Federal Register of Legislation - Australian Government

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SLI 2007 No. 204 Regulations as made
These Regulations complement other regulations registered on 2 April 2007 and 27 April 2007 supporting the Simplified Superannuation reforms. The regulations also implement the Government's 2007-08 budget measure to prevent public offer funds from requiring an employer to become a participating employer before accepting contributions for an existing member.
Administered by: Treasury
Made 28 Jun 2007
Registered 29 Jun 2007
Tabled HR 07 Aug 2007
Tabled Senate 07 Aug 2007
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3)1

Select Legislative Instrument 2007 No. 204

I, PROFESSOR MARIE BASHIR, AC, CVO, Deputy for the Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 28 June 2007

MARIE BASHIR

Deputy for the Governor‑General

By Her Excellency’s Command

PETER CRAIG DUTTON


1              Name of Regulations

                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3).

2              Commencement

                These Regulations commence on 1 July 2007.

3              Amendment of Superannuation Industry (Supervision) Regulations 1994

                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994 as amended by the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1).


Schedule 1        Amendments

(regulation 3)

  

[1]           Subregulation 1.05 (11B)

after

transferred

insert

or paid

[2]           Subregulation 1.05 (11B)

after

6.21 (2A)

insert

or (2B)

[3]           Paragraph 1.05 (13) (a)

substitute

                (a)    results in the total amount of annuity payments in each year:

                          (i)    increasing by the same percentage factor; or

                         (ii)    being adjusted in line with movements in the Consumer Price Index; or

                         (iii)    being adjusted in line with movements in an index of average weekly earnings published by the Australian Statistician; or

                        (iv)    being adjusted in accordance with subparagraph (ii) or (iii) but with an increase capped at a maximum level; and

[4]           Subparagraph 1.06 (9A) (b) (iii)

substitute

                         (iii)    the standards of subregulation (2) are met; or

                        (iv)    for rules in existence at the date of registration of the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3), the standards of subregulation (2) would be met, except for the circumstances in which those rules allow for either or both of the following:

                                   (A)     the pension to be commuted;

                                   (B)     the variation or cessation of pension payments in respect of a child of the deceased; and

[5]           Subregulation 1.06 (9B)

after

transferred

insert

or paid

[6]           Subregulation 1.06 (9B)

after

6.21 (2A)

insert

or (2B)

[7]           After subregulation 1.06 (9B)

insert

      (9C)   If a pension is paid from a successor fund in accordance with rules to which subparagraph (9A) (b) (iv) applied in the original fund, the pension meets the standards of subregulation (9A).

[8]           Paragraph 1.06 (11) (a)

substitute

                (a)    results in the total amount of pension payments in each year:

                          (i)    increasing by the same percentage factor; or

                         (ii)    being adjusted in line with movements in the Consumer Price Index; or

                         (iii)    being adjusted in line with movements in an index of average weekly earnings published by the Australian Statistician; or

                        (iv)    being adjusted in accordance with subparagraph (ii) or (iii) but with an increase capped at a maximum level; and

[9]           Paragraphs 6.15A (2) (b), (3) (b), (4) (c) and (5) (c)

omit

109A

insert

110

[10]         Paragraph 6.41 (5) (b)

omit

not be included

insert

be included

[11]         After regulation 7.04

insert

7.04A      Acceptance of contributions — public offer superannuation funds

         (1)   For paragraph 31 (2) (d) of the Act, the standard mentioned in subregulation (2) applies to a regulated superannuation fund that is a public offer superannuation fund.

         (2)   If:

                (a)    a person is a member of a standard employer‑sponsored fund; and

               (b)                the person is employed by another employer (the new employer) who is not a standard employer‑sponsor of the fund;

the fund must not make its acceptance of contributions from the new employer in respect of the member conditional upon the new employer becoming a standard employer‑sponsor of the fund.

[12]         Further amendments — entity or person that paid the amount

                The following provisions are amended by omitting ‘member’ and inserting ‘entity or person that paid the amount’:

                   ·     paragraph 7.04 (4) (a)

                   ·     subparagraph 7.04 (4) (b) (i)

                   ·     subparagraph 7.04 (4) (b) (ii)

                   ·     subparagraph 7.04 (4) (b) (iv)

                   ·     sub‑subparagraph 7.04 (4) (b) (v) (C)

                   ·     subparagraph 7.04 (4) (b) (v)

                   ·     subregulation 7.04 (5).


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.