.02 Non-public offer entity licences 3A.03 Extended public offer entity licences 3A.03A Acting trustee licences
Division 3A.3--Applying for RSE licences
PART 3B--SUPERANNUATION DATA AND PAYMENT MATTERS
PART 4--MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES
Division 4.1--Prescribed matters
4.01 Covenants in governing rules of superannuation entity--prescribed information and documents 4.02 Covenants in governing rules of self managed superannuation fund--beneficiary investment choice 4.02A Trustee subject to direction--registrable superannuation entity other than regulated superannuation fund with fewer than 5 members 4.02AA Operating standard--direction on investment option to trustee of regulated superannuation fund with fewer than 5 members 4.03 Trustee of employer-sponsored fund--prescribed direction by employer-sponsor or associate of employer sponsor 4.04 Governing rules of a superannuation entity--prescribed exercise of discretion by non-trustee 4.05 Governing rules of a superannuation entity--prescribed circumstances of amendment 4.06 Removal of member representatives--prescribed circumstances 4.07 Removal of independent trustee or independent member--prescribed circumstances
Division 4.2--Operating standards
4.07C Definitions 4.07D Operating standard--permitted types of insurance 4.07E Operating standard--self-insurance 4.08 Operating standard--voting rule where equal representation applies 4.08A Operating standard--member representation for certain regulated superannuation funds where a declaration under subsection 18(7) of the Act applies 4.09 Operating standard--investment strategy 4.09A Operating standard--money and other assets to be kept separate (self managed superannuation funds) 4.10 Operating standard--investment by non-complying superannuation funds 4.10A Operating standard--ownership of units in a PST 4.11 Operating standard--investment by non-complying approved deposit funds 4.11A Operating standard--acceptance of deposits by an approved deposit fund 4.12 Operating standard--acceptance by regulated superannuation and approved deposit funds of rollovers and transfers 4.13 Operating standard--lending to members of an approved deposit fund
PART 5--BENEFIT PROTECTION STANDARDS
Division 5.1--Preliminary
5.01 Interpretation 5.01A Operating standards--determination of costs and investment return 5.01B Trustee may provide greater protection than this Part requires 5.02 Determination of costs 5.02B Priority in deducting surcharge or instalment 5.02C Refund of costs 5.03 Investment returns
Division 5.2--Minimum benefits
5.04 Minimum benefits--regulated superannuation funds 5.05 Mandated employer contributions--regulated superannuation funds 5.06 Certain benefits rolled over or transferred to regulated superannuation funds taken to be minimum benefits 5.06A Benefits rolled over or transferred from an RSA to regulated superannuation funds taken to be minimum benefits 5.06B Minimum benefits if new interest created, or benefits rolled over or transferred, under Division 7A.2 5.07 Minimum benefits--approved deposit funds
Division 5.3--Treatment of minimum benefits
5.08 How minimum benefits are to be treated
PART 6--PAYMENT STANDARDS
Division 6.1--Introductory
Subdivision 6.1.1--General interpretation
6.01 Interpretation 6.01AA Meaning of non-commutable allocated annuity 6.01AB Meaning of non-commutable allocated pension 6.01A Meaning of terminal medical condition 6.01B Conditions of release for temporary residents Subdivision 6.1.2--Preserved benefits
6.02 Preserved benefits in regulated superannuation funds--before 1 July 1999 6.03 Preserved benefits in regulated superannuation funds--on and after 1 July 1999 6.05 Preserved benefits in approved deposit funds 6.06 Effect of rollover or transfer on preserved benefits Subdivision 6.1.3--Restricted non-preserved benefits
6.07 Restricted non-preserved benefits in regulated superannuation funds--before 1 July 1999 6.08 Restricted non-preserved benefits in regulated superannuation funds--on and after 1 July 1999 6.09 Effect of rollover or transfer on restricted non-preserved benefits Subdivision 6.1.4--Unrestricted non-preserved benefits
6.10 Unrestricted non-preserved benefits--regulated superannuation funds 6.11 Unrestricted non-preserved benefits--approved deposit funds 6.12 Movement of benefits between categories by satisfaction of conditions of release 6.13 Effect of rollover or transfer on unrestricted non-preserved benefits Subdivision 6.1.5--Miscellaneous
6.14 Indexation 6.15 Contributions and benefits taken to be preserved benefits 6.15A Certain benefits taken to be unrestricted non-preserved benefits 6.16 Redistribution of member benefits within a fund in certain circumstances by operation of governing rules or action of trustee 6.16A When non-preserved benefits may be reduced
Division 6.2--Payment of benefits
6.17 Restriction on payment 6.17A Payment of benefit on or after death of member (Act, s 59(1A)) 6.17AA Payments prevented under Family Law Act 1975 6.17B Duty to seek information 6.17C Payment and commutation of pension in breach of standards
Division 6.3--Cashing of benefits
Subdivision 6.3.1--Regulated superannuation funds
6.18 Voluntary cashing of preserved benefits in regulated superannuation funds 6.19 Voluntary cashing of restricted non-preserved benefits in regulated superannuation funds 6.19A Release of benefits on compassionate grounds 6.20 Voluntary cashing of unrestricted non-preserved benefits in regulated superannuation funds 6.20A Compulsory cashing of benefits in a regulated superannuation fund that is not an unfunded public sector superannuation scheme--temporary residents 6.20B Voluntary cashing of benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme--temporary residents 6.20C Cashing of benefits in a regulated superannuation fund--payment to Commissioner of Taxation 6.21 Compulsory cashing of benefits in regulated superannuation funds 6.22 Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members or their legal personal representatives 6.22A Priority in cashing benefits in certain cases--regulated superannuation funds 6.22B When benefits in regulated superannuation funds may be cashed in favour of persons except members Subdivision 6.3.2--Approved deposit funds
6.23 Voluntary cashing of preserved benefits in approved deposit funds 6.24 Voluntary cashing of unrestricted non-preserved benefits in approved deposit funds 6.24A Compulsory cashing of benefits in approved deposit funds--temporary residents 6.24B Cashing of benefits in approved deposit funds--payment to Commissioner of Taxation 6.25 Compulsory cashing of benefits in approved deposit funds 6.26 Limitation on cashing of benefits in approved deposit funds in favour of persons other than members or their legal personal representatives 6.27 Limitation on cashing benefits in approved deposit funds of less than $500 6.27A Priority in cashing benefits in certain cases--approved deposit funds
Division 6.4--General rules for rollover and transfer of benefits in regulated superannuation funds and approved deposit funds
Division 6.5--Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds
6.30 Application 6.31 Definitions for Division 6.5 6.32 Superannuation data and payment matters 6.33 Request for rollover or transfer of withdrawal benefit 6.33A Action by receiving fund on receipt of request 6.33B Transferring fund must electronically receive request 6.33C Trustee may request information if not provided 6.33D Validation of member's details by transferring fund 6.33E Verification of self managed superannuation fund and member's details 6.34 Rollover or transfer of withdrawal benefit 6.34A Timeframes for rollovers and transfers 6.34B Member details for rollover or transfer 6.34C Receiving fund must electronically receive information and payment 6.34D Receiving fund must allocate amount to member 6.35 When a trustee may refuse to roll over or transfer an amount 6.36 Suspension or variation of obligation to roll over or transfer amounts by APRA 6.37 Suspension or variation of obligation to roll over or transfer amounts by APRA--application by trustee 6.38 Trustee's obligations if APRA suspends or varies obligation to roll over or transfer amounts
Division 6.6--Additional standards for eligible rollover funds
6.39 Obligations of trustees
Division 6.7--Spouse contributions-splitting amounts
6.40 Interpretation 6.41 Meaning of taxed splittable contribution, untaxed splittable contribution and untaxed splittable employer contribution 6.42 Meaning of splittable contribution 6.43 Application of Division 6.7 6.44 Application to roll over, transfer or allot an amount of contributions 6.45 Decision on application 6.46 Receiving spouse
Division 6.8--Conditions for the use of tax file numbers to facilitate consolidation or rollover
6.47 Definitions for Division 6.8 6.48 Conditions for use of tax file numbers 6.49 Consent to use beneficiary's tax file number 6.50 Procedure for searching for amounts to facilitate consolidation by rollover
PART 6A--PORTABILITY FORMS
6A.01 Establishment of scheme 6A.02 Request to rollover or transfer withdrawal benefit 6A.03 Verification of data
PART 7--CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Division 7.1--General
7.01 Interpretation 7.02 Application of Division 7.1 7.03 Restriction on accepting contributions or granting benefit accruals 7.03A Acceptance of contributions--registrable superannuation entities 7.04 Acceptance of contributions--regulated superannuation funds 7.04A Acceptance of contributions--public offer superannuation funds 7.05 Accrual of benefits--defined benefit funds
Division 7.2--Contributions to be allocated to members
Subdivision 7.2.1--Superannuation data and payment matters
7.07 Superannuation data and payment matters 7.07AA Application 7.07A Initial registration of employee 7.07B Validation of initial registration information 7.07C Trustee may give membership or account number to Commissioner of Taxation 7.07D Invalid initial registration information 7.07E Employee details for contribution 7.07EA Employee details may be passed through default fund 7.07F Information and contributions sent electronically 7.07G Incomplete contribution information 7.07H Contributions to be allocated to member Subdivision 7.2.2--Operating standards
7.07J Application 7.08 Contributions to be allocated to members
Division 7.3----Contributions to be allocated to members--certain other regulated superannuation funds
7.09 Application of Division 7.3 7.10 Operating standard 7.11 Contributions to be allocated to members
PART 7A--SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT
Division 7A.1--General
7A.01 Purpose of Part 7A 7A.01A Relevant condition of release 7A.02 Operating standards 7A.03 Trustee to give payment split notice
Division 7A.1A--Options for trustee in relation to interests
7A.03A Application of Division 7A.1A 7A.03B Trustee may create a new interest 7A.03C Request to retain a non-member spouse interest 7A.03D Request to roll over or transfer benefits 7A.03E Request for lump sum payment 7A.03F Requirements for requests 7A.03G Giving effect to a request 7A.03H Trustee's options if no request is received 7A.03I Confirming that the non-member spouse has an interest in the fund 7A.03J Rolling over or transferring the non-member spouse's interest 7A.03K Paying a lump sum
Division 7A.2--Options available for certain superannuation interests
7A.04 Application of Division 7A.2 7A.05 Request for new interest 7A.06 Request for transfer of benefits 7A.07 Request for lump sum payment 7A.08 Requirements for requests 7A.09 Giving effect to request 7A.10 Trustee options if no request received 7A.11 Creating a new interest 7A.12 Rolling over or transferring transferable benefits 7A.13 Paying a lump sum
Division 7A.3--Splittable payments--payment standards for non-member spouse entitlements
7A.14 Application of Division 7A.3 7A.16 Preservation of non-member spouse entitlements 7A.17 Payment of non-member spouse entitlements from pension 7A.18 Cashing of non-member spouse entitlements
7A.19 Application 7A.20 Creating a new interest 7A.21 Rolling over or transferring benefits 7A.22 Paying an amount
PART 8--FINANCIAL REPORTING
8.01 Accounts--statement of financial position and financial statement 8.02 Accounts and statements that must be prepared 8.02A Period within which an auditor must be appointed 8.02B Asset must be valued at market value 8.03 Period within which audit report must be given
PART 9--FINANCIAL MANAGEMENT OF FUNDS
Division 9.1--Introductory
Division 9.2--Financial position of funds
Division 9.2A--Size of defined benefit funds
9.04A Application 9.04B Sub-funds to be treated as funds 9.04C Operating standard 9.04D Size of defined benefit funds
Division 9.2B--Provision of defined benefit pensions
9.04E Definition for Division 9.2B 9.04F Application of Division 9.2B 9.04G Sub-funds to be treated as funds 9.04H Operating standard 9.04I Provision of defined benefit pensions
Division 9.3--Funding and solvency of defined benefit funds
9.05 Application 9.06 Interpretation 9.07 Prescription of standards 9.08 Funding standard 9.09 Funding and solvency certificates--operating standard 9.10 Contents of funding and solvency certificates 9.11 Effective date of funding and solvency certificates 9.12 Period of effect of funding and solvency certificates 9.13 Effect of notifiable events on funding and solvency certificates 9.14 Further funding and solvency certificates to be obtained 9.15 Minimum benefit index 9.16 Non-compliance with solvency requirement--technical insolvency 9.17 Technical insolvency--operating standard 9.18 Technical insolvency program--special funding and solvency certificate 9.19 Technical insolvency programs--procedure
Division 9.4--Winding-up of defined benefit funds
9.20 Application 9.21 Interpretation 9.22 Prescription of standards 9.23 Winding-up of defined benefit funds 9.24 Alternative programs approved by the Regulator 9.25 Winding-up proceedings--priorities
Division 9.5--Actuarial standards relating to defined benefit funds that are self-managed superannuation funds
9.26 Application 9.27 Interpretation 9.28 Prescription of standards 9.29 Actuarial investigation standard 9.29A Actuarial investigation standard--exemption 9.30 Actuarial reporting standard 9.31 Contents of actuarial report
Division 9.6--Solvency of accumulation funds
9.34 Application 9.35 Interpretation 9.36 Prescription of standards--accumulation funds 9.37 Accumulation funds solvency standard 9.38 Technical insolvency of accumulation funds--operating standard 9.39 Technical insolvency program for accumulation funds--procedure
Division 9.7--Winding-up of accumulation funds
9.40 Application 9.41 Interpretation 9.42 Prescription of standards--winding-up of accumulation funds 9.43 Winding-up of accumulation funds 9.44 Alternative programs approved by the Regulator for accumulation funds 9.45 Accumulation fund winding-up proceedings--priorities
PART 9AA--REQUIREMENTS RELATING TO MYSUPER PRODUCTS
9.46 Notification--accrued default amount attributed to MySuper product 9.46A Notification--periodic statements 9.47 Other factors that may be used for a lifecycle MySuper product 9.48 Limitation imposed by governing rules 9.49 Opt-out insurance for MySuper members cannot be obtained at reasonable cost
PART 9A--APPROVED SMSF AUDITORS
9A.01 Qualifications 9A.02 Relevant courses 9A.03 Practical experience 9A.04 Continuing professional development requirements 9A.05 Professional indemnity requirements 9A.06 Auditor independence requirements 9A.07 When fees must be paid
PART 10--ELIGIBLE ROLLOVER FUNDS
10.01 Application for authority to operate eligible rollover fund 10.02 Payment of benefit to eligible rollover fund 10.03 Operating standard--eligible rollover funds
PART 11--INFORMATION TO BE GIVEN TO THE REGULATOR AND RELATED MATTERS
11.01 Definition 11.02A Service of contravention notice (Act s 252B) 11.03 Period for giving information to the Regulator, Act, s 254(1) 11.04 Prescribed information (subsection 254(1))--regulated superannuation funds 11.05 Prescribed information (subsection 254(1))--approved deposit funds 11.06 Prescribed information (subsection 254(1))--PSTs 11.06A Specified person or body (Act s 254(1)) 11.07 Operating standard--disclosure of certain information (funds other than self managed superannuation funds) 11.07AA Operating standard--disclosure of certain information (self managed superannuation funds) 11.07A Operating standard--disclosure on change of status 11.08 Operating standard--disclosure of successor fund transfer
PART 11A--REGISTER TO BE KEPT BY APRA
PART 12--PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS
12.01 Definitions 12.02 Pre-1 July 88 funding amounts 12.03 Shortfall-in-assets amount--calculation 12.04 Estimation of net market value of fund assets 12.05 Value A of accrued benefits 12.06 Value B of accrued benefits 12.07 Calculation of value A or B of accrued benefits 12.08 Date before which applications to be made 12.09 Application fees 12.10 Prescribed events for the purposes of paragraph 342(4)(a) of the Act Subdivision 960-M--of the Tax Act.
12.11 When and how APRA to be notified of prescribed events 12.12 Transfer of PJFCs--trustees of transferor funds 12.13 Transfer of PJFCs--trustees of transferee funds 12.14 Transfer of PJFCs--revocation of approval 12.15 Transfer of PJFCs--requirements to be satisfied 12.19 Actuaries to certify in relation to determinations 12.20 Substituted accounting periods
PART 12A--TRANS-TASMAN RETIREMENT SAVINGS PORTABILITY
Division 1--General
Division 2--New Zealand-sourced amounts
12A.04 Application of Division 2 12A.05 Treatment of New Zealand-sourced amounts 12A.06 Benefit protection standards 12A.07 Payment standards 12A.08 Contribution and benefit accrual standards
Division 3--Payment of amount to KiwiSaver scheme
Division 4--Conditions of release of benefits
12A.11 Application of Division 4 12A.12 Conditions of release
PART 13--MISCELLANEOUS
Division 13.1A--Transitional arrangements arising out of the Superannuation Legislation Amendment Act (No
13.10A Transitional arrangement--preserved OSS Act provisions 13.10B Outstanding annual returns 13.10C Outstanding amounts 13.10D Certain annual returns and amounts for 1999-2000 year of income
Division 13.2--Various operating standards
13.11 Interpretation 13.12 Assignments of superannuation interests 13.13 Charges over a member's benefits 13.14 Charges over assets of funds 13.15 Restrictions on the standards 13.15A Charges in relation to certain derivatives contracts 13.16 Accrued benefits--restriction on alteration 13.17 Approved deposit funds--restrictions on loans and investments 13.17A Public offer superannuation funds--restrictions on loans and investments 13.17AA Rules for certain investments by funds in related bodies corporate 13.17B Orders etc of the Superannuation Complaints Tribunal to be complied with 13.17C Funds that cease to be eligible rollover funds must maintain entitlements
Division 13.3--Various prescribed matters
13.18 Sole purpose test--specified age 13.18AA Self managed superannuation funds--investment in collectables and personal use assets 13.18A Conditional offer of goods or services--exemptions 13.19 Custodians of superannuation entities--specified amounts 13.20 Advertisement of scheme for winding-up or dissolution of superannuation entity 13.21 Report of inspector--prescribed agencies 13.22 Statements made at an examination--manner of authentication
Division 13.3A--In-house assets of superannuation funds
13.22A Definitions for Division 13.3A 13.22B Assets held at commencement of Division 13.3A (Act s 71) 13.22C Assets acquired after commencement of Division 13.3A (Act s 71) 13.22D When regulations 13.22B and 13.22C cease to apply to assets
Division 13.5--Reconsideration and review of decisions
13.24 Notice of reviewable decisions and reasons for decisions 13.25 Reconsideration of certain decisions 13.26 Review by Tribunal of reconsidered decisions
PART 14--TRANSITIONAL ARRANGEMENTS
Division 14.2--Transitional arrangements arising out of Superannuation Industry (Supervision) Amendment Regulation 2013 (No
Division 14.3--Transitional arrangements arising out of the Superannuation Legislation Amendment (2013 Measures No
Division 14.4--Transitional arrangements arising out of the Superannuation Laws Amendment (2014 Measures No
Division 14.5--Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2014 Measures No
Division 14.6--Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (Release Conditions for Non-concessional Contributions) Regulation 2015
Division 14.7--Transitional arrangements arising out of the Treasury Laws Amendment (2016 Measures No
Division 14.8--Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2016 Measures No
Division 14.9--Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2016 Measures No
Division 14.11--Transitional arrangements arising out of the Financial System Legislation Amendment (Resilience and Collateral Protection) Regulation 2016
Division 14.13--Transitional arrangements arising out of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017
Division 14.14--Transitional arrangements arising out of the Treasury Laws Amendment (2017 Measures No
Division 14.15--Transitional arrangements arising out of the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018
14.15 Arrangements relating to membership of existing external dispute resolution schemes
Division 14.16--Transitional arrangements arising out of the Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2018
14.16 Arrangements relating to release of superannuation on compassionate grounds
Division 14.17--Transitional arrangements arising out of the Treasury Laws Amendment (2018 Measures No
Division 14.18--Transitional arrangements arising out of the Treasury Laws Amendment (Work Test Exemption) Regulations 2018
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