Statutory Rules 1994   No. 57
Superannuation Industry (Supervision) Regulations
______________
Regulations		Page
	PART 1—PRELIMINARY	2

	1.01.	Citation	2
	1.02.	Commencement	2
	1.03.	Interpretation	2
	1.04.	Section 10 of the Act—prescribed matters	5

	PART 2—INFORMATION FOR MEMBERS AND OTHERS
	Division 2.1—Introductory

	2.01.	Interpretation	7
	2.02.	Scope and application of this Part	8
	2.03.	Duties and requirements arising under this Part	9
	2.04.	Reasonable efforts are sufficient	9
	2.05.	Missing members	10
	2.06.	Charges for information requested	10
	2.07.	Trustee may make a sub-plan	11
	Division 2.2—Information for prospective members and employer-sponsors 
	of  public offer superannuation funds and certain approved 
	deposit funds

	2.08.	Application	12
	2.09.	Subdivision 3A of Part 19 of the Act	12
	2.10.	Information to prospective members	13
	2.11.	Information by public offer superannuation funds to prospective standard employer-sponsors	14

	Division  2.3—Information for new members of certain 	
	regulated superannuation funds

	2.12.	Application	16
	2.13.	Time for compliance	16
	2.14.	Requirement taken to have been met	17
	2.15.	General requirement	17
	2.16.	Specific requirements in all cases	17

	Division  2.4—Information to be given for each reporting period 
	Subdivision 2.4.1—Preliminary

	2.17.	Interpretation	19
	2.18.	Application	19
	2.19.	Reporting periods	20
	2.20.	Application in relation to reporting period	21
	2.21.	Time for compliance	21
	Subdivision 2.4.2—Member information

	2.22.	General requirement	22
	2.23.	Specific requirements in all cases	22
	2.24.	Specific requirements in particular cases	22
	2.25.	Exception—pensioners	23
	2.26.	Exception—certain cases of members leaving fund	24
	Subdivision 2.4.3—Fund information

	2.27.	General requirement	24
	2.28.	Specific requirements in all cases	24
	2.29.	Specific requirements in particular cases	25
	2.30.	Excluded funds—special provision	28
	2.31.	Exception—benefits determined by life policies	28

	Division 2.5—Information concerning significant events

	2.32.	Application	29
	2.33.	Time for compliance	29
	2.34.	Contact details to accompany information	31
	2.35.	General requirement	31
	2.36.	Specific requirements	31

	Division  2.6—Information on request

	2.37.	Application	32
	2.38.	Documents may be made available for inspection	32
	2.39.	Time for compliance	33
	2.40.	General requirement	33
	2.41.	Specific requirements	34
	Division 2.7—Information when a member leaves a fund

	2.42.	Application	35
	2.43.	Time for compliance	35
	2.44.	Exit reporting period	36
	2.45.	General requirement	36
	2.46.	Specific requirements in all cases	36
	2.47.	Specific requirements in particular cases	37
	2.48.	Exceptions to “exit reporting period” provisions	38

	Division  2.8—Pooled superannuation trusts
	Subdivision 2.8.1—Preliminary

	2.49.	Application	39
	2.50.	Operating standards	39
	2.51.	Statement of particulars must accompany information	39
	Subdivision 2.8.2—Information for prospective unit-holders

	2.52.	Subdivision 3A of Part 19 of the Act	40
	2.53.	Information by a trustee of a PST for prospective unit-holders	40
	Subdivision 2.8.3—Information in respect of reporting periods

	2.54.	Interpretation	40
	2.55.	Reporting periods	40
	2.56.	Application in relation to reporting period	42
	2.57.	Time for Compliance	42
	2.58.	Exemption from giving information	42
	2.59.	General requirement	43
	2.60.	Specific requirements in all cases	43
	2.61.	Specific requirements in particular cases	43
	Subdivision 2.8.4—Significant events

	2.62.	Time for compliance	45
	2.63.	Information concerning significant events	46
	2.64.	Information concerning notice of non-compliance	47
	Subdivision 2.8.5—Information on Leaving

	2.65.	Information when a person ceases to be a unit-holder	47
	2.66.	Persons ceasing to be unit-holders	47
	2.67.	Exceptions to reporting requirement where person ceases to be unit-holder	48
	PART 3—MATTERS PRESCRIBED OR SPECIFIED IN RELATION	
	 TO PUBLIC OFFER ENTITIES

	3.01.	Public  offer superannuation fund—prescribed persons	48
	3.02.	Application for approval of trustees	49
	3.03.	Deciding an application for approval	49
	3.04.	Section 54 of the Act—prescribed percentages	49
	3.05.	Policy committees—sections 91, 92 and 93 of the Act	49
	3.06.	Policy committees—functions (paragraphs 91 (3) (b), 92 (3) (b) and 93 (3) (b) of the Act)	52
	3.07.	Definition of policy committee in section 10 of the Act—matters specified for purposes of paragraph (a)	52
	3.08.	Policy committees—duties of trustee	53
	3.09.	Dissolution of policy committees	53
	3.10.	Commission and brokerage	54
	3.11.	Statements by experts—keeping of written consents	55
	3.12.	Requirements concerning application money held on trust	55
	PART 4—MANAGEMENT AND TRUSTEESHIP OF 	
	SUPERANNUATION ENTITIES
	Division 4.1—Prescribed matters

	4.01.	Covenants in governing rules of a superannuation entity—prescribed information and documents	56
	4.02.	Covenants in governing rules of a superannuation entity—beneficiary investment choice	56
	4.03.	Trustee of employer-sponsored fund—prescribed direction by employer-sponsor	58
	4.04.	Governing rules of a superannuation entity—prescribed exercise of discretion by non-trustee	59
	4.05.	Governing rules of a superannuation entity—prescribed circumstances of amendment	60
	4.06.	Removal of member representatives—prescribed circumstances	60
	4.07.	Removal of independent trustee or independent member—prescribed circumstances	61

	Division 4.2—Operating standards\

	4.08.	Operating standard—voting rule where equal representation applies	62
	4.09.	Operating standard—investment strategy	62
	4.10.	Operating standard—investment by non-complying superannuation funds	63
	4.11.	Operating standard—investment by non-complying approved deposit funds	63
	PART 5—MINIMUM BENEFITS STANDARDS
	Division 5.1—Preliminary

	5.01.	Interpretation of this Part	65
	5.02.	Determination of Costs	68
	5.03.	Investment return—funds which maintain reserves	68
	Division  5.2—Minimum benefits
	5.04.	Minimum benefits—regulated superannuation funds	69
	5.05.	Mandated employer contributions—regulated superannuation funds	69
	5.06.	Certain benefits rolled over or transferred to regulated superannuation funds taken to be minimum benefits	71
	5.07.	Minimum benefits—approved deposit funds	71
	Division  5.3—Treatment of minimum benefits	

	5.08.	How  minimum benefits are to be treated	73

	PART 6—PAYMENT STANDARDS
	Division 6.1—Introductory
	Subdivision 6.1.1—General interpretation

	6.01.	Interpretation	73
	Subdivision 6.1.2—Preserved benefits

	6.02.	Preserved benefits in regulated superannuation funds—before the changeover day	77
	6.03.	Preserved benefits in regulated superannuation funds—on and after the changeover day	77

	6.04.	Preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996	77
	6.05.	Preserved benefits in approved deposit funds	78
	6.06.	Effect of rollover or transfer on preserved benefits	78
	Subdivision 6.1.3—Restricted non-preserved benefits

	6.07.	Restricted non-preserved benefits in regulated superannuation funds—before the changeover day	79
	6.08.	Restricted non-preserved benefits in regulated superannuation funds—on and after the changeover day	79
	6.09.	Restricted non-preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996	80
	Subdivision 6.1.4—Unrestricted non-preserved benefits

	6.10.	Unrestricted non-preserved benefits—regulated superannuation funds	81
	6.11.	Unrestricted non-preserved benefits—approved deposit funds	82
	6.12.	Movement of benefits between categories by satisfaction of conditions of release	82
	6.13.	Effect of rollover or transfer on unrestricted non-preserved benefits	83
	Subdivision  6.1.5—Miscellaneous

	6.14.	Indexation	83
	6.15.	Contributions and benefits taken to be preserved benefits	83
	6.16.	Redistribution of member benefits within a fund in certain circumstances by operation of governing rules or action of trustee	83
	Division  6.2—Payment of benefits

	6.17.	Restriction on payment	84
	Division  6.3—Cashing of benefits
	Subdivision  6.3.1—Regulated superannuation funds

	6.18.	Voluntary cashing of preserved benefits in regulated superannuation funds	85
	6.19.	Voluntary cashing of restricted non-preserved benefits in regulated superannuation funds	85
	6.20.	Voluntary cashing of unrestricted non-preserved benefits in regulated superannuation funds	86
	6.21.	Compulsory cashing of benefits in regulated superannuation funds	87
	6.22.	Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members	87
	Subdivision  6.3.2—Approved deposit funds

	6.23.	Voluntary cashing of preserved benefits in approved deposit funds	88
	6.24.	Voluntary cashing of unrestricted non-preserved benefits in approved deposit funds	89
	6.25.	Compulsory cashing of benefits in approved deposit funds	89
	6.26.	Limitation on cashing of benefits in approved deposit funds in favour of persons other than members	89
	6.27.	Limitation on cashing benefits in approved deposit funds of less than $500	90

Division 6.4—Rollover and transfer of benefits in 	
regulated superannuation funds and approved deposit funds

	6.28.	Rollover—regulated superannuation funds and approved deposit funds	90
	6.29.	Transfer—regulated superannuation funds	90
	Division  6.5—Additional standards  for eligible rollover funds

	6.30.	Obligations of trustees	91
PART 7—CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS	 
(REGULATED SUPERANNUATION FUNDS)

	7.01.	Interpretation	92
	7.02.	Application	92
	7.03.	Restriction on accepting contributions or granting benefit accruals	92
	7.04.	Acceptance of contributions—regulated superannuation funds	93
	7.05.	Accrual of benefits—defined benefit funds	93
	PART 8—FINANCIAL REPORTING

	8.01.	Accounts—statement of financial position and financial statement	95
	8.02.	Accounts and statements that must be prepared	95
	8.03.	Audit certificate	96

	PART 9—FINANCIAL MANAGEMENT OF FUNDS

Division 9.1—Introductory

	9.01.	Interpretation	97

Division 9.2—Financial position of funds

	9.02.	Application	97
	9.03.	Subsection 130 (1) of the Act etc—obligations of actuaries and auditors	97
	9.04.	Subsection 130 (7) of the Act—unsatisfactory financial position	98

Division 9.3—Funding and solvency of defined benefit funds

	9.05.	Application	99
	9.06.	Interpretation	99
	9.07.	Prescription of standards	101
	9.08.	Funding standard	101
	9.09.	Funding and solvency certificates—operating standard	101
	9.10.	Contents of funding and solvency certificates	102
	9.11.	Effective date of funding and solvency certificates	103
	9.12.	Period of effect of funding and solvency certificates	104
	9.13.	Effect of notifiable events on funding and solvency certificates	104
	9.14.	Further funding and solvency certificates to be obtained	105
	9.15.	Minimum benefit index	106
	9.16.	Non-compliance with solvency requirement—technical insolvency	107
	9.17.	Technical insolvency—operating standard	108
	9.18.	Technical insolvency program—special funding and solvency certificate	108
	9.19.	Technical insolvency program—procedure	110

Division 9.4—Winding-up of defined benefit funds

	9.20.	Application	111
	9.21.	Interpretation	111
	9.22.	Prescription of standards	112
	9.23.	Winding-up of defined benefit funds	112
	9.24.	Alternative program approved by the Commissioner	113
	9.25.	Winding-up proceedings—priorities	113
Division 9.5—Actuarial standards relating to defined benefit funds

	9.26.	Application	114
	9.27.	Interpretation	114
	9.28.	Prescription of standards	115
	9.29.	Actuarial investigation standard	115
	9.30.	Actuarial reporting standard	115
	9.31.	Contents of actuarial report—private sector funds and fully funded public sector superannuation schemes	116
	9.32.	Contents of actuarial report—public sector superannuation schemes that are not fully funded	118
	9.33.	Content of actuarial report—newly established or converted funds	118
Division 9.6 —Solvency of accumulation funds

	9.34.	Application	119
	9.35.	Interpretation	119
	9.36.	Prescription of standards—accumulation funds	120
	9.37.	Accumulation funds solvency standard	120
	9.38.	Technical insolvency of accumulation funds—operating standard	121
	9.39.	Technical insolvency program for accumulation funds—procedure	121
	Division 9.7—Winding-up of accumulation funds

	9.40.	Application	122
	9.41.	Interpretation	122
	9.42.	Prescription of standards—winding-up of accumulation funds	123
	9.43.	Winding-up of accumulation funds	123
	9.44.	Alternative program approved by the Commissioner for an accumulation fund	124
	9.45.	Accumulation fund winding-up proceedings—priorities	124
	PART 10—ELIGIBLE ROLLOVER BENEFITS
	Division 10.1—Introductory

	10.01.	Interpretation	126
	Division 10.2—Prescribed matters

	10.02.	Eligible rollover funds—prescribed conditions	126
	10.03.	Reports to members	127
	10.04.	Prescribed information to be given to eligible rollover fund	128
	10.05.	Prescribed information to be given to the Commissioner	129

Division 10.3—Additional  operating standards applicable 
to eligible rollover funds

	10.06.	Operating standards—eligible rollover funds	129
PART 11—INFORMATION TO BE GIVEN TO THE 
COMMISSIONER AND RELATED MATTERS

	11.01.	Interpretation	130
	11.02.	Lodgment of annual returns by superannuation entity	130
	11.03.	Prescribed period for giving information to the Commissioner (subsection 254(1))	130
	11.04.	Prescribed information (subsection 254 (1))—regulated superannuation funds	130
	11.05.	Prescribed information (subsection 254 (1))—approved deposit funds	132
	11.06.	Prescribed information (subsection 254 (1))—PSTs	132
	11.07.	Operating standard—disclosure of information to the Commissioner	133
	11.08.	Eligible rollover funds	133
	PART 12—PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS

	12.01.	Interpretation	136
	12.02.	Pre-1 July 88 funding amounts	136
	12.03.	Shortfall-in-assets amount—calculation	137
	12.04.	Estimation of net market value of fund assets	138
	12.05.	Value A of accrued benefits	139
	12.06.	Value B of accrued benefits	141
	12.07.	Calculation of value A or B of accrued benefits	142
	12.08.	Date before which applications must be made	143
	12.09.	Application fees	144
	12.10.	Prescribed events for the purposes of paragraph 342 (4) (a) of the Act	144
	12.11.	Time and manner in which prescribed events must be notified to the Commissioner	145
	12.12.	Transfer of PJFCs—trustees of transferor funds	145
	12.13.	Transfer of PJFCs—trustees of transferee funds	146
	12.14.	Transfer of PJFCs—revocation of approval	147
	12.15.	Transfer of PJFCs—requirements to be satisfied	148
	12.16.	Notice of reviewable decisions and reasons for those decisions	148
	12.17.	Reconsideration of certain decisions	149
	12.18.	Review by Tribunal of reconsidered decisions	150
	12.19.	Actuaries to certify in relation to determinations	150
	12.20.	Substituted accounting periods	150
	PART 13—MISCELLANEOUS

	Division  13.1—Transitional provisions
	Subdivision  13.1.1—Information to be given to members

	13.01.	Interpretation	151
	13.02.	Application	152
	13.03.	Operating standard—OSS provisions	152
	Subdivision 13.1.2—Contribution and benefit accrual standards 

	13.04.	Transitional—Part 7	152
	[13.05 -13.10 - Reserved]

	Division 13.2—Various operating standards

	13.11.	Interpretation	153
	13.12.	Assignments of superannuation interests	153
	13.13.	Charges over minimum or preserved benefits or non-commutable income stream	154
	13.14.	Charges over assets of funds	154
	13.15.	Restrictions on the standards	154
	13.16.	Accrued benefits—restriction on alteration	154
	13.17.	Loans etc. by trustees of approved deposit funds	155

	Division  13.3—Various prescribed matters

	13.18.	Sole purpose test—specified age	155
	13.19.	Custodians of superannuation entities—specified amounts	155
	13.20.	Advertisement of scheme for winding-up or dissolution of superannuation entity	155
	13.21.	Report of inspector—prescribed agencies	155
	13.22.	Statements made at an examination—manner of authentication	156

	Division  13.4—Repeal

	13.23.	Superannuation Industry (Supervision) (Approval of Trustees) Regulations	167
	SCHEDULE 1	
	CONDITIONS OF RELEASE AND CASHING 	
	RESTRICTIONS—PRESERVED BENEFITS AND RESTRICTED	
	NON-PRESERVED BENEFITS	158
	PART 1—REGULATED SUPERANNUATION FUNDS	158

	PART 2—APPROVED DEPOSIT FUNDS	161

	SCHEDULE 2	
	MODIFICATIONS OF THE OSS LAWS WITH EFFECT	
	FROM THE COMMENCEMENT DAY IN RELATION 	
	TO PRESERVED BENEFITS IN REGULATED	
	SUPERANNUATION FUNDS	162
	PART 1—MODIFICATIONS OF THE 	
	OCCUPATIONAL SUPERANNUATION 	
	STANDARDS ACT 1987	162
	PART 2—MODIFICATIONS OF THE OCCUPATIONAL	
	SUPERANNUATION STANDARDS REGULATIONS	163

	SCHEDULE 3	
	PRESCRIBED FORM OF ADVERTISEMENT OF SCHEME	
	FOR WINDING-UP OR DISSOLUTION	164

Statutory Rules 1994   No. 571
__________________
Superannuation Industry (Supervision) Regulations
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under section 4 of the Acts Interpretation Act 1901, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.
Dated 4 March 1994.

	BILL HAYDEN
	Governor-General
By His Excellency’s Command,

PAUL ELLIOTT
Parliamentary Secretary to the Treasurer
for the 
Treasurer
____________
PART 1—PRELIMINARY
Citation
	1.01.	These Regulations may be cited as the Superannuation Industry (Supervision) Regulations.
Commencement
	1.02.	The following provisions of these Regulations commence on 1 July 1994:
	(a)	Division 2.2;
	(b)	Subdivision 2.8.2;
	(c)	Regulations 3.10, 3.11 and 3.12;
	(d)	Division 6.5;
	(e)	Parts 9 and 10;
	(f)	Regulation 11.08;
	(g)	Part 12.
[NOTE:  The remaining provisions of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]
Interpretation
	1.03.	(1)	In these Regulations, unless the contrary intention appears:
“accumulation fund” means a regulated superannuation fund that is not a defined benefit fund;
“Act” means the Superannuation Industry (Supervision) Act 1993;
“benefit certificate” has the meaning given by section 10 of the SG(A) Act;
“contributions”, in relation to a fund:
	(a)	include payments of shortfall components to the fund; but
	(b)	do not include benefits that have been rolled-over or transferred to the fund;
“defined benefit fund” means a regulated superannuation fund under which:
	(a)	one or more members of the fund are entitled, on retirement, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:
	(i)	the amount of the member’s salary:
	(A)	at the date of the member’s retirement; or
	(B)	at a date before retirement; or
	(C)	averaged over a period of employment before retirement; or
	(ii)	a specified amount; and
	(b)	if the fund is not a public sector superannuation scheme—some or all of the contributions to the fund (out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount;
“eligible rollover fund” has the same meaning as in Part 24 of the Act;
“eligible termination payment” has the same meaning as in Subdivision AA of Division 2 of Part III of the Tax Act;
“employer contribution”, in relation to a regulated superannuation fund, means a contribution by, or on behalf of, an employer-sponsor of the fund;
“full-time”, in relation to being gainfully employed, means gainfully employed for at least 30 hours each week;
“gainfully employed” means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment;
“industrial authority” means:
	(a)	a court, or a tribunal or other body or person, constituted under a law of the Commonwealth, a State or a Territory with power of conciliation or arbitration in relation to industrial disputes; or
	(b)	a special board constituted under the law of a State relating to factories;
“member”, except in Part 2, means:
	(a)	in relation to an approved deposit fund—a depositor in the fund; and
	(b)	in relation to a regulated superannuation fund—a member of the fund;
[NOTE:	The meaning of the term “member” in Part 2 is defined in subregulation 2.01 (2).]
“minimum requisite benefit”, in relation to a member, means the benefit certified by an actuary in a relevant benefit certificate as the minimum benefit in respect of the member;
“part-time”, in relation to being gainfully employed, means gainfully employed for at least 10 hours, and less than 30 hours, each week;
“PST” means a pooled superannuation trust;
“relevant benefit certificate”, in relation to a regulated superannuation fund, means a benefit certificate that relates to a defined benefit superannuation scheme (within the meaning of the SG(A) Act) of which the fund forms part;
“relevant entity” means:
	(a)	a public offer entity; or
	(b)	an approved deposit fund;
[NOTE:	The expression “relevant entity” is defined in the same terms as in section 22 of the Act.]
“reserves”, in relation to a superannuation entity, means reserves maintained under section 115 of the Act;
“SG(A) Act” means the Superannuation Guarantee (Administration) Act 1992;
“shortfall component” has the same meaning as in the SG(A) Act;
“Tax Act” means the Income Tax Assessment Act 1936;
“withdrawal benefit”, in relation to a member of a superannuation entity, means the total amount of the benefits that would be payable to:
	(i)	the member; and
	(ii)	the trustee of another entity in respect of the member;
if the member voluntarily ceased to be a member.
	(2)	In these Regulations, other than Part 2:
“fund” means:
	(a)	an approved deposit fund; or
	(b)	a regulated superannuation fund.
[NOTE:	For the meaning of “fund” in Part 2, see subregulation 2.01 (3).]
Section 10 of the Act—prescribed matters
	1.04.	(1)  The purpose of this regulation is to prescribe matters for the purposes of various definitions in section 10 of the Act.
“approved auditor”
	(2)	For the purposes of the definition of “approved auditor” in section 10 of the Act, the following class of persons is specified, namely, individuals each of whom:
	(a)	in the case of an auditor of an excluded superannuation fund:
	(i)	is, under Division 2 of Part 9.2 of the Corporations Law, registered, or taken to be registered, as an auditor; or
	(ii)	is a member of:
	(A)	the Australian Society of Certified Practising Accountants; or
	(B)	the Institute of Chartered Accountants; or
	(C)	the National Institute of Accountants; or
	(iii)	is a fellow or member of the Association of Taxation and Management Accountants; or
	(iv)	is the Auditor-General of the Commonwealth, a State or a Territory; and
	(b)	in the case of an auditor of a superannuation entity other than an excluded superannuation fund:
	(i)	is, under Division 2 of Part 9.2 of the Corporations Law, registered, or taken to be registered, as an auditor; or
	(ii)	is the Auditor-General of the Commonwealth, a State or a Territory.
“approved rules”
	(3)	For the purposes of the definition of “approved rules” in section 10 of the Act, the following kinds of provisions are specified in relation to an approved deposit fund:
	(a)	provisions requiring a trustee of the fund to maintain a register of members;
	(b)	provisions requiring a register of members to contain the name and current residential address of each member.
“excluded approved deposit fund”
	(4)	For the purposes of paragraph (b) of the definition of “excluded approved deposit fund” in section 10 of the Act, the following condition is specified, namely, that the fund must be either:
	(a)	a fund established before 1 July 1994; or
	(b)	a fund established on or after 1 July 1994 in which, on the establishment of the fund, the eligible termination payments of the fund’s beneficiary that are invested with the fund have an initial value of at least $400,000.
“pooled superannuation trust”
	(5)	For the purposes of paragraph (b) of the definition of “pooled superannuation trust” in section 10 of the Act, the definition applies to a unit trust that is:
	(a)	used only for investing the following kinds of assets:
	(i)	assets of a regulated superannuation fund;
	(ii)	assets of an approved deposit fund;
	(iii)	assets of a PST;
	(iv)	assets of a life assurance company (within the meaning of Division 8 of Part III of the Tax Act) that are assets of a tax-advantaged insurance fund (within the meaning of section 116GC of the Tax Act);
	(v)	assets of a registered organisation (within the meaning of Division 8A of Part III of the Tax Act) solely for the tax-advantaged business (within the meaning of Division 8 of Part III of the Tax Act) of the organisation;
	(vi)	assets of an exempt entity within the meaning of, subparagraph (a), (c) or (d) of the definition of exempt entity in section 102M of the Tax Act; and
	(b)	a resident unit trust within the meaning of section 102H of the Tax Act.
[NOTE:	1.	The phrase “life assurance company” is defined in subsection 110 (1) of the Tax Act;
		2.	The phrase “registered organisation” is defined in subsection 116E (1) of the Tax Act.]
PART 2—INFORMATION FOR MEMBERS AND OTHERS
Division 2.1—Introductory
Interpretation
	2.01.	(1)  In this Part:
“amount” includes a nil amount;
“contact details”, in relation to a superannuation entity, means:
	(a)	the name of the superannuation entity and, if relevant, of the sub-plan; and
	(b)	a contact address for the superannuation entity; and
	(c)	a contact person and telephone number for the contact person;
“contact person”, in relation to a superannuation entity, means a named individual, or a person holding a designated office or position, who is available to receive and deal with inquiries or complaints by members or unit-holders (as the case may be);
“excluded superannuation fund”, in relation to information to be given in respect of a reporting period, means a regulated superannuation fund having fewer than 5 members on the first day of the period;
[NOTE:	Except where this definition applies, “excluded superannuation fund” has the meaning given by s. 10 of the Act.]
“sub-plan”, in relation to a regulated superannuation fund, means a segment of the fund comprising a member or members of the fund, being a sub-plan that the trustee, under subregulation 2.07. (2), determines should be made.
	(2)	In this Part, where the context allows, a reference to a member is taken to mean:
	(a)	in relation to a superannuation entity—a person who:
	(i)	is a member of the entity; or
	(ii)	receives a pension from the entity; or
	(iii)	has deferred his or her entitlement to receive a benefit from the entity; and
	(b)	in relation to an approved deposit fund—a depositor in the fund; and
	(c)	in relation to a PST—a unit-holder.
	(3)	In a Division of this Part, a reference to a fund is a reference to a fund of the kind to which the Division applies.
	(4)	A reference to the telephone number of a contact person includes a reference to the telephone number of a switchboard through which the person may be reached by telephone.
Scope and application of this Part
	2.02.	(1)  The following Divisions of this Part deal with the duty of trustees to give information to members or other persons on specified occasions. Each of the Divisions has an application provision:
	(a)	stating the types of entity to which the Division applies; and
	(b)	referring to any particular provisions of the Division, or a Subdivision of the Division, that limit or restrict the application of the Division or Subdivision.
	(2)	The requirements to give information are expressed in 2 forms: general requirements (which set out broad principles), and specific requirements (which set out particular provisions, and may apply in all cases or only in particular circumstances). The specific requirements are not to be taken as limiting, by implication, the scope of the general requirements.
	(3)	This Division governs the other Divisions of this Part.
Duties and requirements arising under this Part
	2.03.	(1)	A requirement to give information under a Division of this Part must be met within the time specified in the Division as the time for compliance.
Requirements concerning information
	(2)	Information given in accordance with this Part must:
	(a)	be in writing; and
	(b)	be worded and presented in a clear and effective manner.
	(3)	Information given in accordance with this Part may be given, where appropriate, in diagrammatical form.
Where information may mislead (if incomplete, outdated, etc)
	(4)	If the trustee of a superannuation entity has reason to think that information that the trustee is required to give, other than under Division 2.6, will materially mislead members, or may do so, the trustee must give with the information a statement containing further information to rectify any misleading or potentially misleading, effect.
[Example:	If a change in a fund’s investment policy means that information about past earnings rates is not a reliable guide to future earnings, an appropriate explanation (including the change of policy and its likely effect on future earnings rates) must be given.]
Reasonable efforts are sufficient
	2.04.	(1)  For the purposes of Divisions 2.3 to 2.7 (both inclusive) and Division 2.8 other than Subdivision 2.8.2, the trustee of a superannuation entity is taken to have satisfied a duty or requirement to give information to a person if the trustee has taken reasonable steps to give the information to the person but has been unable to do so.
Information that is unknown and not reasonably obtainable
	(2)	Where information is unknown to the trustee, the trustee need not give the information under this Part if the trustee cannot obtain the information by making reasonable inquiries.
Missing members
	2.05.	(1)  Subject to subregulation (2), the trustee of a superannuation entity need not give information to a member if:
	(a)	the trustee has an address for the member, and:
	(i)	at least 2 consecutive reports (within the meaning of paragraph 244 (3) (b) of the Act) prescribed under regulation 10.03, or 2 consecutive written communications, have been returned unclaimed from the member’s last known postal address; and
	(ii)	the trustee has taken reasonable steps to locate the member but has been unable to do so; or
	(b)	the trustee:
	(i)	has been unable to obtain an address for the member; and
	(ii)	has taken reasonable steps to locate the member, but has been unable to do so.
Entity becoming aware of member’s  address, etc
	(2)	Subject to subregulation (3), where the trustee of a superannuation entity has refrained, in reliance on subregulation (1), from giving information to a member, the trustee must give information to the member if the trustee later becomes aware of the member’s address or location.
	(3)	Subregulation (2) applies only in respect of information that the trustee of a superannuation entity becomes liable to give to the person after becoming aware of the member’s address or location.
Charges for information requested
	2.06.	(1)	Subject to this regulation, the obligation of the trustee of a superannuation entity under these Regulations to give information on request by a person arises only if the person pays the amount specified by the trustee as the charge for giving the information.
	(2)	The amount of the charge must not exceed the reasonable cost to the superannuation entity of giving the information (including all reasonably related costs—for example, costs of searching for, obtaining and collating the information).
	(3)	A policy committee is not liable to any charge for information given to it.
	(4)	In the case of information to be supplied under Division 2.6 to a concerned person (as defined in subregulation (5)), a charge may be made only if:
	(a)	the person to whom the information is to be given has requested the information; and
	(b)	the person had been given the same information during the period of 12 months immediately preceding the date on which the request is made.
	(5)	In subregulation (4):
“concerned person” means a person who:
	(a)	is, or was within the preceding 12 months, a member of the superannuation entity to which the request is made; or
	(b)	is a beneficiary of the superannuation entity to which the request is being made.
Trustee may make a sub-plan
	2.07.	(1)  The trustee of a regulated superannuation fund may make a determination, in accordance with subregulation (2), as to whether a sub-plan should be made for the purposes of this Part.
	(2)	In making a determination under subregulation (1), the trustee must have regard to all relevant matters, including each of the following:
	(a)	whether there is a common factor in a segment of the fund (for example, whether a group of members of the fund have the same employer);
	(b)	whether the governing rules of the fund provide for a particular segment to be a sub-plan.
Division 2.2—Information for prospective members and employer-sponsors of  public offer superannuation funds and certain approved deposit funds 
Application
	2.08.	(1)	This Division applies only to a fund, other than an eligible rollover fund, that is:
	(a)	a public offer superannuation fund; or
	(b)	an approved deposit fund that is not an excluded approved deposit fund.
	(2)	Despite subregulation (1), this Division does not apply to information to be given by the trustee before the issuing of an interest by the trustee to a person who would, as a result of the issuing of that interest, become a standard employer-sponsored member.
[NOTES:
	1.	For corresponding provisions concerning pooled superannuation trusts, see  Subdivision 2.8.2 (regulation 2.53.).
	2.	Time for compliance:   The purpose of the ‘information’ provisions in relation to approved deposit funds (other than excluded approved deposit funds) and public offer superannuation funds, is to prescribe information that, under Subdivision 3A of Part 19 of the Act, must be given before a public offer entity does certain acts; see  sections 157 and 158.
	3.	The disclosure requirements for public offer superannuation funds in relation to standard employer-sponsored members are prescribed in Division 2.3; see also  subsection 157 (3) of the Act.]
Subdivision 3A of Part 19 of the Act
	2.09.	The provisions of this Division are made:
	(a)	under subsection 159 (1) of the Act; and
	(b)	for the purposes of sections 157 and 158 of the Act.
Information to prospective members
	2.10.	(1)	The information that the trustee of a fund must be satisfied has been received by a person before the trustee issues a superannuation interest in the fund to the person is:
	(a)	in every case—the information specified in subregulation (2); and
	(b)	additionally, in the case of a fund other than an excluded fund—the information specified in subregulation (3).
	(2)	The information referred to in paragraph (1) (a) (applicable to all funds) is all information that the trustee reasonably believes that a person would reasonably need for the purpose of:
	(a)	understanding the main features of the relevant sub-plan or, if none, of the fund; and
	(b)	making an informed judgment about the management and financial condition of the fund and of the relevant sub-plan (if any); and
	(c)	making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the fund.
	(3)	The additional information referred to in paragraph (1) (b) (applicable to funds other than excluded funds) comprises each of the following items of information:
	(a)	the contact details of the fund;
	(b)	the name of the trustee;
	(c)	a summary of the main features of the relevant sub-plan or, if none, of the fund;
	(d)	a statement of significant benefits (as defined in subregulation (4)) to which the person becomes, or may become, entitled on joining the fund;
	(e)	the circumstances in which those benefits would be payable;
	(f)	the method of working out those benefits;
	(g)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints; 
	(h)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;
	(i)	if Division 6 of Part 19 of the Act (cooling-off—redemption of interests) applies to the fund—a summary of any right of an applicant to have an interest that has been issued to him or her redeemed in accordance with a provision specified in that Division;
	(j)	a copy, or an updated version, of the information required to be given under Subdivision 2.4.3, that was most recently given to members of the relevant sub-plan or, if none, of the fund;
	(k)	in respect of the relevant sub-plan or, if none, of the fund—a statement (in outline terms) of:
	(i)	how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to members (including details of the points at which, or occasions on which, they are levied or deducted); and
	(ii)	where the fees, charges, expenses and administrative or other operational costs are pre-determined fixed amounts or percentages—those amounts or percentages; and
	(iii)	where subparagraph (ii) does not apply—a general statement as to the manner in which the fees, charges, expenses and administrative or other operational costs are determined.
	(4)	In this regulation, “significant benefit” means a financial benefit that the trustee reasonably believes a member would reasonably expect to be told about.
Information by public offer superannuation funds to prospective standard employer-sponsors
	2.11.	(1)	The information that the trustee of a public offer superannuation fund must be satisfied has been received by a person before the trustee permits the person to become a standard employer-sponsor of the fund is:
	(a)	in every case—the information specified in subregulation (2); and
	(b)	additionally, in the case of a fund other than an excluded fund—the information specified in subregulation (3).
	(2)	The information referred to in paragraph (1) (a) (applicable to all funds) is all information that the trustee reasonably believes that a person would reasonably need for the purpose of:
	(a)	understanding the main features of the relevant sub-plan or, if none, of the fund; and
	(b)	making an informed judgment about the management and financial condition of the fund and of the relevant sub-plan (if any); and
	(c)	making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the fund.
	(3)	The additional information referred to in paragraph (1) (b) (applicable to funds other than excluded funds), comprises each of the following items of information:
	(a)	the contact details of the fund;
	(b)	the name of the trustee;
	(c)	a summary of the main features of the relevant sub-plan or, if none, of the fund;
	(d)	a statement of significant benefits to which the person’s employees become, or may become, entitled on joining the fund;
	(e)	the circumstances in which those benefits would be payable;
	(f)	the method of working out those benefits;
	(g)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;
	(h)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;
	(i)	a copy, or an updated version, of the information required to be given under Subdivision 2.4.3, that was most recently given to members of the relevant sub-plan, or, if none, of the fund;
	(j)	in respect of the relevant sub-plan or, if none, of the fund—a statement (in outline terms) of:
	(i)	how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to members (including details of the points at which, or occasions on which, they are levied or deducted); and
	(ii)	where the fees, charges, expenses and administrative or other operational costs are pre-determined fixed amounts or percentages—those amounts or percentages; and
	(iii)	where subparagraph (ii) does not apply—a general statement as to the manner in which the fees, charges, expenses and administrative or other operational costs are determined.
	(4)	In this regulation, “significant benefit” means a financial benefit that the trustee reasonably believes a person in the position of the person mentioned in subregulation (1) would reasonably expect to be told about.
Division  2.3—Information for new members of certain  regulated superannuation funds
Application
	2.12.	(1)	This Division applies:
	(a)	to a regulated superannuation fund that is not a public offer superannuation fund or an eligible rollover fund; and
	(b)	to a public offer superannuation fund that is not an eligible rollover fund, but only in respect of standard employer-sponsored members of the fund.
	(2)	For the purposes of subsection 31 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a regulated superannuation fund to which this Division applies.
Time for compliance
	2.13.	The trustee of a fund must give information under this Division to a person as soon as practicable, and in any event within 3 months, after the person becomes a member of the fund.
Requirement taken to have been met
	2.14.	(1)  If the trustee of a fund is required by this Division to give information to each person who becomes a member of the fund, and the trustee or the trustee of another fund has given that information (whether under this Division or not) to the person before the person became a member, the first-mentioned trustee does not have to give the information to the person again.
	(2)	This exception applies only if the information that was previously given to the person is correct in all material respects when the person becomes a member.
General requirement
	2.15.	The trustee of a fund must give to each person who becomes a  member of the fund all information that the trustee reasonably believes that a member would reasonably need for the purpose of understanding:
	(a)	the main features of the relevant sub-plan or, if none, of the fund; and
	(b)	the management and financial condition of the fund and of the relevant sub-plan (if any); and
	(c)	the investment performance of the relevant sub-plan or, if none, of the fund.
Specific requirements in all cases
	2.16.	(1)  The trustee of a fund (other than an excluded superannuation fund) must give to each person who becomes a member of the fund each of the following items of information:
	(a)	the contact details of the fund;
	(b)	a summary of the main features of the relevant sub-plan or, if none, of the fund;
	(c)	a statement of significant benefits (as defined in subregulation (2)) to which the member becomes, or may become, entitled;
	(d)	the circumstances in which those benefits would become payable;
	(e)	the method of working out those benefits;
	(f)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;
	(g)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;
	(h)	a copy:
	(i)	if the member has joined a sub-plan—of the information required to be given under Subdivision 2.4.3 that was most recently given to members of that sub-plan; or
	(ii)	in any other case—of the information required to be given under Subdivision 2.4.3 that was most recently given to members of the fund;
	(i)	in respect of the relevant sub-plan or, if none, of the fund—a statement (in outline terms) of:
	(i)	how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to members (including details of the points at which, or occasions on which, they are levied or deducted); and
	(ii)	where the fees, charges, expenses and administrative or other operational costs are pre-determined fixed amounts or percentages—those amounts or percentages; and
	(iii)	where subparagraph (ii) does not apply—a general statement as to the manner in which the fees, charges, expenses and administrative or other operational costs are determined.
	(2)	In this regulation, “significant benefit” means a financial benefit that the trustee reasonably believes a member would reasonably expect to be told about.
Division  2.4—Information to be given for each reporting period
Subdivision 2.4.1—Preliminary
Interpretation
	2.17.	In this Division:
“fund information” means information required to be given under Subdivision 2.4.3;
“fund reporting period” means a reporting period that applies under Subdivision 2.4.3;
“member information” means information required to be given under Subdivision 2.4.2;
“member reporting period” means a reporting period that applies under Subdivision 2.4.2.
Application
	2.18.	(1)	This Division applies to:
	(a)	a regulated superannuation fund that is not an eligible rollover fund; and
	(b)	an approved deposit fund that is not an eligible rollover fund.
	(2)	This Division applies subject to the following limitations or exceptions:
	(a)	Subdivision 2.4.2 is subject to:
	(i)	the exception concerning pensioners that is stated in regulation 2.25; and
	(ii)	the exception in the case of certain members leaving a fund that is stated in regulation 2.26; and
	(b)	Subdivision 2.4.3 is subject to the limitation in relation to excluded funds that is stated in regulation 2.30; and
	(c)	in relation to funds under which benefits are determined by life policies, Subdivision 2.4.3 is subject to the limitation  that is stated in regulation 2.31.
	(3)	For the purposes of subsections 31 (1) and 32 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a fund to which this Division applies.
Reporting periods
	2.19.	(1)	Member information must be given in respect of consecutive member reporting periods.
	(2)	Fund information must be given in respect of consecutive fund reporting periods.
	(3)	A reporting period that is a member reporting period or a fund reporting period must not exceed 12 months or, if the Commissioner on the application of an entity fixes a longer period for the fund in a particular case, that longer period.
	(4)	In relation to a particular member, all member information must be given in respect of the same member reporting period.
[Example: A fund cannot report, to the same member, the information in  paragraph 2.24 (1) (a) in respect of the period from 1 January to 30 June and report all other member information in respect of the period from 1 March to 30 September.]
	(5)	In relation to a particular member, all fund information need not be given in respect of the same fund reporting period.
[Example: A fund may choose to report:
	(a)	some ‘fund information’ in respect of a 6-month period; and
	(b)	further ‘fund information’, and all ‘member information’, in respect of a 9-month period; and
	(c)	the remaining ‘fund information’ in respect of a 12-month period.
	(6)	In relation to a particular member, the first member reporting period must begin:
	(a)	if the member was a member at the start of the fund’s 1994-1995 year of income—either:
	(i)	on a date not later than the date of commencement of that year of income; or
	(ii)	if the member has been given, in accordance with regulation 13.03, information of the kind referred to in regulation 18G of the Occupational Superannuation Standards Regulations in relation to a period that includes that date of commencement, on the date immediately following the last day of that period; or
	(b)	in any other case—on a date not later than the date on which the member became a member.
	(7)	In relation to a particular member, the first fund reporting period must begin:
	(a)	if the member was a member at the start of the fund’s 1994-1995 year of income—on the date of commencement of that year of income; or
	(b)	in any other case—on a date not later than the date on which the member became a member.
	(8)	A subsequent reporting period must commence immediately after the end of the preceding reporting period.
Application in relation to reporting period
	2.20.	In relation to a reporting period:
	(a)	Subdivision 2.4.2 applies only in respect of persons who are members of the fund on the last day of the member reporting period; and
	(b)	information required to be given under Subdivision 2.4.3 need only be given to persons who are members of the fund on the day on which the report containing that information is completed.
Time for compliance
	2.21.	(1)  The duties and requirements imposed by Subdivision 2.4.2 apply in respect of each member reporting period of a fund.
	(2)	The duties and requirements imposed by Subdivision 2.4.3 apply in respect of each fund reporting period of a fund.
	(3)	The trustee of a fund must discharge each of those duties, and satisfy each of those requirements, as soon as practicable, and in any event within 6 months, after the end of the relevant reporting period.
Subdivision 2.4.2—Member information
General requirement
	2.22.	The trustee of a fund must give to each member all information that the trustee reasonably believes a member reasonably needs for the purpose of understanding his or her benefit entitlements in the fund.
Specific requirements in all cases
	2.23.	The trustee of a fund (other than an excluded fund) must give to each member all of the following items of information:
	(a)	the contact details of the fund;
	(b)	the amount of the member’s withdrawal benefit at the start of the reporting period;
	(c)	the amount of the member’s withdrawal benefit at the end of the reporting period and the method by which that amount was worked out;
	(d)	the amount of the member’s withdrawal benefit at the end of the reporting period that must be preserved.
Specific requirements in particular cases
	2.24.	(1)  Subject to subregulation (2), the trustee of a fund (other than an excluded fund) must give to each member details of the following matters in respect of the member so far as they are applicable:
	(a)	the amount of the member’s contributions during the reporting period;
	(b)	the amount of benefits rolled-over or otherwise transferred into the fund during the reporting period;
	(c)	the amount of withdrawals during the reporting period;
	(d)	the amounts of fees, charges and other expenses deducted by the fund during the reporting period from amounts held in any accounts in respect of the member;
	(e)	the amount of any allotment of employer contributions during the reporting period;
	(f)	the amount of any allotment of net earnings during the reporting period;
	(g)	the rate of any allotment of net earnings during the reporting period;
	(h)	the amount of bonuses that have accrued at the end of the reporting period;
	(i)	the amount of the sum assured;
	(j)	the amount payable in the event of the member’s death:
	(i)	at the end of the reporting period; or
	(ii)	on the first day of the next reporting period;
		or the method by which that amount is worked out;
	(k)	details, including the amount or method of working out, of other significant benefits (as defined in subregulation (3)), including, in particular, disability benefits;
	(l)	if the trustee is aware of contributions that are due and payable during the reporting period but have not been paid to the fund at, or shortly before, the date of issue of the report, details of the amount of those contributions and of action that the trustee has taken, or proposes to take, to have the contributions paid.
	(2)	A nil amount need not be disclosed.
	(3)	In this regulation, “significant benefits” means financial benefits that the trustee reasonably believes a member would reasonably expect to be told about.
Exception—pensioners
	2.25.	The trustee of a fund need not give information under this Subdivision to a member:
	(a)	in relation to any period during which the member is a life pensioner of the fund; or
	(b)	if the member is a pensioner of the fund and has requested that that information not be provided.
Exception—certain cases of members leaving fund
	2.26.	If:
	(a)	a person ceases to be a member of a fund before information required to be given to the person under this Subdivision, and in respect of a particular reporting period (the “relevant period”), is given; and
	(b)	either:
	(i)	the trustee of the fund gives, or intends to give, information to the person under Division 2.7 in respect of a reporting period that is the same as, or includes the whole of, the relevant period; or
	(ii)	where the person ceases to be a member of a fund by reason of death—the trustee complies in relation to the person with the relevant requirements of Division 2.7;
the trustee need not give information under this Subdivision, in respect of the relevant period, to or in relation to the person.
Subdivision 2.4.3—Fund information
General requirement
	2.27.	The trustee of a fund must give to each member of the fund all information that the trustee reasonably believes a member would reasonably need for the purpose of:
	(a)	understanding the management and financial condition of the fund and of the relevant sub-plan (if any); and
	(b)	understanding the investment performance of the relevant sub-plan or, if none, of the fund.
Specific requirements in all cases
	2.28.	The trustee of a fund must give to each member of the fund all of the following items of information:
	(a)	the contact details of the fund;
	(b)	in respect of the relevant sub-plan or, if none, of the fund—a description of:
	(i)	the investment strategy of the fund trustee, having regard to the requirements of paragraph 52 (2) (f) of the Act; and
	(ii)	the investment objectives;
	(c)	a statement to the effect that other information is available on request;
	(d)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints; 
	(e)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal.
Specific requirements in particular cases
	2.29.	(1)  Subject to subregulations (2) and (3), the trustee of a fund must give to each member of the fund the following items of information and documents, so far as they are applicable:
	(a)	in respect of the relevant sub-plan or, if none, of the fund—the names of investment managers appointed by the trustee;
	(b)	in the case of a standard employer-sponsored fund that is not a public offer superannuation fund and does not have a trustee approved under subsection 92 (10) of the Act:
	(i)	if the trustee of the fund is a body corporate, the name of that body corporate and the names of all its directors during the whole or any part of the reporting period and, in respect of each of those directors, details of how and by whom they were appointed;
	(ii)	if the trustees of the fund are individuals, the names of the trustees of the fund during the whole or any part of the relevant reporting period and, in respect of each of those trustees, details of how and by whom they were appointed;
	(c)	in the case of a fund other than a fund mentioned in paragraph (b):
	(i)	the name of each corporate trustee of the fund during the relevant reporting period; and
	(ii)	in respect of the relevant policy committee (if any), details of the committee (including the names of the committee members as at the end of that reporting period and, in respect of each of the members, details of how and by whom they were appointed);
	(d)	a statement as to whether any indemnity insurance has been taken out by the trustee;
	(e)	either:
	(i)	the audited fund accounts, the auditor’s report and, if there is a relevant sub-plan, abridged financial information relating to that sub-plan; or
	(ii)	each of the following:
	(A)	abridged financial information relating to the relevant sub-plan or, if none, to the fund;
	(B)	information as to when the audited fund accounts and the auditor’s report will be sent to members or will be available to members on request, as the case may be;
	(f)	in respect of the relevant sub-plan or, if none, of the fund—a statement of assets as at the end of:
	(i)	the relevant reporting period; and
	(ii)	the immediately preceding reporting period;
		that includes all information that the trustee reasonably believes a member would reasonably need to understand the asset allocation at those times;
	(g)	details of:
	(i)	each investment that has a value in excess of 5% of the total assets of the relevant sub-plan or, if none, of the fund; and
	(ii)	each combination of investments that the trustee knows or ought reasonably to know are invested in, directly or indirectly, a single enterprise or single group of associated enterprises and that have a combined value in excess of 5% of the total assets of the relevant sub-plan or, if none, of the fund;
	(h)	in respect of the relevant sub-plan or, if none, of the fund—the actual or notional rate of net earnings in the most recent reporting periods that, in total, constitute a period of at least 3 years;
	(i)	if the fund is an accumulation fund or an approved deposit fund and the fund maintains reserves—then in respect of the relevant sub-plan or, if none, of the fund, details of movements of reserves during the most recent reporting periods that, in total, constitute at least 3 years; and
	(j)	if the net earnings of the fund are allotted to members’ accounts—in respect of the relevant sub-plan or, if none, of the fund, the manner in which the allotment is made; and
	(k)	if the fund maintains reserves—in respect of the relevant sub-plan or, if none, of the fund, a description of the management strategy of the fund trustee in relation to the reserves, having regard to the requirements of paragraph 52 (2) (g) of the Act;
	(l)	in respect of the relevant sub-plan or, if none, of the fund—a statement (in outline terms) of:
	(i)	how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to members (including details of the points at which, or occasions on which, they are levied or deducted); and
	(ii)	where the fees, charges, expenses and administrative or other operational costs are pre-determined fixed amounts or percentages—those amounts or percentages; and
	(iii)	where subparagraph (ii) does not apply—a general statement as to the manner in which the fees, charges, expenses and administrative or other operational costs are determined;
	(m)	details of any penalties imposed under the Act on the trustee;
	(n)	if the fund is:
	(i)	a defined benefit fund; and
	(ii)	the contributions paid by the employer-sponsor in the reporting period are less than the amount that an actuary has approved as sufficient contributions in that period; and
	(iii)	the difference is material;
		in respect of the relevant sub-plan or, if none, of the fund—a statement to the effect that the matters stated in subparagraphs (ii) and (iii) apply, and statements of
	(iv)	the consequences for the fund of the shortfall; and	
	(v)	any action that the trustee has taken, or proposes to take, in relation to the matter.
	(2)	A nil amount need not be disclosed.
	(3)	For the purposes of subparagraph (1) (g) (ii), investments in a trust are taken not to be invested in the trustee of the trust.
	(4)	In this regulation:
“abridged financial information”, in relation to a reporting period of a fund or a sub-plan, means information derived from the fund’s accounts or records that gives a reasonable summary of either:
	(a)	both:
	(i)	changes in the financial position of the fund or sub-plan during the reporting period; and
	(ii)	the financial position of the fund or sub-plan at the end of the reporting period; or
	(b)	both:
	(i)	changes in the net assets of the fund or sub-plan during the reporting period; and 
	(ii)	the net assets of the fund or the sub-plan at the end of the reporting period.
Excluded funds—special provision
	2.30.	An excluded fund does not have to give information to a member under this Subdivision.
Exception—benefits determined by life policies
	2.31.	Paragraphs 2.29 (1) (e), (f) and (g) do not apply to funds from which the benefits paid to each individual member are wholly determined by reference to policies of life assurance.
Division 2.5—Information concerning significant events
Application
	2.32.	(1)  This Division applies to:
	(a)	a regulated superannuation fund that is not an eligible rollover fund; and
	(b)	an approved deposit fund that is not an eligible rollover fund.
	(2)	Information under this Division concerning an event is information that the trustee reasonably believes a member would reasonably need:
	(a)	where there is a nature or purpose to the event—to understand the nature or purpose; and
	(b)	to make an informed judgment about the effect (generally and in respect of the member’s current and future entitlements) of the event.
	(3)	For the purposes of subsections 31 (1) and 32 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a fund that is a regulated superannuation fund or an approved deposit fund.
Time for compliance
Meaning of “event” in subregulations (2) and (3)
	2.33.	(1)	For the purposes of subregulations (2) and (3), “event” means:
	(a)	an event referred to in regulation 2.35; or
	(b)	a change in the governing rules of a kind referred to in subregulation 2.36 (1); or
	(c)	a transfer of a member referred to in subregulation 2.36 (3); or
	(d)	the receipt of a notice of non-compliance referred to in subregulation 2.36 (4).
General rule
	(2)	The time within which the trustee of a fund must give information under this Division about an event to a member or class of members is:
	(a)	before the expected occurrence, or as soon as practicable after the occurrence, of the event; and
	(b)	in any case, within 3 months after the occurrence of the event.
Where event not adverse, etc.
	(3)	Despite subregulation (2), the information may be given more than 3 months after the occurrence of the event if:
	(a)	the trustee reasonably believes that the event is not adverse to the member’s interests and accordingly the member would not be expected to be concerned about the delay in giving the information; and
	(b)	the information is given no later than 12 months after the occurrence of the event.
Meaning of “event” in subregulation (5)
	(4)	For the purposes of subregulation (5), “event” means:
	(a)	a decision of the trustee; or
	(b)	the winding-up or termination of the fund;
whichever is applicable.
Where a member would expect to be informed before the event
	(5)	Where a member would reasonably expect to be informed of an event before it occurs, the trustee must give the information to the member as soon as practicable after it becomes reasonable for the trustee to expect that the event will happen (except that the information need not be given more than 3 months before the expected date of the event).
[Examples:
	1.	On 1 December 1996 it is proposed to wind up the fund with effect from 30 June 1997.  Generally the information must be given as soon as practicable after 1 December 1996.  However it may be delayed to 31 March 1997.
	2.	On 1 December 1996 it is proposed to wind up the fund with effect from 31 December 1996. The information must be given  without delay.]
Contact details to accompany information
	2.34.	Where the trustee of a fund gives information under this Division the trustee must give with the information a statement of the contact details of the fund.
General requirement
	2.35.	The trustee of a fund must give information to a member concerning any event in relation to the fund that the trustee reasonably believes the member would reasonably expect to be informed of.
Specific requirements
	2.36.	(1)  If the governing rules of a fund are changed and the change is of a kind stated in subregulation (2), the trustee of the fund must give information concerning the change to each member affected by the change.
	(2)	The kinds of changes are those that:
	(a)	have an adverse effect on a member’s accrued benefits; or
	(b)	have an adverse effect on the benefits to which a member may become entitled; or
	(c)	have an adverse effect for the member on the circumstances in which those benefits would become payable; or
	(d)	have an adverse effect for the member on the manner in which those benefits would be worked out; or
	(e)	have an adverse effect on the security of the member’s benefits.
	(3)	If a member of a fund is transferred to a different category of membership or to a different fund, the trustee of the first-mentioned fund must give information to that member concerning the transfer.
	(4)	If the trustee of a fund receives a notice of non-compliance, the trustee must give to each member:
	(a)	a statement of the circumstances (including details of the non-compliance) that gave rise to the issue of the notice; and
	(b)	a statement of the effect on the fund of the issue of the notice (including details of the effect on the fund’s taxation position); and
	(c)	details of action that the trustee has taken, or proposes to take, to have the fund become a complying fund; and
	(d)	any information concerning the non-compliance that the Commissioner requires to be given for the purposes of this paragraph.
	(5)	For the purposes of subregulation (4), a notice of non-compliance means a notice issued under section 40 of the Act to the trustee of a fund stating that the fund is not a complying fund.
	(6)	This regulation does not apply to an excluded fund.
Division  2.6—Information on request
Application
	2.37.	(1)	This Division applies to a superannuation entity.
	(2)	For the purposes of subsections 31 (1), 32 (1) and 33 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a superannuation entity.
Documents may be made available for inspection
	2.38.	It is sufficient compliance with a requirement under this Division to give information, or to give a copy of a document, to a person if:
	(a)	a document containing the information; or
	(b)	a copy of the document;
as the case requires, is made available for inspection by the person:
	(c)	at a suitable place (having adequate facilities for the person to inspect and photocopy the document); and
	(d)	during normal business hours;
or as otherwise agreed between the trustee of a superannuation entity who is required to give the information to the person, and the person.
Time for compliance
	2.39.	The trustee of a superannuation entity must comply with a request to give information, or a copy of a document, as soon as practicable, and in any event the trustee must make reasonable efforts to comply with the request within 1 month of receiving the request.
General requirement
	2.40.	(1)  Subject to subregulation (2), the trustee of a superannuation entity must give to a person, on request by the person, information that the person reasonably requires, as follows:
	(a)	if the person is a concerned person (as defined in subregulation (3))—for the purposes of:
	(i)	understanding any benefit entitlements that the person may have, has or used to have; and 
	(ii)	understanding the main features of the relevant sub-plan or, if none, of the entity; and
	(iii)	making an informed judgment about the management and financial condition of the entity and of the relevant sub-plan (if any); and
	(iv)	making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the entity; and
	(v)	understanding the particular investments of the relevant sub-plan and the entity; or
	(b)	if the person is an employer-sponsor—for the purposes of:
	(i)	understanding the kinds of benefits to which the person’s employees are entitled or will or may become entitled, and the main features of the relevant sub-plan or, if none, the entity; and 
	(ii)	making an informed judgment about the management and financial condition of the entity and of the relevant sub-plan (if any); and
	(iii)	making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the entity; and
	(iv)	a matter related to the SG (A) Act.
	(2)	This regulation does not require (or, by implication, authorise) the disclosure of:
	(a)	internal working documents of the entity; or
	(b)	information or documents that would disclose, or tend to disclose:
	(i)	personal information of another person if, in the circumstances, the disclosure would be unreasonable; or
	(ii)	trade secrets or other information having a commercial value that would be reduced or destroyed by the disclosure; or
	(c)	information or documents in relation to which the entity owes to another person a duty of non-disclosure.
	(3)	In this regulation and regulation 2.41:
“concerned person” means a person who:
	(a)	is, or was within the preceding 12 months, a member of the superannuation entity to which the request is made; or
	(b)	is a beneficiary of the superannuation entity to which the request is made.
Specific requirements
	2.41.	(1)  Subject to subregulation (2), the trustee of a superannuation entity (other than an excluded fund) must give to a person, on request in writing by the person, a copy of any of the following documents (to the extent the trustee has access to the documents) specified in the request:
	(a)	the governing rules of the superannuation entity;
	(b)	audited accounts of the superannuation entity, together with (whether or not specifically requested) the auditor’s report in relation to the accounts;
	(c)	the most recent actuarial report (as referred to in regulation 9.30) on the entity, and any subsequent written advice by an actuary to the trustee, to the extent that those documents are relevant to:
	(i)	the overall financial condition of the entity; or
	(ii)	the entitlements of the person;
	(d)	in the case of a regulated superannuation fund or approved deposit fund—a copy of information given under Subdivision 2.4.3 that was most recently given to the members;
	(e)	in the case of a PST—a copy of the information required to be given under paragraph 2.59 (b), regulation 2.60 (other than under paragraph 2.60 (a)) and regulation 2.61 that was most recently given to the members.
	(2)	If the person requesting the information is not a concerned person (as defined in subregulation 2.40 (3)), the trustee need not give to the person the documents referred to in paragraphs (1) (a) and (c).
	Division 2.7—Information when a member leaves a fund
Application
	2.42.	(1)	This Division applies to:
	(a)	a regulated superannuation fund that is not an eligible rollover fund; and
	(b)	an approved deposit fund that is not an eligible rollover fund.
	(2)	This Division is subject to the exception concerning an exit reporting period, in the case of certain members who cease to be members of a fund, that is stated in regulation 2.48.
	(3)	For the purposes of subsections 31 (1) and 32 (1) of the Act, a requirement of this Division is a standard applicable to the operation of a fund that is a regulated superannuation fund or an approved deposit fund.
Time for compliance
	2.43.	(1)  The trustee of a fund must give information under this Division to a person as soon as practicable after the trustee becomes aware that the person has ceased to be a member of the fund, and in particular the trustee must make reasonable efforts to give the information within 1 month after becoming aware that the person has ceased to be a member of the fund.
	(2)	The trustee of a fund must make all reasonable efforts to give information about a continuation option in good time before the option lapses.
Exit reporting period
	2.44.	In this Division, “exit reporting period”, in relation to a person who ceases to be a member of a fund, means the period:
	(a)	beginning on the first day of the member reporting period in which the person ceases to be a member of the fund; and
	(b)	ending at the end of the day on which the person ceases to be a member of the fund.
General requirement
	2.45.	If a person ceases to be a member of a fund, the trustee of the fund must give all information to:
	(a)	if the person is alive—the person ; or
	(b)	if the person is deceased—each person receiving a benefit as a result of the first-mentioned person’s death;
that the trustee reasonably believes such a person would reasonably need for the purpose of understanding his or her benefit entitlements.
Specific requirements in all cases
	2.46.	(1)  The trustee of a fund (other than an excluded fund) must give to a person who ceases, otherwise than by death, to be a member of the fund, the following information:
	(a)	the contact details of the fund;
	(b)	the amount of the person’s withdrawal benefit at the start of the exit reporting period;
	(c)	the amount of the person’s benefit at the end of the exit reporting period and the method by which that amount was worked out;
	(d)	the amount of the person’s benefit at the end of the exit reporting period that must be preserved, unless there is no preservation of the benefits;
	(e)	in the case of a death benefit that ceases or reduces, or will cease or reduce, because the person has left the fund:
	(i)	either:
	(A)	the amount of the death benefit immediately before the person left the fund or at the end of the last member reporting period; or
	(B)	the method of working out the death benefit; and
	(ii)	whether a continuation option is available to the person and, if it is, details of the option, a contact person who is available to discuss the option and a telephone number for the contact person;
	(f)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;
	(g)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal.
	(2)	If a person ceases by death to be a member of a fund (other than an excluded fund), the trustee of the fund must give to each person receiving a benefit from the fund as a result of the death of the person:
	(a)	a statement setting out:
	(i)	details (in summary form) of arrangements that the fund has to deal with inquiries or complaints; and
	(ii)	details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal; or
	(b)	a statement that those kinds of details are available on request.
Specific requirements in particular cases
	2.47.	(1)  The trustee of a fund (other than an excluded fund) must give to each person who ceases, otherwise than by death, to be a member of the fund details of the following matters in respect of the member so far as they are applicable:
	(a)	the amount of the person’s contributions during the exit reporting period;
	(b)	the amount of benefits rolled-over or otherwise transferred into the fund during the exit reporting period;
	(c)	the amount of withdrawals during the exit reporting period;
	(d)	the amounts of fees, charges and other expenses deducted by the fund during the exit reporting period from amounts held in any accounts in respect of the member;
	(e)	the amount of any allotment of employer contributions during the exit reporting period;
	(f)	the amount of any allotment of net earnings during the exit reporting period;
	(g)	the rate of any allotment of net earnings during the exit reporting period;
	(h)	the amount of bonuses that have accrued at the end of the exit reporting period;
	(i)	the amount of the sum assured;
	(j)	if the trustee is aware of contributions that are due and payable during the reporting period but have not been paid to the fund, details of the amount of those contributions and of action that the trustee has taken, or proposes to take, to have the contributions paid.
	(2)	A nil amount need not be disclosed.
Exceptions to “exit reporting period” provisions
	2.48.	(1)  Subject to subregulation (2), if a person ceases to be a member of a fund:
	(a)	after the end of a completed member reporting period (the “completed period”); and
	(b)	before member information is issued for that period;
the information required by this Division to be given to or in relation to the person may be given in respect of the period consisting of:
	(c)	the completed period; and
	(d)	the period from the end of that period to the end of the day on which the person ceased to be a member of the fund;
instead of in respect of the person’s exit reporting period.
	(2)	If the period mentioned in paragraph (1) (d) exceeds 6 months in a particular case, subregulation (1) does not apply in respect of that case.
	(3)	The trustee of a fund need not give information under this Division to a member who is transferring to another fund if:
	(a)	the member has received sufficient information under subregulation 2.36 (3) to enable the member to understand the effect of the transfer; and
	(b)	the trustee reasonably believes that the member does not need the information because the member has received or will receive, from the trustee of the fund to which the member is being transferred, information under Subdivision 2.4.2 in respect of the member’s exit reporting period.
Division  2.8—Pooled superannuation trusts
Subdivision 2.8.1—Preliminary
Application
	2.49.	This Division applies to a PST.
Operating standards
	2.50.	For the purposes of subsection 33 (1) of the Act, a requirement of this Division, other than Subdivision 2.8.2, is a standard applicable to the operation of a PST.
Statement of particulars must accompany information
	2.51.	Where the trustee of a PST gives information in accordance with this Division, it must give, with the information, a statement of the contact details  of the PST.
Subdivision 2.8.2—Information for prospective unit-holders
Subdivision 3A of Part 19 of the Act
	2.52.	The provisions of this Subdivision are made:
	(a)	under subsection 159 (1) of the Act; and
	(b)	for the purposes of sections 157 and 158 of the Act.
Information by a trustee of a PST for prospective unit-holders
	2.53.	The information that the trustee of a PST must be satisfied has been received by a person before the trustee issues an interest in the PST to the person is all information the trustee reasonably believes a person reasonably needs for the purpose of:
	(a)	understanding the main features of the PST; and
	(b)	making an informed judgment about the management, investment performance and financial condition of the PST.
Subdivision 2.8.3—Information in respect of reporting periods
Interpretation
	2.54.	In this Subdivision:
“PST information” means information required to be given under paragraph 2.59 (b), regulation 2.60 (other than paragraph 2.60 (a)) and regulation 2.61;
“PST reporting period” means a reporting period that applies to PST information;
“unit-holder information” means information required to be given under paragraphs 2.59 (a) and regulation 2.60 (a);
“unit-holder reporting period” means a reporting period that applies to unit-holder information.
Reporting periods
	2.55.	(1)	Unit-holder information must be given in respect of consecutive unit-holder reporting periods.
	(2)	PST information must be given in respect of consecutive PST reporting periods.
	(3)	A reporting period that is a unit-holder reporting period or a PST reporting period must not exceed 12 months or, if the Commissioner on the application of an entity fixes a longer period for the PST in a particular case, that longer period.
	(4)	In relation to a particular unit-holder, all unit-holder information must be given in respect of the same unit-holder reporting period.
[NOTE:  For an example, see  subregulation 2.19 (4).]
	(5)	In relation to a particular unit-holder, all PST information need not be given in respect of the same PST reporting period.
[NOTE:  For a comparable example, see to subregulation 2.19 (5).]
	(6)	In relation to a particular unit-holder, the first unit-holder reporting period must begin:
	(a)	if the unit-holder was a unit-holder at the start of the PST’s 1994-1995 year of income, during that year of income; or
	(b)	in any other case—on a date not later than the date on which the unit-holder became a unit-holder.
	(7)	In relation to a particular unit-holder, the first PST reporting period must begin:
	(a)	if the unit-holder was a unit-holder at the start of the PST’s 1994-1995 year of income, during that year of income; or
	(b)	in any other case—on a date not later than the date on which the unit-holder became a unit-holder.
	(8)	A subsequent reporting period must commence immediately after the end of the preceding reporting period.
Application in relation to reporting period
	2.56.	In relation to a reporting period:
	(a)	unit-holder information need only be given in respect of persons who are unit-holders of the PST on the last day of the unit-holder reporting period; and
	(b)	PST information need only be given to persons who are unit-holders of the PST on the day on which the report containing that information is completed.
Time for Compliance
	2.57.	(1)  Paragraphs 2.59 (a), 2.60 (a) apply in respect of each unit-holder reporting period.
[NOTE:  See subregulation 2.55 (1).]
	(2)	Paragraph 2.59 (b), regulation 2.60 (other than paragraph 2.60 (a)) and regulation 2.61 apply in respect of each PST reporting period.
[NOTE:  See subregulation 2.55 (2).]
	(3)	The trustee of a PST must comply with a requirement of this regulation as soon as practicable, and in any event within 6 months, after the end of the relevant reporting period.
Exemption from giving information
	2.58.	If:
	(a)	a person ceases to be a unit-holder of a PST before unit-holder information required to be given to that person in respect of a particular unit-holder reporting period (the “relevant period”) is given; and
	(b)	the trustee of the PST gives, or intends to give, information to that person under Subdivision 2.8.5 in respect of a reporting period that is the same as, or includes the whole of, the relevant period;
the trustee need not give that unit-holder information, in respect of the relevant period, to or in relation to the person.
General requirement
	2.59.	The trustee of a PST must give to each unit-holder all information the trustee reasonably believes a unit-holder reasonably needs for the purpose of:
	(a)	understanding the unit-holder’s interest in the PST; and
	(b)	making an informed judgment about the management, investment performance and financial condition of the PST.
Specific requirements in all cases
	2.60.	The trustee of a PST must give to each unit-holder all information on the following matters:
	(a)	in respect of the particular unit-holder:
	(i)	the unit-holder’s opening and closing balances for the relevant reporting period; and
	(ii)	a reconciliation of those balances;
	(b)	in respect of the PST—a description of the investment strategy of the PST trustee, having regard to
	(i)	the requirements of paragraph 52 (2) (f) of the Act; and
	(ii)	the investment objectives of the PST;
	(c)	a statement to the effect that other information is available on request.
Specific requirements in particular cases
	2.61	(1)  Subject to subregulations (2) and (3), the trustee of a PST must give to each unit-holder the following items of information and documents, so far as they are applicable:
	(a)	in respect of the PST—the names of investment managers appointed by the trustee;
	(b)	the name of each approved trustee of the PST during the relevant reporting period;
	(c)	either:
	(i)	the audited accounts of the PST and the auditor’s report; or
	(ii)	each of the following:
	(A)	abridged financial information (as defined in subregulation (4)) relating to the PST;
	(B)	information as to when the audited accounts of the PST and the auditor’s report will be sent to unit-holders or will be available to unit-holders on request, as the case may be;
	(d)	in respect of the PST—a statement of assets as at the end of:
	(i)	the relevant reporting period; and
	(ii)	the immediately preceding reporting period;
		that includes sufficient information to enable unit-holders to understand the asset allocation at those times;
	(e)	details of:
	(i)	each investment that has a value in excess of 5% of the total assets of the PST; and
	(ii)	details of each combination of investments that the trustee knows or ought reasonably to know are invested, directly or indirectly, in a single enterprise or single group of associated enterprises and that have a combined value in excess of 5% of the total assets of the PST;
	(f)	in respect of the PST—the actual or notional rate of net earnings of the PST in the most recent reporting periods that, in total, constitute a period of at least 3 years;
	(g)	a statement (in outline terms) of:
	(i)	how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to unit-holders (including details of the points at which, or occasions on which, they are levied or deducted); and
	(ii)	where the fees, charges, expenses and administrative or other operational costs are pre-determined fixed amounts or percentages—those amounts or percentages; and
	(iii)	where subparagraph (ii) does not apply—the general manner in which the fees, charges, expenses and administrative or other operational costs are determined;
	(h)	details of any penalties imposed under the Act on the trustee.
	(2)	A nil amount need not be disclosed.
	(3)	For the purposes of subparagraph (1) (e) (ii), investments in a trust are taken not to be invested in the trustee of the trust.
	(4)	In this regulation:
“abridged financial information”, in relation to a reporting period of a PST, means information derived from the PST’s accounts that gives a reasonable summary of:
	(a)	changes in the PST’s financial position during the reporting period; and
	(b)	the PST’s financial position at the end of the reporting period.
Subdivision 2.8.4—Significant events
Time for compliance
Meaning of “event” in subregulations (2) and (3)
	2.62.	(1)	For the purposes of subregulations (2) and (3), “event” means:
	(a)	an event referred to in subregulation 2.63 (1); or
	(b)	the receipt of a notice of non-compliance referred to in regulation 2.64;
whichever is applicable.
Significant event information—general rule
		(2)  The time within which the trustee of a PST must give information under this Subdivision about an event to a unit-holder or class of unit-holders is:
	(a)	before the expected occurrence, or as soon as practicable after the occurrence, of the event; or
	(b)	in any case, within 3 months after the occurrence of the event.
Significant event information—event not adverse
	(3)	Despite subregulation (2), the information may be given more than 3 months after the occurrence of the event if:
	(a)	the trustee reasonably believes that the event is not adverse to the unit-holder’s interests and accordingly the unit-holder would not be expected to be concerned about the delay in giving the information; and
	(b)	the information is given no later than 12 months after the occurrence of the event.
Meaning of “event” in subregulation (5)
	(4)	For the purposes of subregulation (5), “event” means:
	(a)	a decision of the trustee; or
	(b)	the winding-up or termination of the PST;
whichever is applicable.
Significant event information—unit-holder expects to be informed before event
	(5)	Where a unit-holder would reasonably expect to be informed of an event before it occurs, the trustee of a PST must give the information to the unit-holder as soon as practicable after it becomes reasonable for the trustee to expect that the event will happen (except that the information need not be given more than 3 months before the expected date of the event).
Information concerning significant events
	2.63.	(1)  The trustee of a PST must give to each unit-holder information concerning any event in relation to the PST that the trustee reasonably believes the unit-holder would reasonably expect to be informed of.
[NOTE:  For examples, see under regulation 2.33.]
	(2)	Information under this regulation concerning an event is information that the trustee reasonably believes a unit-holder would reasonably need:
	(a)	where there is a nature or purpose to the event—to understand the nature or purpose; and
	(b)	to make an informed judgment about the effect (generally and in respect of the unit-holder’s current and future entitlements) of the event.
Information concerning notice of non-compliance
	2.64.	If the trustee of a PST receives a notice of non-compliance, the trustee must give to each unit-holder:
	(a)	a statement of the circumstances (including details of the non-compliance) that gave rise to the issue of the notice; and
	(b)	a statement of the effect on the PST of the issue of the notice (including details of the effect on the PST’s taxation position); and
	(c)	details of action that the trustee has taken, or proposes to take, to have the PST become a PST for the purposes of Division 2 of Part 5 of the Act; and
	(d)	any information concerning the non-compliance that the Commissioner requires to be given for the purposes of this paragraph.
[NOTE:	For the purposes of this regulation, a notice of non-compliance is a notice issued under section 40 of the Act stating that the entity is not a PST.]
Subdivision 2.8.5—Information on leaving
Information when a person ceases to be a unit-holder
	2.65.	The trustee of a PST must give information under regulation 2.66 to a person as soon as practicable after the trustee becomes aware that the person has ceased to be a unit-holder of the PST, and in particular the trustee must make reasonable efforts to give the information within 1 month after becoming aware that the person has ceased to be a unit-holder of the PST.
Persons ceasing to be unit-holders
	2.66.	(1)  Subject to regulation 2.67, the trustee of a PST must give to a person who ceases to be a unit-holder all information the trustee reasonably believes a person reasonably needs for the purpose of understanding their interest in the PST on the day on which the person ceased to be a unit-holder.
	(2)	In particular, the trustee of a PST must give the person:
	(a)	information concerning the person’s opening and closing balances for the period:
	(i)	beginning on the first day of the unit-holder reporting period in which the person ceases to be a unit-holder of the PST; and
	(ii)	ending at the end of the day on which the person ceases to be a unit-holder of the PST; and
	(b)	a reconciliation of those balances.
Exceptions to reporting requirement where person ceases to be unit-holder
	2.67.	(1)  Subject to subregulation (2), if a person ceases to be a unit-holder of a PST:
	(a)	after the end of a completed unit-holder reporting period (the “completed period”); and
	(b)	before a unit-holder report is issued for that period;
the information required by regulation 2.66 to be given to or in relation to the person may be given in respect of the period consisting of:
	(c)	the completed period; and
	(d)	the period from the end of that period to the end of the day on which the person ceased to be a unit-holder of the PST;
instead of in respect of the period stated in paragraph 2.66 (2) (a).
	(2)	If the period mentioned in paragraph (1) (d) exceeds 6 months in a particular case, subregulation (1) does not apply in respect of that case.
PART 3—MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO PUBLIC OFFER ENTITIES
Public offer superannuation fund—prescribed persons
	3.01.	For the purposes of sub-subparagraph 18 (1) (a) (ii) (B) of the Act, a prescribed class consists of  former standard employer-sponsored members of the fund who, since ceasing to be standard employer-sponsored members of the fund, either:
	(a)	have not made any contributions to the fund; or
	(b)	have made contributions to the fund in the 2-year period commencing on the day following the day on which they ceased to be such members, but have not made any contributions after the end of that period.
Application for approval of trustees
	3.02.	For the purposes of paragraph 23 (2) (c) of the Act, the prescribed amount of an application fee is $500.
Deciding an application for approval
	3.03.	For the purposes of subparagraphs 26 (1) (b) (i) and (ii) of the Act, the amount of $5,000,000 is prescribed.
Section 54 of the Act—prescribed percentages
	3.04.	For the purposes of section 54  of the Act (prerequisites to variation of repayment period), the following percentages are prescribed:
	(a)	in the case of paragraph (1) (c) of the section—25%; and
	(b)	in the case of paragraph (1) (d) of the section—at least 75%.
Policy committees—sections 91, 92 and 93 of the Act
Pre-1 July 1995—funds with 200 or more members (paragraph 91 (3) (b) of the Act)
	3.05.	(1)	For the purposes of paragraph 91 (3) (b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 91 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that, if there are at least 200 of its members (a “group”), each of whom:
	(a)	is a standard employer-sponsored member; and
	(b)	has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group;
there is at least 1 policy committee established for that group.
Post-30 June 1995—funds with more than 4, but fewer than 50, members (paragraph 92 (3) (b) of the Act)
	(2)	For the purposes of paragraph 92 (3) (b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 92 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that if:
	(a)	there are at least 5 of its members (a “group”) each of whom:
	(i)	is a standard employer-sponsored member; and
	(ii)	has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group; and
	(b)	a written request is made to the trustee on behalf of at least 5 members of the group to establish a policy committee;
there is at least 1 policy committee established for that group.
Post-30 June 1995—funds with more than 49 members (paragraph 93  (3) (b) of the Act)
	(3)	For the purposes of paragraph 93 (3)(b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 93 of the Act applies is subject to the following rules, namely:
	(a)	the trustee of the fund must take all reasonable steps to ensure that, if there are more than 49 of its members (a “group”), each of whom:
	(i)	is a standard employer-sponsored member; and
	(ii)	has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group;
		there is at least 1 policy committee established for that group; and
	(b)	the trustee of the fund must take all reasonable steps to ensure that, if:
	(i)	there are at least 5 but fewer than 50 of its members (a “group”), each of whom:
	(A)	is a standard employer-sponsored member; and
	(B)	has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group; and
	(ii)	a written request is made to the trustee on behalf of at least 5 members of that group to establish a policy committee; 
		there is at least 1 policy committee established for that group.
Rules do not apply to certain funds
	(4)	If a public offer superannuation fund complies with the basic equal representation rules stated in section 89 of the Act, the fund is not subject to the rules set out in subregulations (1), (2) and (3).
Equal representation of employers and members on policy committees—effect of vacancy
	(5)	If a vacancy occurs in the membership of a policy committee of a public offer superannuation fund the policy committee is taken to consist of equal numbers of employer representatives and member representatives during the period of the vacancy, in accordance with paragraph 91 (3) (c), 92 (3) (c) or 93 (3) (c) of the Act (whichever is applicable) if:
	(a)	immediately before the vacancy occurred, the policy committee consisted of equal numbers of employer representatives and member representatives; and
	(b)	the vacancy is filled within 90 days after it occurred; and
	(c)	immediately after the vacancy is filled, the policy committee consists of equal numbers of employer representatives and member representatives.
Policy committees—functions (paragraphs 91 (3) (b), 92 (3) (b) and 93 (3)(b) of the Act)
	3.06.	(1)  For the purposes of paragraphs 91 (3) (b), 92 (3) (b) and 93 (3) (b) of the Act, a public offer superannuation fund to which section 91, 92 or 93 of the Act applies is subject to the following rule, namely, that the functions that a policy committee of a fund may undertake include the following:
	(a)	providing an avenue:
	(i)	for members of the fund to inquire about the investment strategy and performance of the fund; and 
	(ii)	for the trustee of the fund to obtain the views of members of the fund concerning that strategy and performance;
	(b)	providing an avenue for members of the fund to inquire about the fund’s operation or performance;
	(c)	providing an avenue for the trustee of the fund to obtain the views of members of the fund concerning the fund’s operation or performance;
	(d)	providing an avenue for the trustee of the fund to obtain the views of members of the fund on their information needs;
	(e)	assisting the trustee of the fund in dealing with complaints or inquiries about the operation or management of the fund.
	(2)	Subregulation (1) is not to be taken as limiting by implication the functions and responsibilities of the trustee.
Definition of policy committee in section 10 of the Act—matters specified for purposes of paragraph (a)
	3.07.	Issues relating to the fund that a member of the fund, or the employer-sponsor of a member of the fund, has raised with the committee as a matter of concern, are specified for the purposes of paragraph (a) of the definition of policy committee in section 10 of the Act.
Policy committees—duties of trustee
	3.08.	(1)  In relation to each policy committee of a public offer superannuation fund, the trustee of the fund must:
	(a)	ensure, so far as practicable, that the committee meets at least once in any 12-month period; and
	(b)	provide facilities that are reasonably necessary to enable the committee to meet and to function effectively.
	(2)	A meeting may be held wholly or in part by means of a telephone conference connection among the committee members and, if a representative of the trustee is to attend, the representative.
	(3)	The trustee must arrange for a representative of the trustee to attend each meeting of the committee that the committee requests the trustee to do so.
	(4)	The trustee may recoup from the fund:
	(a)	the costs of providing facilities for the committee to meet; and
	(b)	the costs incurred by the trustee in attending a meeting of the committee; and
	(c)	the costs incurred by the trustee in providing information to the committee.
[Note: The amount of costs recouped is determined in accordance with regulation 5.02]
Dissolution of policy committees
	3.09.	(1)  A policy committee of a public offer superannuation fund may dissolve itself, and if it does so the trustee of the fund is taken to have complied with the trustee’s duties under regulation 3.05.
	(2)	If a policy committee dissolves itself and at least 5 members of the fund, being members in respect of whom the committee functioned, request the trustee of the fund in writing to form a replacement committee, the trustee must take all reasonable steps to do so.
	(3)	The provisions of regulations 3.06, 3.07 and 3.08, and this regulation, apply to a replacement committee.
Commission and brokerage
	3.10.	(1)  For the purposes of subsection 154 (1) of the Act, the requirements set out in this regulation apply in relation to a payment by the trustee of a public offer entity of commission or brokerage of a kind mentioned in that subsection.
	(2)	The trustee of a public offer entity may make a payment of commission or brokerage to a person in consideration of the person:
	(a)	applying or agreeing to apply for the issue of an interest in the entity; or 
	(b)	procuring or agreeing to procure applications for the issue of an interest in the entity;
if, and only if:
	(c)	the payment is not prohibited by the entity’s trust deed; and
	(d)	the amount of the proposed payment, or the proposed rate of payment, is disclosed in a regulated document in relation to the entity.
	(3)	The trustee of a public offer entity must not make a payment of commission or brokerage to a person in respect of issuing an interest in the entity unless the person is:
	(a)	the holder of a dealers licence granted under Part 7.3 of the Corporations Law or under a corresponding law of a State or Territory; or
	(b)	the holder of a proper authority within the meaning of the Corporations Law; or
	(c)	an exempt dealer within the meaning of the Corporations Law; or
	(d)	any of the following:
	(i)	the holder of an investment advisers licence granted under Part 7.3 of the Corporations Law or under a corresponding law of a State or Territory; 
	(ii)	an accountant or solicitor whose principal business or profession is not the giving of advice about securities;
	(iii)	an employee of an accountant or solicitor whose principal business or profession is not the giving of advice about securities; or 
	(iv)	a company providing accountancy or legal services whose principal business is not the giving of advice about securities;
	(v)	a director or employee of a company of that kind;
		if the person has told the trustee in writing that the total amount of the commission or brokerage will be rebated to the applicant for the issue; or
	(e)	a registered insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984; or
	(f)	a life insurance company.
	(4)	A reference in subregulation (3) to a solicitor or accountant includes a reference to a firm of solicitors or accountants, or to a partner in such a firm, as the case requires.
	(5)	The trustee of an entity must keep an account of amounts of commission and brokerage paid by the entity.
Statements by experts—keeping of written consents
	3.11.	(1)  For the purposes of subsection 163 (2) of the Act the period for which the trustee of a public offer entity must keep a consent or copy is 10 years from the date on which the entity receives the consent.
	(2)	A copy of a consent may be kept:
	(a)	in its physical form; or
	(b)	in an electronic form that is capable of being reproduced in paper form.
Requirements concerning application money held on trust
	3.12.	For the purposes of section 169 of the Act, the trustee of a public offer entity must:
	(a)	pay money referred to in the section into a trust account (that need not be interest bearing) in the name of the applicant from whom the entity received the money; and
	(b)	retain the money in a trust account of that kind until:
	(i)	the relevant superannuation interest is issued to the applicant; or
	(ii)	the money is refunded to the applicant.
PART 4—MANAGEMENT AND TRUSTEESHIP OF SUPERANNUATION ENTITIES
Division 4.1—Prescribed matters
Covenants in governing rules of a superannuation entity—prescribed information and documents
	4.01.	For the purposes of paragraph 52 (2) (h) of the Act, the information and documents that are available to a concerned person under Division 2.6 are prescribed.
Covenants in governing rules of a superannuation entity—beneficiary investment choice
	4.02	(1)  For the purposes of paragraph 52 (4) (b) of the Act, the circumstances in which a direction of the kind referred to in that paragraph (other than a subsequent direction of that kind) may be given are:
	(a)	in the case of a direction by a specified beneficiary who is, or a class of specified beneficiaries each of whom is, a standard employer-sponsored member—the circumstances stated in subregulations (2) and (3); and
	(b)	in any other case—the circumstances stated in subregulation (2).
	(2)	For the purposes of paragraphs (1) (a) and (b), the following circumstances are stated, namely that:
	(a)	the trustee gives to the beneficiary, or to each member of the class of beneficiaries, a choice of 2 or more investment strategies from which the beneficiary, or class of beneficiaries, may choose a strategy or combination of strategies; and
	(b)	the beneficiary, or each member of the class of beneficiaries, is given:
	(i)	the investment objectives of each of the strategies mentioned in paragraph (a); and
	(ii)	all information the trustee reasonably believes a person would reasonably need for the purpose of understanding the effect of, and any risk involved in, each of those strategies; and
	(c)	the beneficiary, or each member of the class of beneficiaries, is fully informed of the range of directions that can be given and the circumstances in which they can be changed; and
	(d)	the direction is given after compliance with the above paragraphs, and the direction specifies:
	(i)	which of the strategies or which combination of strategies referred to in paragraph (a) is to be followed in relation to investments of the beneficiary’s, or class of beneficiaries’, interest in the fund; and
	(ii)	where applicable, matters related to the choice referred to in that paragraph.
[Example:	A strategy could allow the beneficiary, or class of beneficiaries, a choice in exposure to certain classes of asset .  The beneficiary may choose 60%in fixed interest loans and 40% in shares and the choice of the level of exposure to the class of assets would be a “matter” mentioned in subparagraph (ii).]
	(3)	For the purposes of paragraph (1) (a), the following circumstance is stated, namely that the trustee clearly identifies to the beneficiary, or to each member of the class of beneficiaries, when giving to him, her or them a choice of 2 or more investment strategies in accordance with paragraph (2) (a), the strategy the trustee will adopt if no direction is given.
	(4)	Subregulation (3) does not apply in relation to a beneficiary or a member of a class of beneficiaries if it is a condition of membership for the beneficiary to choose a strategy or combination of strategies.
	(5)	For the purposes of paragraph 52 (4) (b) of the Act, the circumstances in which a direction of the kind referred to in that paragraph, if it is a subsequent direction of that kind, may be given are that:
	(a)	the beneficiary, or each member of the class of beneficiaries, is given all information the trustee reasonably believes a person would reasonably need for the purpose of understanding the effect of, and any risk involved in, the subsequent direction; and
	(b)	the subsequent direction is given after compliance with paragraph (a), and relates to the strategy to be followed in relation to the investment of the interest in the fund of the beneficiary or class of beneficiaries.
Trustee of employer-sponsored fund—prescribed direction by employer-sponsor
	4.03.	(1)  For the purposes of paragraph 58 (2) (e) of the Act, the circumstances in which the governing rules of a superannuation entity may permit an employer-sponsor or an associate of an employer-sponsor to give a direction to the trustee of an employer-sponsored fund are:
	(a)	where, after the implementation of  the direction:
	(i)	the fund (if a defined benefit fund) would not become technically insolvent within the meaning of subregulation 9.06 (3); or
	(ii)	the fund (if an accumulation fund) would not become technically insolvent within the meaning of subregulation 9.35 (3); and
	(b)	where members’ rights to accrued benefits in the fund are not adversely affected by the direction; and
	(c)	the direction qualifies under subregulation (2).
	(2)	A direction qualifies if:
	(a)	the contributions of the employer-sponsor to the fund include contributions that are not mandated employer contributions (within the meaning of Part 5) and the direction relates solely to either or both of the following:
	(i)	those non-mandated employer contributions; or
	(ii)	benefits related to those non-mandated employer contributions; or
	(b)	whether or not paragraph (a) applies—the direction relates solely to one or more of the following:
	(i)	the admission of new members to the fund; or
	(ii)	the category of members into which a new member or existing member is to be placed; or
	(iii)	allowing a person to become an employer-sponsor of the fund; or
	(iv)	the termination of the fund; or
	(v)	the appointment of a trustee to an entity that does not have a trustee.
Governing rules of a superannuation entity—prescribed exercise of discretion by non-trustee
	4.04	For the purposes of subparagraph 59 (1) (b) (iii) of the Act, the circumstances in which a discretion under the governing rules of a superannuation entity other than an excluded fund may be exercised by a person other than the trustee are:
	(a)	where, after the exercise of the discretion:
	(i)	the fund (if a defined benefit fund) would not become technically insolvent within the meaning of subregulation 9.06 (3); or
	(ii)	the fund (if an accumulation fund) would not become technically insolvent within the meaning of subregulation 9.35 (3); and
	(b)	where members’ rights to accrued benefits in the fund are not adversely affected by the exercise of the discretion; and
	(c)	the discretion qualifies under subregulation (2).
	(2)	A discretion qualifies if:
	(a)	the contributions of the employer-sponsor to the fund include contributions that are not mandated employer contributions (within the meaning of Part 5) and the discretion relates solely to either or both of the following:
	(i)	those non-mandated employer contributions; or
	(ii)	benefits related to those non-mandated employer contributions; or
	(b)	whether or not paragraph (a) applies—the discretion relates solely to one or more of the following:
	(i)	the admission of new members to the fund; or
	(ii)	the category of members into which a new member or existing member is to be placed; or
	(iii)	allowing a person to become an employer-sponsor of the fund; or
	(iv)	the termination of the fund; or
	(v)	the appointment of a trustee to an entity that does not have a trustee.
Governing rules of a superannuation entity—prescribed circumstances of amendment
	4.05.	(1)	For the purposes of subparagraph 60 (1) (b) (iii) of the Act, the circumstances in which the governing rules of a superannuation entity other than an excluded fund may be amended are:
	(a)	where, after the making of the amendment:
	(i)	the fund (if a defined benefit fund) would not become technically insolvent within the meaning of subregulation 9.06 (3); or
	(ii)	the fund (if an accumulation fund) would not become technically insolvent within the meaning of subregulation 9.35 (3); and
	(b)	where members’ rights to accrued benefits in the fund are not adversely affected by the amendment; and
	(c)	the amendment qualifies under subregulation (2).
	(2)	An amendment qualifies if:
	(a)	the contributions of the employer-sponsor to the fund include contributions that are not mandated employer contributions (within the meaning of Part 5) and the amendment relates solely to either or both of the following:
	(i)	those non-mandated employer contributions; or
	(ii)	benefits related to those non-mandated employer contributions; or
	(b)	whether or not paragraph (a) applies—the amendment relates solely to one or more of the following:
	(i)	the admission of new members to the fund; or
	(ii)	the category of members into which a new member or existing member is to be placed; or
	(iii)	allowing a person to become an employer-sponsor of the fund; or
	(iv)	the termination of the fund; or
	(v)	the appointment of a trustee to an entity that does not have a trustee.
Removal of member representatives—prescribed circumstances
	4.06.	(1)  For the purposes of sub-subparagraph 107 (2) (a) (ii) (G) of the Act, the circumstances stated in subregulation (2) are prescribed as circumstances in which member representatives referred to in subparagraph 107 (2) (a) (ii) of the Act can be removed other than by the same procedure by which they were appointed.
	(2)	The circumstances referred to in subregulation (1) are:
	(a)	if the member representative resigns from the position of trustee, director of the trustee or representative on a policy committee; or
	(b)	if the member representative’s tenure of that position expires; or
	(c)	if the member representative ceases to be a member of the fund; or
	(d)	if the member representative ceases to satisfy a condition that the member representative was required to satisfy to be eligible for appointment.
Removal of independent trustee or independent member—prescribed circumstances
	4.07.	(1)  For the purposes of subparagraph 108 (2) (a) (v) of the Act, the circumstances stated in subregulation (2) are prescribed as circumstances in which an additional independent trustee or additional independent director (the “office-holder”) referred to in paragraph 108 (2) (a) of the Act can be removed other than by the same procedure by which they were appointed.
	(2)	The circumstances referred to in subregulation (1) are:
	(a)	if the office-holder resigns from office; or
	(b)	if the office-holder’s tenure of office expires; or
	(c)	if the office-holder ceases to be:
	(i)	in the case of an additional independent trustee—an independent trustee; or
	(ii)	in the case of an additional independent director—an independent director; or
	(d)	if the office-holder ceases to satisfy a condition that the office-holder was required to satisfy to be eligible for appointment.
Division 4.2—Operating standards
Operating standard—voting rule where equal representation applies
	4.08.	(1)  For the purposes of subsection 31 (1) of the Act, the standard stated in subregulation (3) is applicable to the operation of standard employer-sponsored funds that must comply:
	(a)	under subsection 91 (4) or 93 (4) of the Act—with the basic equal representation rules; or
	(b)	under subsection 90 (3) of the Act—with either:
	(i)	the basic equal representation rules; or
	(ii)	the alternative agreed representation rule set out in subsection 90 (4) of the Act; or
	(c)	under subsection 92 (4) of the Act—with either:
	(i)	the basic equal representation rules; or
	(ii)	the alternative agreed representation rule set out in subsection 92 (5) of the Act.
	(2)	In spite of subregulation (1), the standard stated in subregulation (3) is not applicable to the operation of standard employer-sponsored funds that comply with the alternative agreed representation rule set out in subsection 90 (4) or 92 (5) of the Act.
	(3)	A decision of:
	(a)	the individual trustees of a fund; or
	(b)	the board of directors of the corporate trustee of a fund;
must be taken not to have been made, or to be of no effect, if fewer than two-thirds of the total number of the trustees or directors, as the case requires, voted for it.
Operating standard—investment strategy
	4.09.	(1)  For the purposes of subsections 31 (1), 32 (1) and 33 (1) of the Act, the standard stated in subregulation (2) is applicable to the operation of superannuation entities that are not excluded funds.
	(2)	The trustee of the entity must formulate and give effect to an investment strategy that has regard to all the circumstances of the entity, including in particular:
	(a)	the risk involved in making, holding and realising, and the likely return from, the entity’s investments, having regard to its objectives and expected cash flow requirements;
	(b)	the composition of the entity’s investments as a whole, including the extent to which they are diverse or involve exposure of the entity to risks from inadequate diversification;
	(c)	the liquidity of the entity’s investments, having regard to its expected cash flow requirements;
	(d)	the ability of the entity to discharge its existing and prospective liabilities.
	(3)	An investment strategy is taken to be in accordance with subregulation (2) even if it provides for a specified beneficiary or class of beneficiaries to give directions to the trustee where the directions:
	(a)	relate to the strategy to be followed by the trustee in relation to the investment of a particular asset or assets of the entity; and
	(b)	are given in given in the circumstances covered by regulation 4.02.
Operating standard—investment by non-complying superannuation funds
	4.10.	For the purposes of subsection 31 (1) of the Act, it is a standard applicable to the operation of regulated superannuation funds that, if the Commissioner gives a notice to the trustee of an entity stating that the entity is not a complying superannuation fund, the trustee must take all reasonable steps to immediately dispose of any units held by the trustee in a PST, unless the Commissioner otherwise directs.
Operating standard—investment by non-complying approved deposit funds
	4.11.	For the purposes of subsection 32 (1) of the Act, it is a standard applicable to  the operation of approved deposit funds that, if the Commissioner gives a notice to the trustee of an entity stating that the entity is not a complying approved deposit fund, the trustee must take all reasonable steps to immediately dispose of any units held by the trustee in a PST, unless the Commissioner otherwise directs.
PART 5—MINIMUM BENEFITS STANDARDS
Division 5.1—Preliminary
Interpretation of this Part
	5.01.	(1)	In this Part, unless the contrary intention appears:
“accumulated deposit”, in relation to a member of an approved deposit fund as at a particular time, means the total of the following amounts:
	(a)	amounts deposited in the fund for the member down to that time; and
	(b)	investment earnings on those amounts down to that time;
less:
	(c)	the costs applicable to those amounts down to that time;
“cashed” means cashed in accordance with Division 6.3;
“costs”, in relation to a member’s benefits in a regulated superannuation fund or an approved deposit fund as at any time, means the total costs determined under regulation 5.02 in relation to those benefits and charged to those benefits in accordance with that regulation down to that time;
“deferred annuity” means an annuity:
	(a)	that is not payable on purchase; and
	(b)	whose terms ensure:
	(i)	that payment of benefits under the annuity is commenced at a time at which Part 6 permits or requires the benefits to be paid from an approved deposit fund; and
	(ii)	that, except as permitted in relation to approved deposit funds by the Act or these Regulations, the provider of the annuity does not recognise, or in any way encourage or sanction:
	(A)	an assignment of an interest under the annuity; or
	(B)	the giving of a charge over, or in relation to, a preserved benefit (within the meaning of Part 6);
“investment earnings”, in relation to a member’s benefits (or a members’ benefits of a particular kind) in a regulated superannuation fund or an approved deposit fund as at any time, means the total of the amounts credited, less the total of the amounts debited, to the member’s account by way of investment return down to that time in respect of those benefits;
“investment return”, in relation to a member’s benefits (or a member’s benefits of a particular kind) in a regulated superannuation fund or an approved deposit fund over a particular period means:
	(a)	in the case of an approved deposit fund or an accumulation fund in which the trustee does not maintain reserves—the proportion of the return to the fund on investments over that period that is attributable to those benefits; or
	(b)	in the case of an approved deposit fund or an accumulation fund in which the trustee maintains reserves—the return determined by the trustee in accordance with regulation 5.03 for that period; or
	(c)	in the case of a defined benefit fund:
	(i)	the proportion of the return to the fund on investments over that period that is attributable to those benefits; or
	(ii)	the return on the benefits over that period that is fair and reasonable to all members of the fund, being a return based either on the actual return earned on the investments of the fund or on a commercially available rate of interest; or
	(iii)	the return on the benefits that is derived by increasing the benefits in proportion with the increase in the salary of the member over that period;
“mandated employer contributions”, in relation to a member of a regulated superannuation fund, means contributions by, or on behalf of, an employer that are equal to the sum of:
	(a)	the contributions made by, or on behalf of, the employer to the fund in relation to the member, that:
	(i)	reduce the employer’s potential liability for the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992 ; or
	(ii)	are payments of shortfall components; and
	(b)	the contributions (other than contributions of the kind specified in paragraph (a)) made by, or on behalf of, the employer to the fund in relation to the member in or towards satisfaction of the employer’s obligation to make contributions for the member, being an obligation under an agreement certified, or an award made, on or after 1 July 1986 by an industrial authority;
“mandated employer-financed benefits”, in relation to a member of a regulated superannuation fund as at any time, means benefits equal to the sum of:
	(a)	the amount of the mandated employer contributions made to the fund in relation to the member down to that time; and
	(b)	the amount of the investment earnings on those contributions down to that time;
less the costs applicable to the amounts down to that time;
“member contributions”, in relation to a member of a regulated superannuation fund, means contributions by, or on behalf of, the member to the fund, but does not include employer contributions made in respect of the member;
“member-financed benefits”, in relation to a member of a regulated superannuation fund as at any time, means benefits equal to the sum of:
	(a)	the amount of the member contributions made to the fund in relation to the member down to that time; and
	(b)	the amount of the investment earnings on those contributions down to that time;
less the costs applicable to those amounts down to that time;
“OSS Laws” means the Occupational Superannuation Standards Act 1987 and the Occupational Superannuation Standards Regulations;
“rolled over” means paid as an eligible termination payment (other than by way of being transferred) within the superannuation system;
“superannuation system” means the system comprising:
	(a)	regulated superannuation funds; and
	(b)	approved deposit funds; and
	(c)	the Commissioner in the Commissioner’s role as the recipient of unclaimed money that is paid to the Commissioner under subsection 225 (5) of the Act; and
	(d)	deferred annuities;
“transferred”, in relation to a member’s benefits in a regulated superannuation fund, means paid from that fund to another regulated superannuation fund otherwise than upon the satisfaction by the member of a condition of release (within the meaning of Part 6) in respect of all of those benefits.
Determination of costs
	5.02.	(1)	The trustee of a regulated superannuation fund or an approved deposit fund must determine the costs to be charged from time to time against a member’s benefits in the fund.
	(2)	In determining the costs to be charged against a member’s benefits, the trustee may include:
	(a)	the direct costs of establishing, operating and terminating the fund; and
	(b)	any administrative, insurance and taxation costs relating to the establishment, operation and termination of the fund.
	(3)	In determining the costs to be charged against a member’s benefits, the trustee must ensure that the costs of the fund are distributed in a fair and reasonable manner as between:
	(a)	all the members of the fund; and
	(b)	the various kinds of benefits of each member of the fund.
Investment return—funds which maintain reserves
	5.03.	(1)	The trustee of an accumulation fund or an approved deposit fund that maintains reserves must determine the investment return to be credited or debited from time to time to a member’s benefit (or benefits of a particular kind) in the fund, having regard to:
	(a)	the return to the fund on investments; and
	(b)	the extent to which the costs of the fund exceed (or fall below) the aggregate of the costs charged to member’s benefits under regulation 5.02; and
	(c)	the level of the reserves of the entity.
	(2)	The trustee’s determination of the investment return to be credited or debited to a member’s benefits (or benefits of a particular kind) must be fair and reasonable as between:
	(a)	all the members of the fund; and
	(b)	the various kinds of benefits of each member of the fund.
Division  5.2—Minimum benefits 
Minimum benefits—regulated superannuation funds
	5.04.	(1)  Subject to regulations 5.05 and 5.06, a member’s minimum benefits in a regulated superannuation fund are as set out in this regulation.
	(2)	If the fund is an accumulation fund, the member’s minimum benefits are:
	(a)	the member’s member-financed benefits; and
	(b)	the member’s mandated employer-financed benefits.
	(3)	If the fund is a defined benefit fund, the member’s minimum benefits are as follows:
	(a)	if the member belongs to a class of employees in relation to which a relevant benefit certificate applies, the amount of the member’s minimum requisite benefit; or
	(b)	in any other case:
	(i)	the member’s member-financed benefits; and
	(ii)	the member’s mandated employer-financed benefits.
Mandated employer contributions—regulated superannuation funds 
	5.05.	(1)	Subject to this regulation, contributions to a regulated superannuation fund are taken to be mandated employer contributions.
	(2)	If:
	(a)	at least 1 year has elapsed since the fund received the contributions; and
	(b)	the trustee:
	(i)	is satisfied that the contributions are not in fact mandated employer contributions; and
	(ii)	decides not to continue to treat the contributions  as mandated employer contributions;
subregulation (1) ceases to apply to the contributions.
	(3)	If:
	(a)	less than 1 year has elapsed since the fund received the contributions; and
	(b)	the trustee is satisfied that the contributions are not in fact mandated employer contributions;
subregulation (1) ceases to apply to the contributions.
	(4)	The trustee has power to make a decision of the kind mentioned in subparagraph 2 (b) (ii) despite anything in the governing rules of the fund.
[EXAMPLE OF THE APPLICATION OF THIS REGULATION:
A trustee of a fund may receive a non-mandated employer contribution from an employer-sponsor of the fund that the trustee does not know is a non-mandated employer contribution (i.e. a contribution not made in satisfaction of the employer-sponsor’s superannuation guarantee or award obligation).
Upon acceptance, the contribution will be taken to be a mandated employer contribution and therefore subject to the minimum benefits standards.
From this point, one of three circumstances may apply:
	(a)	the trustee may become aware in the first year after the contribution was received that the contribution is a non-mandated employer contribution, and, if this is the case, the trustee must treat the contribution as a non-mandated employer contribution; or
	(b)	the trustee may become aware more than a year after the contribution was received that the contribution is a non-mandated employer contribution, and, if this is the case, the trustee may continue to treat the contribution as a mandated employer contribution instead of making corrections to reflect the change; or
	(c)	the trustee may never become aware that the contribution is a non-mandated employer contribution, and, if this is the case, the contribution will always be taken to be a mandated employer contribution.]
Certain benefits rolled over or transferred to regulated superannuation funds taken to be minimum benefits
	5.06.	(1)	Subject to this regulation, benefits rolled over or transferred to a regulated superannuation fund are taken to be minimum benefits in the regulated superannuation fund.
	(2)	If:
	(a)	at least 1 year has elapsed since the fund received the benefits; and
	(b)	the trustee:
	(i)	is satisfied that the benefits are not in fact minimum benefits; and
	(ii)	decides not to continue to treat the benefits as minimum benefits;
subregulation (1) ceases to apply to the benefits.
	(3)	If:
	(a)	less than 1 year has elapsed since the fund received the benefits; and
	(b)	the trustee is satisfied that the benefits are not in fact minimum benefits;
subregulation (1) ceases to apply to the benefits.
	(4)	If benefits that have been rolled over or transferred to a regulated superannuation fund are taken under this regulation to be minimum benefits, the amount of the minimum benefits as at any time is the sum of:
	(a)	the benefits rolled over or transferred to the fund; and
	(b)	the investment earnings on those benefits down to that time;
less the costs applicable to those benefits down to that time.
	(5)	The trustee has power to make a decision of the kind mentioned in subparagraph (2) (b) (ii) despite anything in the governing rules of the fund.
Minimum benefits—approved deposit funds
	5.07.	A member’s minimum benefits in an approved deposit fund are the amount of the member’s accumulated deposit in that fund.
Division  5.3—Treatment of minimum benefits
How  minimum benefits are to be treated
	5.08.	For the purposes of 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.
PART 6—PAYMENT STANDARDS
Division 6.1—Introductory
Subdivision 6.1.1—General interpretation
Interpretation
	6.01.	(1)  Subject to subregulation (2), expressions used in this Part that are defined for the purposes of Part 5 have the same meanings respectively as in that Part.
	(2)	In this Part and in Schedule 1, unless the contrary intention appears:
“changeover day”, in relation to a member of a regulated superannuation fund, means:
	(a)	 the day in the 1996 calendar year that the trustee of the fund decides, in accordance with subregulations (3) and (4), is the changeover day for the purposes of this Part in relation to that member; or
	(b)	if, before 1 July 1996, the trustee makes no such decision in relation to that member, 1 July 1996;
“commencement day” means:
	(a)	in relation to a regulated superannuation fund, the later of:
	(i)	the first day of the 1994-95 year of income of the fund; or
	(ii)	the day on which the trustee or trustees of the fund make an election under section 19 of the Act; and
	(b)	in relation to an approved deposit fund:
	(i)	if the first day of the 1994-95 year of income of the fund is on or after 1 July 1994—the first day of that year of income; or
	(ii)	if the first day of that year of income is before 1 July 1994—the earlier of:
	(A)	1 July 1994; or
	(B)	the day on which the fund became an approved deposit fund;
“condition of release” means a condition of release specified in Column 2 of Schedule 1, and a member of a fund is taken to have satisfied a condition of release if the event specified in that condition has occurred in relation to the member;
“financial hardship” has the meaning given by subregulation (5);
“indexed”, in relation to a benefit, means indexed in accordance with section 159SG of the Tax Act modified so that subsection (1) reads as follows:
	“(1)	The benefit as indexed for each year of income is:
	(a)	in relation to the year of income in which occurs the day on which a benefit was required to have been calculated or was received by the fund—the amount of the benefit that was calculated or received; or
	(b)	in relation to a later year of income—the amount calculated by multiplying the benefit for the immediately preceding year of income by the indexation factor worked out in accordance with subsection (2) for the later year of income.”;
“non-commutable income stream” means a benefit that:
	(a)	cannot be commuted; and
	(b)	is paid at least monthly; and
	(c)	does not have a residual capital value; and
	(d)	is such that the total amount paid each month is fixed or varies only:
	(i)	for the purpose of complying with the Act and these Regulations; and
	(ii)	during any period of 12 months by a rate not exceeding either:
	(A)	5% per annum; or
	(B)	the rate of increase in the last Consumer Price Index (All Capital Cities) for a quarter to be published by the Australian Statistician before the end of that period of 12 months compared with the Consumer  Price Index (All Capital Cities) published for the same quarter in the preceding year;
“permanent departure from Australia”, in relation to a member, means a departure by the member from Australia where the trustee is reasonably satisfied that it is for the purpose of permanent residence outside Australia;
“permanent incapacity”, in relation to a member who has ceased to be gainfully employed, means ill-health (whether physical or mental), where the trustee is reasonably satisfied that the member is unlikely, because of the ill-health, ever again to engage in gainful employment for which the member is reasonably qualified by education, training or experience;
“restricted non-preserved contributions” means undeducted contributions (within the meaning of subregulation (6)) of a member other than contributions that were preserved in satisfaction of requirements of the Tax Act, the OSS Laws or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations leading to income tax concessions;
“retirement” has the meaning given by subregulation (7);
“successor fund”, in relation to a transfer of benefits of a member from a fund (called the ‘original fund’), means a fund which satisfies the following conditions:
	(a)	the fund confers on the member equivalent rights to the rights that the member had under the original fund in respect of the benefits;
	(b)	before the transfer, the trustee of the fund has agreed with the trustee of the original fund that the fund will confer on the member equivalent rights to the rights that the member had under the original fund in respect of the benefits;
“temporary incapacity”, in relation to a member who has ceased to be gainfully employed (including a member who has ceased temporarily to receive any gain or reward under a continuing arrangement for the member to be gainfully employed), means ill-health (whether physical or mental) that caused the member to cease to be gainfully employed but does not constitute permanent incapacity.
	(3)	In deciding the changeover day in relation to a member, the trustee of the fund:
	(a)	is not bound by the governing rules of the fund; and
	(b)	must take reasonable steps to ensure that the changeover day is as early as convenient; and
	(c)	must be recorded in writing by the trustee.
	(4)	Nothing in this Part is to be taken as:
	(a)	requiring a decision as to the changeover day in relation to a member to be made in terms specific to that member; or
	(b)	prohibiting such a decision from being made prospectively in relation to future members.
	(5)	For the purposes of Schedule 1, a person is taken to be in financial hardship if the Commissioner has made a determination in writing that the person is in financial hardship.
	(6)	For the purposes of the definition of “restricted non-preserved contributions” in subregulation (1), amounts to the credit of a member in a fund are undeducted contributions if:
	(a)	in relation to amounts which formed the whole or part of an eligible termination payment—those amounts are undeducted contributions within the meaning given by subsection 27A (1) and (7) of the Tax Act for the purposes of Subdivision AA of Division 2 of Part III of that Act; or
	(b)	in relation to any other amounts—those amounts comprise:
	(i)	member contributions made after 30 June 1983 in order to obtain superannuation benefits (within the meaning of the Tax Act); and
	(ii)	in respect of which no deduction is allowable or has been allowed to the member under the Tax Act.
	(7)	For the purposes of Schedule 1, the retirement of a person is taken to occur:
	(a)	in the case of a person who has attained age 55 —if:
	(i)	an arrangement under which the member was gainfully employed has come to an end; and
	(ii)	the trustee is reasonably satisfied that the person intends never to again become gainfully employed, either on a full-time or a part-time basis; or
	(b)	in the case of a person who has attained age 60—an arrangement under which the member was gainfully employed has come to an end on or after the member attained that age.
Subdivision 6.1.2—Preserved benefits
Preserved benefits in regulated superannuation funds—before the changeover day
	6.02.	(1)   Subject to regulations 6.04 and 6.12 and to Subdivision 6.1.5, the amount of a member’s preserved benefits in a regulated superannuation fund at any time during the period commencing on the commencement day and ending immediately before the changeover day is the amount required to be preserved under the OSS laws as applied in accordance with subregulation (2).
	(2)	For the purposes of subregulation (1), despite the repeal of sections of the Occupational Superannuation Standards Act 1987  by the Occupational Superannuation Standards Amendment Act 1993, the OSS laws are taken to have continued in force on and after the commencement day, subject to the modifications set out in Schedule 2, in relation to regulated superannuation funds as if the references in the OSS laws (as so modified) to superannuation funds were references to regulated superannuation funds within the meaning of these Regulations.
Preserved benefits in regulated superannuation funds—on and after the changeover day
	6.03.	Subject to regulation 6.12 and to Subdivision 6.1.5, the amount of a member’s preserved benefits in a regulated superannuation fund at any time on or after the changeover day is the amount of the member’s total benefits in the fund less the sum of:
	(a)	the amount of the member’s restricted non-preserved benefits in the fund as defined by regulation 6.08; and
	(b)	the amount of the member’s unrestricted non-preserved benefits in the fund as defined by regulation 6.10.
Preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996
	6.04.	(1)	If:
	(a)	on a day during the 1996 calendar year that is, or is after, the day that is the changeover day in relation to a member of a regulated superannuation fund, benefits of that member are rolled over or transferred into another regulated superannuation fund (in this regulation called “the receiving fund”); and
	(b)	the trustee of the receiving fund does not decide, on or before the day on which it receives those benefits, that day is the changeover day in respect of that member;
then, despite subregulation 6.02 (1), the portion of those benefits that is to be taken to be preserved benefits in the receiving fund is the same as the portion of those benefits that comprised preserved benefits immediately before the rollover or transfer.
	(2)	Nothing in this regulation is to be taken as:
	(a)	derogating from regulation 6.06 or 6.12 or Subdivision 6.1.5; or
	(b)	affecting the operation of regulation 6.02 in relation to:
	(i)	contributions made to the receiving fund; or
	(ii)	benefits rolled over or transferred to the receiving fund from other regulated superannuation funds in relation to which a changeover day has not been decided in respect of the member whose benefits are rolled over or transferred.
Preserved benefits in approved deposit funds
	6.05.	The amount of a member’s preserved benefits in an approved deposit fund on or after the commencement day is the amount of the member’s total benefits in the fund less the amount of the member’s unrestricted non-preserved benefits in the fund as defined by regulation 6.11.
Effect of rollover or transfer on preserved benefits
	6.06.	Subject to regulation 6.12, a member’s benefits in a regulated superannuation fund or an approved deposit fund (“the transferee fund”) that:
	(a)	were rolled over or transferred from another regulated superannuation fund or from an approved deposit fund; and
	(b)	were preserved benefits in that other fund; 
continue to be preserved benefits in the transferee fund.
Subdivision 6.1.3—Restricted non-preserved benefits
[NOTE: Approved deposit funds do not have restricted non-preserved benefits.]
Restricted non-preserved benefits in regulated superannuation funds—before the changeover day
	6.07.	Subject to regulations 6.09 and 6.12 and to Subdivision 6.1.5, the amount of a member’s restricted non-preserved benefits in a regulated superannuation fund at any time during the period commencing on the commencement day and ending immediately before the changeover day is the amount of the member’s total benefits in the fund, less the sum of:
	(a)	the amount of the member’s preserved benefits in the fund as defined by regulation 6.02; and
	(b)	the amount of the member’s unrestricted non-preserved benefits in the fund as defined by regulation 6.10.
Restricted non-preserved benefits in regulated superannuation funds—on and after the changeover day
	6.08.	(1)  Subject to regulation 6.12 and to Subdivision 6.1.5, the amount of a member’s restricted non-preserved benefits in a regulated superannuation fund at any time on or after the changeover day, is the greatest of the following amounts:
	(a)	the total of:
	(i)	the indexed amount of the member’s restricted non-preserved benefits (as defined by regulation 6.07) in the fund that would be payable to the member on the changeover day if the member resigned from employment on that day; and
	(ii)	the indexed amount of the member’s restricted non-preserved benefits received by the fund from another regulated superannuation fund on or after the changeover day that are subject to indexation in the fund; 
	(b)	the total of:
	(i)	the indexed amount of the member’s restricted non-preserved benefits (as defined by regulation 6.07) in the fund on the changeover day that would be payable to the member if the member were retrenched from employment that day; and
	(ii)	the indexed amount of the member’s restricted non-preserved benefits received by the fund from another regulated superannuation fund on or after the changeover day that are subject to indexation in that other fund;
	(c)	the amount of the member’s restricted non-preserved contributions in the fund.
	(2)	Subject to regulation 6.12, a member’s benefits in a regulated superannuation fund (“the transferee fund”) that:
	(a)	were rolled over or transferred from another regulated superannuation fund; and
	(b)	were indexed amounts of restricted non-preserved benefits in that other fund;
continue to be subject to indexation in the transferee fund.
	(3)	Subject to regulation 6.12, a member’s benefits in a regulated superannuation fund (“the transferee fund”) that:
	(a)	were rolled over or transferred from another regulated superannuation fund; and
	(b)	were restricted non-preserved contributions in that other fund;
continue to be restricted non-preserved contributions in the transferee fund.
	(4)	The references in this regulation to indexation apply subject to regulation 6.14.
Restricted non-preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996
	6.09.	(1)	If:
	(a)	on a day during the 1996 calendar year that is, or is after, the day that is the changeover day in relation to a member of a regulated superannuation fund, benefits of that member are rolled over or transferred into another regulated superannuation fund (in this regulation called “the receiving fund”); and
	(b)	the trustee of the receiving fund does not decide, on or before the day on which it receives those benefits, that day is the changeover day in respect of those benefits as benefits in the receiving fund;
then, despite regulation 6.07 (1), the portion of those benefits that is to be taken to be restricted non-preserved benefits in the receiving fund is the same as the portion of those benefits that comprised restricted non-preserved benefits immediately before the roll over or  transfer.
	(2)	Nothing in this regulation is to be taken as:
	(a)	derogating from regulation 6.12 or Subdivision 6.1.5; or
	(b)	affecting the operation of regulation 6.07 in relation to:
	(i)	contributions made to the receiving fund;
	(ii)	benefits rolled over or transferred to the receiving fund from other regulated superannuation funds in relation to which a changeover day has not been decided in respect of the member whose benefits are rolled over or transferred.
Subdivision 6.1.4—Unrestricted non-preserved benefits
Unrestricted non-preserved benefits—regulated superannuation funds
	6.10.	Subject to Subdivision 6.1.5, the amount of a member’s unrestricted non-preserved benefits in a regulated superannuation fund is the sum of:
	(a)	the amount of benefits of the member that have become unrestricted non-preserved benefits in the fund in accordance with regulation 6.12; and
	(b)	the amount of unrestricted non-preserved benefits received by the fund from another regulated superannuation fund or from an approved deposit fund in respect of the member on or after the commencement day; and
	(c)	the amount of any investment earnings on the amounts mentioned in paragraphs (a) and (b).
Unrestricted non-preserved benefits—approved deposit funds
	6.11.	Subject to Subdivision 6.1.5, the amount of a member’s unrestricted non-preserved benefits in an approved deposit fund is the sum of:
	(a)	the amount of the member’s benefits in the fund at the end of the day immediately before the commencement day less the amount of the member’s benefits in the fund that were required to be preserved by regulation 21 of the Occupational Superannuation Standards Regulations; and
	(b)	the amount of benefits of the member that have become unrestricted non-preserved benefits in the fund in accordance with regulation 6.12; and
	(c)	the amount of unrestricted non-preserved benefits received by the fund from a regulated superannuation fund or from another approved deposit fund in respect of the member on or after the commencement day; and
	(d)	the amount of any investment earnings on the amounts mentioned in paragraphs (a), (b) and (c).
Movement of benefits between categories by satisfaction of conditions of release
	6.12.	(1)	If:
	(a)	a member of a regulated superannuation fund or an approved deposit fund satisfies a condition of release; and
	(b)	the relevant cashing restriction in respect of preserved benefits is “Nil”;
the member’s preserved benefits in the fund at that time cease to be preserved benefits and become unrestricted non-preserved benefits.
	(2)	If:
	(a)	a member of a regulated superannuation fund satisfies a condition of release; and
	(b)	the relevant cashing restriction in respect of restricted non-preserved benefits is “Nil”;
the member’s restricted non-preserved benefits in the fund at that time cease to be restricted non-preserved benefits and become unrestricted non-preserved benefits.
	(3)	This regulation has effect subject to Subdivision 6.1.5.
Effect of rollover or transfer on unrestricted non-preserved benefits
	6.13.	A member’s benefits in a regulated superannuation fund or an approved deposit fund (“the transferee fund”) that:
	(a)	were rolled over or transferred from another regulated superannuation fund or from an approved deposit fund; and
	(b)	were unrestricted non-preserved benefits in that other  fund;
continue to be unrestricted non-preserved benefits in the transferee fund.
Subdivision  6.1.5—Miscellaneous
Indexation
	6.14.	Benefits that are referred to in this Division as indexed may be aggregated for the purpose of that indexation.
Contributions and benefits taken to be preserved benefits
	6.15.	Contributions made, or benefits rolled over or transferred, to a regulated superannuation fund or an approved deposit fund are taken to be preserved benefits for the purposes of this Division unless and until the trustee is satisfied that they are not preserved benefits.
Redistribution of member benefits within a fund in certain circumstances by operation of governing rules or action of trustee
	6.16	(1)	For the purpose of subregulation (2), the following are categories of benefits:
	(a)	preserved benefits, as defined by regulation 6.02, 6.03 or 6.05;
	(b)	restricted non-preserved benefits, as defined by regulation 6.07 or 6.08;
	(c)	unrestricted non-preserved benefits, as defined by regulation 6.10 or 6.11.
	(2)	For the purposes of this Part:
	(a)	the governing rules of a fund may alter the category of any of a member’s benefits in the fund but not so as to:
	(i)	decrease the amount of the member’s preserved benefits in the fund; or
	(ii)	increase the amount of the member’s unrestricted non-preserved benefits; and
	(b)	the trustee of a fund may further alter the category of any of a member’s benefits in the fund but not so as to:
	(i)	decrease the amount of the member’s preserved benefits in the fund; or
	(ii)	increase the amount of the member’s unrestricted non-preserved benefits.
Division  6.2—Payment of benefits
Restriction on payment
	6.17.	(1)	For the purposes of subsections 31 (1) and 32 (1) of the Act, the standard set out in subregulation (2) is applicable to the operation of regulated superannuation funds and approved deposit funds.
	(2)	A member’s benefits in a fund:
	(a)	may only be paid by;
	(i)	being cashed in accordance with Division 6.3; or
	(ii)	being rolled over or transferred in accordance with Division 6.4; and
	(b)	must not be paid except when, and to the extent, that the fund is required or permitted under this Part to pay them; and
	(c)	must be paid when, and to the extent that, the fund is required under this Part to pay them.
Division  6.3—Cashing of benefits
	Subdivision  6.3.1—Regulated superannuation funds
Voluntary cashing of preserved benefits in regulated superannuation funds
	6.18.	(1)	A member’s preserved benefits in a regulated superannuation fund may be cashed on or after the satisfaction by the member of a condition of release.
	(2)	The amount of preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the sum of:
	(a)	the amount of preserved benefits of the member that had accrued at the time when the member satisfied the condition of release; and
	(b)	the amount of any investment earnings accruing on those benefits from that time.
	(3)	Subject to subregulation (4), the form in which preserved benefits may be cashed under this regulation is:
	(a)	the form (if any) specified in the cashing restriction for preserved benefits set out in Schedule 1 in relation to the relevant condition of release; or
	(b)	if that cashing restriction is “Nil”—any one or more of the following forms:
	(i)	a lump sum or 2 or more lump sums;
	(ii)	a pension or 2 or more pensions;
	(iii)	the purchase of an annuity or 2 or more annuities.
	(4)	A lump sum mentioned in subparagraph (3) (b) (i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 6.21 (2) (a).
Voluntary cashing of restricted non-preserved benefits in regulated superannuation funds
	6.19.	(1)	A member’s restricted non-preserved benefits in a regulated superannuation fund may be cashed on or after the satisfaction by the member of a condition of release.
	(2)	The amount of restricted non-preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the amount of:
	(a)	the restricted non-preserved benefits of the member that had accrued at the time when the member satisfied the condition of release; and
	(b)	any investment earnings accruing on those benefits from that time.
	(3)	Subject to subregulation (4), the form in which restricted non-preserved benefits may be cashed under this regulation is:
	(a)	the form (if any) specified in the cashing restriction for restricted non-preserved benefits set out in Schedule 1 in relation to the relevant condition of release; or
	(b)	if that cashing restriction is “Nil”—any one or more of the following forms:
	(i)	a lump sum or 2 or more lump sums;
	(ii)	a pension or 2 or more pensions;
	(iii)	the purchase of an annuity or 2 or more annuities.
	(4)	A lump sum mentioned in subparagraph (3) (b) (i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 6.21 (2) (a).
Voluntary cashing of unrestricted non-preserved benefits in regulated superannuation funds
	6.20.	(1)	A member’s unrestricted non-preserved benefits in a regulated superannuation fund may be cashed at any time.
	(2)	The amount of unrestricted non-preserved benefits that may be cashed in accordance with subregulation (1) is the whole or part of the member’s unrestricted non-preserved benefits in the fund.
	(3)	Subject to subregulation (4), the form in which unrestricted non-preserved benefits may be cashed under this regulation is any one or more of the following forms:
	(a)	a lump sum or 2 or more lump sums;
	(b)	a pension or 2 or more pensions;
	(c)	the purchase of an annuity or 2 or more annuities.
	(4)	A lump sum mentioned in subparagraph (3) (b) (i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 6.21 (2) (a).
Compulsory cashing of benefits in regulated superannuation funds
	6.21.	(1)	A member’s benefits in a regulated superannuation fund must be cashed as soon as practicable after the occurrence of any of the following events:
	(a)	the member:
	(i)	has attained age 65 but not age 70; and
	(ii)	 is not gainfully employed on either a full-time or part-time basis;
	(b)	the member:
	(i)	has attained age 70; and
	(ii)	is not gainfully employed on a full-time basis;
	(c)	the member dies.
	(2)	The form in which benefits may be cashed under this regulation is any one or more of the following forms:
	(a)	a single lump sum;
	(b)	a single pension;
	(c)	the purchase of a single annuity.
Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members 
	6.22.	(1)	A member’s benefits in a regulated superannuation fund must not be cashed in favour of a person other than the member unless:
	(a)	the member has died; and 
	(b)	the conditions of subregulation (2) or (3) are satisfied.
	(2)	The conditions of this subregulation are satisfied if the benefits are cashed in favour of either or both of the following:
	(a)	the member’s legal personal representative;
	(b)	one or more of the member’s dependants.
	(3)	The conditions of this subregulation are satisfied if:
	(a)	the trustee has not, after making reasonable enquiries, found either a legal personal representative, or a dependant, of the member; and
	(b)	the value of the benefits does not exceed $5,000; and
	(c)	the person in whose favour benefits are cashed is an individual.
Subdivision  6.3.2—Approved deposit funds
Voluntary cashing of preserved benefits in approved deposit funds
	6.23	(1)	Subject to regulation 6.27, a member’s preserved benefits in an approved deposit fund may be cashed on or after the satisfaction by the member of a condition of release.
	(2)	The amount of preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the amount of:
	(a)	the preserved benefits of the member that had accrued at the time when the member satisfied the condition of release; and
	(b)	any investment earnings accruing on those benefits from that time.
	(3)	Subject to subregulation (4), the form in which preserved benefits may be cashed under this regulation is:
	(a)	the form (if any) specified in the cashing restriction for preserved benefits set out in Schedule 1 in relation to the relevant condition of release; or
	(b)	if that cashing restriction is “Nil”—a lump sum or 2 or more lump sums.
	(4)	A lump sum mentioned in paragraph (3) (b) must be payable not later than the time for the payment of a lump sum mentioned in subregulation 6.25 (2).
Voluntary cashing of unrestricted non-preserved benefits in approved deposit funds
	6.24.	(1)	Subject to regulation 6.27, a member’s unrestricted non-preserved benefits in an approved deposit fund may be cashed at any time.
	(2)	The amount of unrestricted non-preserved benefits that may be cashed in accordance with subregulation (1) is the whole or part of the member’s unrestricted non-preserved benefits in the fund.
	(3)	Subject to subregulation (4), the form in which unrestricted non-preserved benefits may be cashed under this regulation is a lump sum or 2 or more lump sums.
	(4)	A lump sum mentioned in subregulation (3) must be payable not later than the time for the payment of a lump sum mentioned in subregulation 6.25 (2).
Compulsory cashing of benefits in approved deposit funds
	6.25.	(1)	A member’s benefits in an approved deposit fund fund must be cashed as soon as practicable after the occurrence of any of the following events:
	(a)	the member attains age 65;
	(b)	the member dies.
	(2)	The only form in which benefits may be cashed under this regulation is a single lump sum.
Limitation on cashing of benefits in approved deposit funds in favour of persons other than members
	6.26.	A member’s benefits in an approved deposit fund must not be cashed in favour of a person other than the member unless:
	(a)	the member has died; and
	(b)	the trustee has not, after making reasonable enquiries, found a legal personal representative of the member; and
	(c)	the value of the benefits does not exceed $5,000; and
	(d)	either:
	(i)	the person in whose favour benefits are cashed is a dependant of the member; or
	(ii)	if, after making reasonable enquiries, the trustee has not found a dependant of the member, the person in whose favour benefits are cashed is an individual.
Limitation on cashing benefits in approved deposit funds of less than $500
	6.27.	The trustee of an approved deposit fund must not cash an amount of a member’s benefits in the fund that is less than $500 except to close the member’s account.
Division  6.4—Rollover and transfer of benefits in regulated superannuation funds and approved deposit funds
[NOTE:  Rollovers are also permitted and required by provisions of Parts 22 and 24 of the Act.]
Rollover—regulated superannuation funds and approved deposit funds
	6.28.	Except as otherwise provided by the Act, a member’s benefits in a regulated superannuation fund or an approved deposit fund must not be rolled over from the fund unless the member has given to the trustee the member’s written consent to the rollover.
Transfer—regulated superannuation funds 
	6.29.	Except as otherwise provided by the Act, a member’s benefits in a regulated superannuation fund must not be transferred from the fund unless:
	(a)	the member has given to the trustee the member’s written consent to the transfer; or
	(b)	the transfer is to a successor fund.
Division  6.5—Additional standards  for eligible rollover funds
Obligations of trustees
	6.30.	(1)	The trustee of an eligible rollover fund must comply, as soon as practicable, with a request by a member:
	(a)	to pay benefits of the member in the fund; or
	(b)	for payment of any benefit to be in the form of a lump sum.
	(2)	If a member’s benefits in an eligible rollover fund are paid, those benefits:
	(a)	must comprise the whole of the member’s benefits in the fund; and
	(b)	subject to the making by the trustee of deductions required under the Tax Act, must be not less than the amounts received in respect of the member by the fund.
PART 7—CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS (REGULATED SUPERANNUATION FUNDS)
Interpretation
	7.01	(1)  In this Part, a reference to the accrual of benefits in a fund does not include:
	(a)	allocations of investment earnings or charging of costs; or
	(b)	benefits rolled over or transferred into the fund.
	(2)	Expressions used in this Part that are defined for the purposes of Part 5 have the same meanings respectively as in that Part.
Application
	7.02	(1)  This Part applies only to regulated superannuation funds.
	(2)	This Part applies subject to regulation 13.04.
[NOTE:	Regulation 13.04 (in Part 13) contains transitional provisions that relate to contribution standards; to the extent that it applies, that regulation prevails over Part 7.]
Restriction on accepting contributions or granting benefit accruals
	7.03.	(1)	For the purposes of subsection 31 (1) of the Act, the requirement in subregulation (2) is a standard applicable to the operation of a regulated superannuation fund to which this Part applies.
	(2)	Except in accordance with this Part, a regulated superannuation fund must not:
	(a)	accept contributions; or
	(b)	grant an accrual of benefits.
Acceptance of contributions—regulated superannuation funds
	7.04.	(1)  Subject to subregulation (2), a regulated superannuation fund may accept contributions that are made in respect of a member who is under age 65 only if:
	(a)	the contributions are mandated employer contributions; or
	(b)	the contributions are not mandated employer contributions and the member:
	(i)	has, at any time in the period of 2 years immediately preceding the date of acceptance, engaged in full-time or part-time gainful employment; or
	(ii)	ceased full-time or part-time gainful employment because of ill-health (whether physical or mental) that, at the date of acceptance, prevents the member from engaging in employment of the kind that the member engaged in at the onset of the ill-health.
	(2)	A regulated superannuation fund may accept contributions in respect of a member if the trustee is reasonably satisfied that the contribution is in respect of a period during which, under subregulation (1), the fund may accept the contribution in respect of that member, even though the contribution is actually made after that period.
Accrual of benefits —defined benefit funds
	7.05.	(1)  Subject to subregulation (2), a defined benefit fund may grant an accrual of benefits in respect of a member of the fund who is under age 65 only if:
	(a)	the member has, at any time in the period of 2 years immediately preceding the grant of accrual, engaged in full-time or part-time gainful employment; or
	(b)	the member ceased full-time or part-time gainful employment because of ill-health (whether physical or mental) that, at the date of the grant of accrual, prevents the member from engaging in employment of the kind in which  the member engaged at the onset of the ill-health; or
	(c)	the accrual is attributable to mandated employer contributions.
	(2)	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), the fund may grant an accrual of benefits in respect of that member, even though the grant occurs after that period.
PART 8—FINANCIAL REPORTING
Accounts—statement of financial position and financial statement
	8.01.	(1)  For the purposes of paragraphs 112 (1) (a) and (b) of the Act (preparation of a statement of financial position and an operating statement), this regulation specifies cases where those paragraphs do not apply.
Defined benefit funds and accumulation funds that prepare certain statements
	(2)	Those paragraphs do not apply in the case of:
	(a)	a defined benefit fund in respect of a year of income of the fund; or
	(b)	an accumulation fund in respect of the 1994-1995 year of income of the fund;
if the trustee of the fund prepares:
	(c)	a statement of net assets of the entity; and
	(d)	a statement of changes in net assets of the entity;
in respect of that year of income.
Superannuation funds where benefits are determined by reference to a life assurance policy
	(3)	Those paragraphs do not apply in the case of a regulated superannuation fund in respect of a year of income of the fund if, at the end of the year, the fund is a fund from which the benefits paid to each individual member of the fund are wholly determined by reference to policies of life assurance.
Accounts and statements that must be prepared
	8.02.	(1)  This regulation is made for the purposes of paragraph 112 (1) (c) of the Act.
	(2)	Where, because of subregulation 8.01 (3), paragraphs 112 (1) (a) and (b) of the Act do not apply in respect of a regulated superannuation fund in respect of a year of income, the accounts and statements mentioned in subregulation (3) are specified in respect of the fund in respect of that year of income.
	(3)	Those accounts and statements are:
	(a)	a statement that policies of the kinds mentioned in subregulation 8.01 (3) are in place at the end of the year of income; and
	(b)	a statement as to whether those policies have been fully maintained as directed by the relevant insurers; and
	(c)	a statement of the identities of those insurers; and
	(d)	the amounts contributed by employers and members in respect of the year of income; and
	(e)	where not all of those amounts have been paid as premiums on the policies—the amount of premiums paid on the policies in respect of the year of income; and
	(f)	the expenses incurred by the fund in respect of the year of income, other than amounts covered by premiums.
Audit certificate
	8.03.	For the purposes of subsection 113 (4) of the Act, the time within which a certificate mentioned in that subsection must be given after the year of income to which it relates is:
	(a)	if the certificate is in respect of an excluded fund—9 months; or
	(b)	if the certificate is in respect of a public offer entity other than an excluded fund—4 months; or
	(c)	if the certificate is in respect of any other superannuation entity—6 months.
PART 9—FINANCIAL MANAGEMENT OF FUNDS
Division 9.1—Introductory
Interpretation
	9.01.	In this Part:
“funding and solvency certificate” means a certificate required under regulation 9.09.
Division 9.2—Financial position of funds
Application
	9.02.	This Division applies only to superannuation entities other than:
	(a)	funds that are part of one of the following schemes:
	(i)	the scheme established by the Superannuation Act 1976;
	(ii)	the scheme established under the provisions of the Superannuation Act 1990;
	(iii)	the Military Superannuation and Benefits Scheme; and
	(b)	funds that are part of an exempt public sector superannuation scheme.
Subsection 130 (1) of the Act etc—obligations of actuaries and auditors
	9.03.	(1)	In forming an opinion for the purposes of paragraph 130 (1) (a) of the Act or subregulation 9.31 (3) whether the financial position of a defined benefit fund may be about to become unsatisfactory, a person must consider whether, at the end of the 3–year period immediately following the date at which the person’s calculations are done, the value of the assets of the fund is likely (based on the expectations referred to in subregulation (2)) to be inadequate to meet the value of such of the liabilities of the fund as relate to the benefits vested in the members of the fund.
	(2)	For the purposes of subregulation (1), the likelihood of the value of assets being inadequate must be based;
	(a)	if the person considering the matter is an actuary—on the actuary’s reasonable expectations; and
	(b)	if the person considering the matter is an auditor—on the reasonable expectation of an actuary on whose advice the auditor has relied in relation to the matter.
	(3)	Nothing in subregulations (1) and (2) is to be taken to affect the meaning of paragraph 130 (1) (a) of the Act.
	(4)	For the purposes of paragraph 130 (1) (b) of the Act, if an actuary in the course of performing a function for an entity under the Act or these regulations obtains sufficient information to enable the actuary to assess the financial position of the entity, the actuary is taken to have performed an actuarial function under the Act or these regulations in relation to the entity.
	(5)	For the purposes of paragraph 130 (1) (b) of the Act, if an auditor in the course of performing a function for an entity under the Act or these regulations obtains sufficient information to enable the auditor to assess the financial position of the entity, the auditor is taken to have performed an audit function under the Act or these regulations in relation to the entity.
Subsection 130 (7) of the Act—unsatisfactory financial position
	9.04.	For the purposes of subsection 130 (7) of the Act and subregulation 9.31 (3), the financial position of an entity is treated as unsatisfactory if, in the opinion of a person performing an actuarial or audit function in relation to the entity:
	(a)	in the case of an entity that is a defined benefit fund—the value of the assets of the fund is inadequate to cover the value of the liabilities of the fund in respect of benefits vested in the members of the fund; and
	(b)	in the case of an entity that is an accumulation fund—either:
	(i)	 the assets of the fund are inadequate to cover the aggregate benefit accounts of members of the fund; or
	(ii)	the value of the assets of the fund is inadequate to cover the value of the liabilities of the fund in respect of benefits accrued to members of the fund; and
	(c)	in the case of an entity that is an approved deposit fund—the assets of the fund are inadequate to cover the obligations of the fund in respect of members of the fund; and
	(d)	in the case of an entity that is a PST—the assets of the trust are inadequate to cover the obligations of the trust in respect of holders of units in the trust.
Division 9.3—Funding and solvency of defined benefit funds
Application
	9.05.	This Division applies only to defined benefit funds other than:
	(a)	funds that are part of one of the following schemes:
	(i)	the scheme established by the Superannuation Act 1976;
	(ii)	the scheme established under the provisions of the Superannuation Act 1990;
	(iii)	the Military Superannuation and Benefits Scheme; and
	(b)	funds that are part of an exempt public sector superannuation scheme; and
	(c)	funds that have never been used to reduce or remove the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992.
Interpretation
	9.06.	(1)	In this Division:
“certified minimum contributions”, in relation to a fund, means the minimum contributions certified, in accordance with subregulation 9.10 (1) or 9.18 (9), in a funding and solvency certificate;
“declared date”, in relation to a defined benefit fund that is technically insolvent, means the date on which an actuary declares in writing in accordance with paragraph 9.16 (1) (a) that the fund is technically insolvent;
“effective date”, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate takes effect;
“expiry date”, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate expires;
“minimum benefit index”, in relation to a defined benefit fund, means the index calculated in accordance with regulation 9.15;
“notifiable event”, in relation to a defined benefit fund, means:
	(a)	an amendment of the governing rules of the fund in a way that affects the level, or method of calculation, of the benefits of the fund; or
	(b)	an event identified by an actuary, in accordance with paragraph 9.10 (1) (c) or 9.18 (9) (b), in a funding and solvency certificate relating to the fund;
“period of technical insolvency”, in relation to a defined benefit fund, means the period starting on the declared date and ending:
	(a)	in the case where the responsible actuary is able to certify the solvency of the fund within 5 years of the declared date—on the effective date of the funding and solvency certificate in which the actuary so certifies; and
	(b)	in any other case—on the date 5 years after the declared date;
“responsible actuary”, in relation to a defined benefit fund, means an actuary who, under subregulation 9.19 (3), has accepted responsibility for the fund during its period of technical insolvency;
“special funding and solvency certificate” means a funding and solvency certificate referred to in subregulation 9.18 (2).
	(2)	In this Division, a reference to the solvency of a fund is to be read as a reference to the minimum benefit index of the fund being certified in accordance with this Division as not less than 1.
	(3)	In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the minimum benefit index of the fund not being able to be certified in accordance with this Division as not less than 1.
Prescription of standards
	9.07.	For the purposes of subsection 31 (1) of the Act, the standards contained in regulations 9.08, 9.09 and 9.17 are prescribed as standards applicable to the operation of defined benefit funds to which this Division applies.
Funding standard
	9.08.	(1)	In respect of each year of income of a defined benefit fund to which this Division applies, an employer-sponsor of the fund must pay contributions to the fund in accordance with this regulation.
	(2)	The contributions paid must be not less than the certified minimum contributions relating to the fund.
	(3)	Subject to subregulation (4), the contributions must be paid in accordance with any specification made by the actuary under paragraph 9.10 (1) (g).
	(4)	If, under paragraph 9.10 (1) (g), an actuary has specified the instalments by which the certified minimum contributions must be paid, each instalment of the contribution must be paid not later than 28 days after the date indicated by the actuary as the date on which the instalment must be paid.
	(5)	If the actuary has not, under paragraph 9.10 (1) (g), specified payment by instalments, the contributions must be paid not later than 28 July following the end of the year of income in respect of which the contributions are payable.
Funding and solvency certificates—operating standard
	9.09.	(1)	The trustee of a defined benefit fund to which this Division applies must, in accordance with this Division, obtain from an actuary a funding and solvency certificate in relation to the fund.
	(2)	The trustee of the fund must, as soon as practicable, give a copy of a certificate obtained under this regulation to each employer-sponsor who has contributed or is contributing to the fund.
Contents of funding and solvency certificates
	9.10.	(1)	Subject to regulation 9.18 (relating to periods of technical insolvency), in the funding and solvency certificate required under regulation 9.09 in relation to a defined benefit fund, an actuary must:
	(a)	in accordance with regulation 9.11, 9.13 (5) or 9.14 (4), specify the date on which the certificate takes effect ; and
	(b)	if subregulation 9.11 (4) applies—make a statement in accordance with that subregulation; and
	(c)	identify any event relating to the fund that, if the event occurs during the period when the certificate is in force, should, in the opinion of the actuary, require the certificate to cease to have effect and a new certificate to be obtained; and
	(d)	in accordance with subregulation (2), specify the date on which the certificate expires; and
	(e)	certify the solvency of the fund as at the effective date of the certificate; and
	(f)	certify the minimum contributions reasonably expected by the actuary to be required in respect of any member or class of members to secure the solvency of the fund on the expiry date of the certificate; and
	(g)	if the certified minimum contributions should, in the actuary’s opinion, be paid by instalments—specify the number and amount of the instalments that must be paid and the frequency with which they must be paid; and
	(h)	sign and date the certificate.
	(2)	The date specified under paragraph (1) (d) as the date on which the certificate expires must be a date that is:
	(a)	not less than 12 months; and
	(b)	not more than 5 years;
after the effective date of the certificate.
Effective date of funding and solvency certificates
	9.11.	(1)	The first funding and solvency certificate obtained in respect of a defined benefit fund to which this Division applies must take effect on:
	(a)	in the case of a fund in operation on 30 June 1994 in respect of which an actuarial investigation was carried out under paragraph 17 (1) (a) of the Occupational Superannuation Standards Regulations on or after 1 July 1991—whichever of the following dates is selected by the actuary:
	(i)	the date of the last such actuarial investigation prior to 1 July 1994;
	(ii)	1 July 1994; and
	(b)	in the case of a fund in operation on 30 June 1994 to which paragraph (a) does not apply—1 July 1994; and
	(c)	in any other case—the date on which the fund is established.
	(2)	Subject to subregulations 9.13 (5), 9.14 (4) and 9.18 (8), the effective date of a funding and solvency certificate may be a date earlier than the date on which the actuary signs the certificate but must not be more than 12 months earlier than that date, except in the case of a first funding and solvency certificate to which subregulation (3) applies.
	(3)	If a first funding and solvency certificate takes effect in accordance with subparagraph (1) (a) (i) and the actuary signs the certificate not later than 30 June 1995, the effective date of the certificate may be more than 12 months earlier than the date on which the actuary signs the certificate.
	(4)	If the effective date of a funding and solvency certificate is earlier than the date on which the actuary signs the certificate, the actuary must only sign the certificate if the actuary is not aware, and makes a statement in the certificate that he or she is not aware, of any occurrence between the effective date and the date of signing that would affect the contents of the certificate.
Period of effect of funding and solvency certificates
	9.12.	(1)	Subject to regulation 9.18, a funding and solvency certificate takes effect from and including the effective date to and including whichever of the following first occurs :
	(a)	the expiry date; or
	(b)	the date on which the certificate ceases to have effect under subregulation (2).
	(2)	A funding and solvency certificate relating to a defined benefit fund ceases to have effect if:
	(a)	amounts from the fund are released to an employer-sponsor of the fund under section 117 of the Act; or
	(b)	another funding and solvency certificate takes effect in respect of the fund; or
	(c)	a notifiable event occurs in relation to the fund; or
	(d)	an employer-sponsor of the fund fails to pay the contributions relating to the fund in accordance with subregulation 9.08; or
	(e)	subparagraphs (2) (a), (b), (c) and (d) do not apply and the actuary, in the performance of his or her actuarial functions under the Act or these Regulations, forms the opinion that the certificate is no longer appropriate and withdraws the certificate by giving written notice of withdrawal to the trustee.
Effect of notifiable events on funding and solvency certificates
	9.13.	(1)	In this regulation, “lapsed certificate” means a funding and solvency certificate that, under subregulation (2), has ceased to have effect because of the occurrence of a notifiable event.
	(2)	If a notifiable event occurs in relation to a defined benefit fund to which this Division applies:
	(a)	the existing funding and solvency certificate in relation to the fund ceases to have effect at the end of the date on which the notifiable event occurs; and
	(b)	the trustee of the fund must obtain a new funding and solvency certificate in accordance with this regulation.
	(3)	The new funding and solvency certificate must be obtained not later than 3 months after the date on which the notifiable event occurs.
	(4)	The new funding and solvency certificate must be of a kind specified by an actuary at the request of the trustee, being whichever of the following kinds is considered by the actuary to be most appropriate, taking into account the nature of the notifiable event and its effect on the fund:
	(a)	a new funding and solvency certificate having the same contents as the lapsed certificate;
	(b)	a new funding and solvency certificate containing such modifications of the lapsed certificate as are specified by the actuary;
	(c)	a new funding and solvency certificate unrelated to the lapsed certificate and relying upon new calculations to be made by the actuary.
	(5)	The date on which a new funding and solvency certificate obtained under subregulation (2), because of the occurrence of a notifiable event, takes effect must be the date immediately following the date on which the notifiable event occurs.
	(6)	The expiry date of the new funding and solvency certificate may be different from the expiry date of the lapsed certificate.
Further funding and solvency certificates to be obtained
	9.14.	(1)	In this regulation :
“effective funding and solvency certificate” means a funding and solvency certificate that has taken effect and has not expired or otherwise ceased to have effect;
“term”, in relation to a funding and solvency certificate, means the period starting on the effective date of the certificate and ending on the expiry date of the certificate.
	(2)	Subject to regulations 9.13 and 9.18 and subregulation (3), the trustee of a defined benefit fund that has an effective funding and solvency certificate relating to the fund must obtain a further funding and solvency certificate relating to the fund that is signed:
	(a)	in the case of a certificate having a term of 4 years or less—on or before the date on which 75% of the term expires; and
	(b)	in the case of a certificate having a term of more than 4 years—not less than 12 months before the end of the term.
	(3)	If, under paragraphs 9.12 (2) (a), (d) or (e), a funding and solvency certificate in relation to a fund ceases to have effect:
	(a)	before the expiry date specified in the certificate; and
	(b)	before a further funding and solvency certificate has been obtained under subregulation (2);
the trustee of the fund must obtain a further funding and solvency certificate not later than 3 months after the date on which the first-mentioned funding and solvency certificate ceased to have effect.
	(4)	The date on which a further funding and solvency certificate referred to in subregulation (3) takes effect must be the date immediately following the date on which the previous funding and solvency certificate ceased to have effect.
Minimum benefit index
	9.15.	(1)	The minimum benefit index in respect of a defined benefit fund is the index calculated in accordance with the following formula:

	(2)	In this regulation:
“adjusted minimum benefit index”, in relation to a defined benefit fund, means:
	(a)	if the index calculated as at the initial date in accordance with the following formula:

		is less than  1—that index; and
	(b)	in any other case—an index of 1;
“BEF”, in relation to a defined benefit fund, means the value of the benefit entitlements of former members of the fund;
“benefit entitlements of former members”, in relation to a defined benefit fund, means the beneficial interests in the fund of beneficiaries (including pension beneficiaries and deferred beneficiaries) who are not standard employer-sponsored members of the fund;
“FMRB” means the funded minimum requisite benefit;
“funded minimum requisite benefit”, in relation to a defined benefit fund, means the amount that is the sum of:
	(a)	the value of the pre-initial date component of the MRB multiplied by the adjusted minimum benefit index; and
	(b)	the value of the post-initial date component of the MRB;
“initial date” means whichever is the earlier of the following dates:
	(a)	the date on which the first funding and solvency certificate in relation to the defined benefit fund takes effect in accordance with subregulation 9.11  (1);
	(b)	1 July 1994;
“MRB” means the total amount of the minimum requisite benefits of all current members of the fund;
“net realisable value of the assets”, in relation to a fund, means the amount calculated by deducting the estimated cost of disposing of the assets of the fund from the market value of those assets;
“NRV”, in relation to a defined benefit fund, means the net realisable value of the assets of the fund.
Non-compliance with solvency requirement—technical insolvency
	9.16.	(1)	If an actuary, in the course of carrying out actuarial functions in relation to a defined benefit fund, other than a fund that is technically insolvent, discovers that he or she is unable to certify the solvency of the fund as required under these regulations, the actuary must, as soon as practicable:
	(a)	declare, in writing signed by the actuary, that the fund is technically insolvent on the date on which the declaration is made; and
	(b)	deliver to the trustee a copy of the declaration of technical insolvency.
	(2)	A defined benefit fund is, for the purposes of these Regulations, taken to be technically insolvent on and from the declared date.
Technical insolvency—operating standard
	9.17.	The trustee of a defined benefit fund that is taken to be technically insolvent for the purposes of these Regulations must either:
	(a)	initiate a program in accordance with this Division that is designed by an actuary to return the fund to a position that would enable the actuary to certify the solvency of the fund in a funding and solvency certificate in accordance with regulation 9.10 not later than 5 years after the date on which the technical insolvency commenced; or
	(b)	initiate winding-up proceedings in accordance with Division 9.4.
Technical insolvency program—special funding and solvency certificate
	9.18.	(1)	In this regulation, “concluding date”, in relation to a funding and solvency certificate of a defined benefit fund, means whichever of the following first occurs:
	(a)	the expiry date; or
	(b)	the date on which the certificate ceases to have effect under subregulation 9.12  (2).
	(2)	If a defined benefit fund is technically insolvent, the funding and solvency certificate that the trustee is required to obtain under regulation 9.09 must be a special funding and solvency certificate that complies with this regulation.
	(3)	A special funding and solvency certificate takes effect from and including the effective date to and including the concluding date.
	(4)	A special funding and solvency certificate (the “first special funding and solvency certificate”) must be obtained as soon as practicable after the date on which a defined benefit fund becomes technically insolvent and not later than 3 months after that date. 
	(5)	The date on which the first special funding and solvency certificate obtained under subregulation (2) takes effect must be a date that is not more than 9 months earlier than the declared date.
	(6)	At least one further special funding and solvency certificate must be obtained in each subsequent period of 12 months following the concluding date of the first special funding and solvency certificate until the end of the period of technical insolvency.
	(7)	Each further special funding and solvency certificate required under subregulation (6) must be obtained not later than 3 months after the concluding date of the previous special funding and solvency certificate.
	(8)	The date on which a further special funding and solvency certificate required under subregulation (6) takes effect must be the date immediately following the concluding date of the previous special funding and solvency certificate.
	(9)	In a special funding and solvency certificate relating to a defined benefit fund, an actuary must:
	(a)	specify the date on which the certificate takes effect, in accordance with subregulation (5) and (8); and
	(b)	identify any event relating to the fund that, if the event occurs during the period when the certificate is in force, should, in the opinion of the actuary, require the certificate to cease to have effect and a new certificate to be obtained; and
	(c)	specify the date on which the certificate expires, in accordance with subregulation (10); and
	(d)	certify the minimum contributions reasonably expected by the actuary to be required to secure the solvency of the fund at the end of the period of technical insolvency; and
	(e)	certify the improvement (if any) in the level of the minimum benefit index from its level at the effective date of the immediately preceding funding and solvency certificate relating to the fund.
	(10)	The date specified under paragraph (9) (c) as the date on which the certificate expires must be a date that is 12 months after the effective date of the certificate.
Technical insolvency program—procedure
	9.19.	(1)	This regulation sets out the procedure to be followed in relation to a defined benefit fund to which this Division applies during any period of technical insolvency of the fund.
	(2)	An employer-sponsor of the fund must continue to pay contributions that are not less than the certified minimum contributions as required under regulation 9.08.
	(3)	The trustee of the fund must secure the services of an actuary for the fund who accepts responsibility for the actuarial management of the fund during the period of technical insolvency, including responsibility for the provision of special funding and solvency certificates and any approvals required under subregulation (4).
	(4)	The trustee must not make any payment from the fund unless, in respect of a payment:
	(a)	the responsible actuary gives written approval for that particular payment to be made; or
	(b)	the amount of the payment is determined in accordance with a scheme for payment approved in writing by the responsible actuary.
	(5)	If, during a period of technical insolvency of a fund, the responsible actuary for the fund is no longer willing or able to accept responsibility for the fund, the actuary must, if practicable, inform the Commissioner and the trustee that this is the case, giving the actuary’s reasons.
	(6)	As soon as a trustee of a fund becomes aware that the responsible actuary for the fund is no longer willing or able to accept responsibility for the fund, the trustee must secure the services of another responsible actuary in accordance with subregulation (3) and must inform the Commissioner of the change in the fund’s responsible actuary.
Division 9.4—Winding-up of defined benefit funds
Application
	9.20.	This Division applies only to defined benefit funds other than:
	(a)	funds that are part of one of the following schemes:
	(i)	the scheme established by the Superannuation Act 1976;
	(ii)	the scheme established under the provisions of the Superannuation Act 1990;
	(iii)	the Military Superannuation and Benefits Scheme; and
	(b)	funds that are part of an exempt public sector superannuation scheme; and
	(c)	funds that have never been used to reduce or remove the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992.
Interpretation
	9.21.	(1)	In this Division:
“benefit entitlements of former members” has the same meaning as in subregulation 9.15 (2);
“funded minimum requisite benefit” has the same meaning as in subregulation 9.15 (2);
“minimum benefit index at the winding-up date”, in relation to a defined benefit fund, means an index calculated in accordance with regulation 9.15 except that the net realisable value of the assets is, for the purposes of the calculation, taken to be the net realisable value of the assets at the winding-up date as defined by this Division;
“net realisable value of the assets at the winding-up date”, in relation to a defined benefit fund, means the amount calculated by deducting the sum of:
	(a)	the actual cost of disposing of the assets of the fund; and
	(b)	the administration, and other, costs associated with the winding-up proceedings being carried out in relation to the fund in accordance with this Division;
from the amount received on realisation of the assets of the fund;
“period of technical insolvency” has the same meaning as in Division 9.3;
“responsible actuary”, in relation to a defined benefit fund, means an actuary who, under subregulation 9.19 (3), accepted responsibility for the fund during its period of technical insolvency;
“winding-up date”, in relation to a defined benefit fund, means the date at which the trustee determines the allocations to be made, under the winding-up proceedings, to members of the fund in respect of their benefit entitlements.
	(2)	In this Division, a reference to the solvency of a fund is to be read as a reference to the fund’s minimum benefit index, as that term is defined in Division 9.3, being certified in accordance with that Division as not less than 1.
	(3)	In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the fund’s minimum benefit index, as that term is defined in Division 9.3, not being able to be certified in accordance with that Division as not less than 1.
Prescription of standards
	9.22.	For the purposes of subsection 31 (1) of the Act, the standards contained in regulations 9.23, 9.24 and 9.25 are prescribed as standards applicable to the operation of defined benefit funds to which this Division applies.
Winding-up of defined benefit funds
	9.23.	(1)	Subject to subregulation (4), the trustee of a defined benefit fund that is technically insolvent must initiate winding-up proceedings in accordance with this Division if:
	(a)	the fund fails to comply with regulations 9.17, 9.18 or 9.19 during the period of technical insolvency; or
	(b)	the actuary is unable to certify the solvency of the fund at the end of that period; 
and regulation 9.24 does not apply.
	(2)	Winding-up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.
	(3)	Subject to subregulation (4), if a trustee of a defined benefit fund to which this Division applies initiates winding-up proceedings in relation to the fund otherwise than under subregulation (1), the winding-up proceedings must be carried out in accordance with this Division.
	(4)	This regulation does not apply to a defined benefit fund in respect of which the Commissioner formulates a scheme for the winding-up of the fund.
Alternative program approved by the Commissioner
	9.24.	(1)	If, as an alternative to commencing winding-up proceedings, the responsible actuary of a defined benefit fund recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the actuary’s recommendations, must, within 21 days after receiving the recommendations, forward a copy of the recommendations to the Commissioner, together with a request that the Commissioner approve the recommendations.
	(2)	If the Commissioner approves the actuary’s recommendations, and notifies the trustee in writing of the approval, the trustee must follow the specified course of action as recommended.
Winding-up proceedings—priorities
	9.25.	(1)	If, under regulation 9.23, winding-up proceedings in relation to a defined benefit fund are to be carried out in accordance with this Division, priority must be given to the liabilities of the fund in accordance with this regulation.
	(2)	The first charge on the assets of the fund must be the liability in respect of the administration and other costs associated with the winding-up proceedings.
	(3)	In determining the priorities to be given to the remaining liabilities of the fund, the trustee must ensure compliance with subregulations (4) and (5).
	(4)	If the fund’s minimum benefit index at the winding-up date is equal to or greater than 1, the benefit entitlement allocated to each individual member of the fund at the winding-up date must be an amount that is not less than the sum of such part of:
	(a)	the funded minimum requisite benefit; and
	(b)	the benefit entitlements of former members;
as is attributable to that individual member.
	(5)	If the fund’s minimum benefit index at the winding-up date is less than 1, the benefit entitlement allocated to each individual member of the fund at the winding-up date must not be either:
	(a)	greater than the amount referred to in subregulation (4) in respect of that individual member; or
	(b)	less than an amount calculated by multiplying the amount referred to in subregulation (4) in respect of that individual member by the fund’s minimum benefit index at the winding-up date.
	Division 9.5—Actuarial standards relating to defined benefit funds
Application
	9.26.	This Division applies only to defined benefit funds.
Interpretation
	9.27.	In this Division:
“accrued benefits”, in relation to a member of a defined benefit fund, means the benefits to which the member has a potential entitlement at the valuation date on account of the length of time the member has been a member of the fund at that date;
“fully funded”, in relation to a fund, means funded in advance in accordance with actuarial advice at a level that is reasonably expected by the actuary to be adequate to provide for present and prospective liabilities in respect of benefits relating to the fund;
“new fund” means:
	(a)	any defined benefit fund established on or after 1 July 1994; or
	(b)	any fund converted on or after 1 July 1994 to a defined benefit fund;
in respect of which no previous actuarial report has been made;
“valuation date”, in relation to a defined benefit fund, means the date as at which an investigation required under regulation 9.29 was carried out in relation to the fund.
Prescription of standards
	9.28.	For the purposes of subsection 31(1) of the Act, the standards contained in regulations 9.29 and 9.30 are prescribed as standards applicable to the operation of defined benefit funds.
Actuarial investigation standard
	9.29.	A trustee of a defined benefit fund must require an actuarial investigation to be made in relation to the fund:
	(a)	in the case of a defined benefit fund in operation on 30 June 1994—as at a date not later than 3 years after:
	(i)	the date as at which the last actuarial investigation was made; or
	(ii)	if no actuarial investigation was made—the date of establishment of the fund, or conversion of the fund to a defined benefit fund; and
	(b)	in the case of a new fund—as at the date of establishment or conversion of the fund;
and, in all cases, after the first actuarial investigation has been made in relation to a fund under paragraph (a) or (b), further regular actuarial investigations must be made as at a date not later than 3 years after the date as at which the last actuarial investigation was made.
Actuarial reporting standard
	9.30.	(1)	A trustee of a defined benefit fund must obtain an actuarial report in accordance with this regulation in relation to each investigation required to be made under regulation 9.29 in relation to the fund.
	(2)	The actuarial report must be obtained within the period of 12 months commencing on the date immediately following the valuation date in relation to the fund.
	(3)	The actuarial report must contain:
	(a)	in relation to a private sector fund or a fully funded public sector superannuation scheme—the matters specified in regulation 9.31; and
	(b)	in relation to a public sector superannuation scheme that is not fully funded—the matters specified in regulation 9.32.
Contents of actuarial report—private sector funds and fully funded public sector superannuation schemes
	9.31.	(1)	Subject to regulation 9.33, an actuarial report required under regulation 9.30 that relates to a private sector fund or a fully funded public sector superannuation scheme must contain, in addition to any other matter:
	(a)	a statement of the value of the assets of the fund at the valuation date; and
	(b)	a statement of the actuary’s opinion on whether, at the valuation date, the value of the assets of the fund is adequate to meet the value of the liabilities of the fund in respect of accrued benefits in the fund of members of the fund; and
	(c)	a statement recommending, in respect of the 3-year period immediately following the valuation date, the rate at which, or the range of rates within which, the actuary considers employer contributions should be made or, where the actuary considers employer contributions should be made at different rates or within different ranges in respect of 2 or more periods within the 3-year period, such different rates or ranges of rates; and
	(d)	a statement, made in accordance with subregulations (3) and (4) regarding the financial position of the fund; and
	(e)	if the fund has been used to reduce or remove the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992:
	(i)	a statement that all funding and solvency certificates required under this Part during the period of the investigation to which the report relates were obtained; and
	(ii)	a statement of the actuary’s opinion regarding the likelihood of an actuary being able to certify the solvency of the fund in any funding and solvency certificate that may be required under these Regulations during the 3-year period immediately following the valuation date; and
	(f)	if, under section 342 of the Act, a pre-1 July 1988 funding credit has been granted or, under Part 12 of these regulations, has been obtained by transfer and a prescribed event referred to in paragraph 342 (4) (a) of the Act has occurred—a statement that the prescribed event has occurred.
	(2)	In forming an opinion referred to in paragraph (1) (b), an actuary must consider both:
	(a)	the position of the fund at the valuation date; and
	(b)	the likely future position of the fund, during the 3 years immediately following the valuation date, based on the reasonable expectations of the actuary.
	(3)	In making a statement regarding financial position under paragraph (1) (d), the actuary must indicate whether the financial position of the fund is treated as unsatisfactory under regulation 9.04 and whether the fund may, in the actuary’s opinion, be about to become unsatisfactory, taking into consideration in relation to the fund the matters referred to in regulation 9.03.
	(4)	In a statement made under paragraph (1) (d), if an actuary considers that the stated financial position of the fund is dependant upon certain actions being taken or certain schemes being implemented, the actuary must indicate this and must include in the statement a detailed description of those actions or schemes.
Contents of actuarial report—public sector superannuation schemes that are not fully funded
	9.32.	Subject to regulation 9.33, an actuarial report required under regulation 9.30 that relates to a public sector superannuation scheme that is not fully funded must contain, in addition to any other matter:
	(a)	a statement of the value of the assets of the fund at the valuation date; and
	(b)	if the actuary considers it appropriate, taking into account the proportion of the liabilities of the fund that are being funded—a statement recommending, in respect of the 3-year period immediately following the valuation date, the rate at which, or the range of rates within which, the actuary considers employer contributions should be made or, where the actuary considers employer contributions should be made at different rates, or within different ranges, in respect of 2 or more periods within the 3-year period, such different rates or ranges or rates; and
	(c)	a statement regarding the adequacy of the funding of the liabilities of the fund, having regard to any guarantee given by the Commonwealth or by a State or Territory regarding the payment of benefits to members and taking into account any appropriations in respect of the fund; and
	(d)	if, under section 342 of the Act, a pre-1 July 1988 funding credit has been granted or, under Part 12 of these Regulations, has been obtained by transfer and a prescribed event referred to in paragraph 342 (4) (a) of the Act has occurred—a statement that the prescribed event has occurred.
Content of actuarial report—newly established or converted funds
	9.33.	If an actuarial report required under regulation 9.30 relates to a new fund, the report; 
	(a)	must contain:
	(i)	a statement recommending, in respect of the 3-year period immediately following the valuation date, the rate at which, or the range of rates within which, the actuary considers employer contributions should be made or, where the actuary considers employer contributions should be made at different rates or within different ranges in respect of 2 or more periods within the 3-year period, such different rates or ranges of rates; and
	(ii)	a statement of the actuary’s opinion regarding the likelihood of an actuary being able to certify the solvency of the fund in any funding and solvency certificate that may be required under these Regulations during the 3-year period immediately following the valuation date; but
	(b)	need not contain any of the other matters set out in regulation 9.31 or 9.32 (whichever is applicable).
Division 9.6—Solvency of accumulation funds
Application
	9.34.	This Division applies only to accumulation funds other than:
	(a)	funds that are part of an exempt public sector superannuation scheme; and
	(b)	funds that have never been used to reduce or remove the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992.
Interpretation
	9.35.	(1)	In this Division:
“fund’s actuary”, in relation to an accumulation fund, means an actuary whose services are secured by the trustee of the fund under subregulation 9.39 (2);
“mandated employer-financed benefits” has the same meaning as in Part 5;
“member financed-benefits” has the same meaning as in Part 5;
“minimum guaranteed benefit”, in relation to a member of an accumulation fund, means an amount that is the sum of:
	(a)	the member-financed benefits of the member; and
	(b)	the mandated employer-financed benefits of the member;
“net realisable value”, in relation to the assets of an accumulation fund, means the amount calculated by deducting the estimated cost of disposing of the assets of the fund from the market value of those assets.
“period of technical insolvency”, in relation to an accumulation fund, means the period starting on the first day of the year of income in which the fund becomes technically insolvent or in which the trustee makes an election under subregulation 9.38 (2) and ending on:
	(a)	in the case where the fund is solvent at the beginning of a year of income that is earlier than the sixth year of income following the year of income in which the period starts—the first day of that first-mentioned year of income;
	(b)	in any other case—the first day of that sixth year of income. 
	(2)	In this Division, a reference to an accumulation fund being solvent is to be read as a reference to the net realisable value of the assets of the fund being equal to or greater than the minimum guaranteed benefits of members of the fund.
	(3)	In this Division a reference to an accumulation fund being technically insolvent is to be read as a reference to the net realisable value of the assets of the fund being less than the minimum guaranteed benefits of members of the fund.
Prescription of standards—accumulation funds
	9.36.	For the purposes of subsection 31 (1) of the Act, the standards contained in regulations 9.37 and 9.38 are prescribed as standards applicable to the operation of accumulation funds to which this Division applies.
Accumulation funds solvency standard
	9.37.	(1)	Subject to subregulation (2), in a year of income the trustee of an accumulation fund that is solvent at the beginning of the year of income must not add such an amount to the minimum guaranteed benefits of members of the fund, in respect of the earnings of the fund, that would result in the fund being technically insolvent at the end of the year of income.
	(2)	In a year of income, the trustee of an accumulation fund to which subregulation (1) applies may add an amount referred to in subregulation (1) if the amount is added in accordance with a program referred to in subregulation 9.38  (2).
	(3)	In a year of income, the trustee of an accumulation fund that is technically insolvent at the beginning of the year of income must only add amounts to the minimum guaranteed benefits of members of the fund in accordance with a program referred to in subregulation 9.38 (1).
Technical insolvency of accumulation funds—operating standard
	9.38.	(1)	The trustee of an accumulation fund that is technically insolvent must either:
	(a)	initiate a program in accordance with this Division that is designed by an actuary to ensure that the fund is in a solvent position not later than at the end of the fifth year of income following the year of income in which the fund became technically insolvent; or
	(b)	initiate winding-up proceedings.
	(2)	The trustee of an accumulation fund to which subregulation (1) does not apply may elect to have the fund comply with a program comparable with a program referred to in paragraph (1) (a), except that the program is designed to ensure that the fund is in a solvent position not later than at the end of the fifth year of income following the year of income in which the trustee made the election.
Technical insolvency program for accumulation funds—procedure
	9.39.	(1)	This regulation sets out the procedure to be followed, in relation to an accumulation fund to which this Division applies, during any period of technical insolvency.
	(2)	The trustee of the fund must secure the services of an actuary for the fund, who must, as soon as practicable, design a program of the kind referred to in paragraph 9.38 (1) (a) or subregulation 9.38 (2) (whichever is applicable) and inform the trustee of the requirements of that program.
	(3)	The trustee of the fund must not add an amount to the minimum guaranteed benefits of members of the fund during any period of technical insolvency unless:
	(a)	the addition is approved in writing by the fund’s actuary; or
	(b)	the amount is added in accordance with a scheme approved in writing by the fund’s actuary for the adding of such amounts.
	(4)	During any period of technical insolvency of the fund, the trustee of the fund must not make any payment from the fund unless:
	(a)	the fund’s actuary gives written approval for that particular payment to be made; or
	(b)	the amount of the payment is determined in accordance with a scheme for payment approved in writing by the fund’s actuary.
Division 9.7—Winding-up of accumulation funds
Application
	9.40 	This Division applies only to accumulation funds to which Division 9.6 applies.
Interpretation
	9.41.	(1)	In this Division:
“fund’s actuary” means an actuary whose services are secured under subregulation 9.39 (2);
“minimum guaranteed benefit”, in relation to a member of an accumulation fund, has the same meaning as in Division 9.6;
“net realisable value of the assets at the winding-up date”, in relation to an accumulation fund, means the amount calculated by deducting from the amount received on realisation of those assets the sum of:
	(a)	the actual cost of disposing of the assets of the fund; and
	(b)	the administration and other costs associated with winding-up proceedings in respect of the fund;
“period of technical insolvency”, in relation to an accumulation fund, has the same meaning as in Division 9.6;
“winding-up date”, in relation to an accumulation fund, means the date at which the trustee determines the allocations to be made, under the winding-up proceedings, to members of the fund in respect of their benefit entitlements.
	(2)	In this Division, a reference to an accumulation fund being solvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being equal to or greater than the minimum guaranteed benefits of members of the fund at that date.
	(3)	In this Division, a reference to an accumulation fund being technically insolvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being less than the minimum guaranteed benefits of members of the fund at that date.
Prescription of standards—winding-up of accumulation funds
	9.42.	For the purposes of subsection 31 (1) of the Act, the standards contained in regulations 9.43, 9.44 and 9.45 are prescribed as standards applicable to the operation of accumulation funds which this Division applies.
Winding-up of accumulation funds
	9.43.	(1)	Subject to subregulation (4), the trustee of an accumulation fund to which this Division applies that is in a period of technical insolvency must initiate winding-up proceedings in accordance with this Division if;
	(a)	the fund fails to comply with regulation 9.38 or 9.39 during a period of technical insolvency; or
	(b)	the fund is not solvent within the meaning of that term in subregulation 9.35 (2) on the date on which that period ends;
and regulation 9.44 does not apply.
	(2)	Winding-up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.
	(3)	Subject to subregulation (4), if a trustee of an accumulation fund to which this Division applies initiates winding-up proceedings in relation to the fund otherwise than under subregulation (1), the winding-up proceedings must be carried out in accordance with this Division.
	(4)	This regulation does not apply to an accumulation fund in respect of which the Commissioner formulates a scheme for the winding-up of the fund.
Alternative program approved by the Commissioner for an accumulation fund
	9.44.	(1)	If, as an alternative to commencing winding-up proceedings, an accumulation fund’s actuary recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the recommendations of the fund’s actuary, must, within 21 days after receiving the recommendations, forward a copy of the recommendations to the Commissioner, together with a request that the Commissioner approve the recommendations.
	(2)	If the Commissioner approves the recommendations of the fund’s actuary and notifies the trustee in writing of the approval, the trustee must follow the specified course of action as recommended.
Accumulation fund winding-up proceedings—priorities
	9.45.	(1)	If a trustee of an accumulation fund initiates winding-up proceedings in relation to the fund, priority must be given to the liabilities of the fund in accordance with this regulation.
	(2)	The first charge on the assets of the fund must be the liability in respect of the administration and other costs associated with the winding -up proceedings.
	(3)	In determining the priorities to be given to the remaining liabilities of the fund, the trustee must ensure compliance with subregulations (4) and (5).
	(4)	If the fund is solvent at the winding-up date, the amount allocated to each individual member of the fund at the winding-up date must not be less than the minimum guaranteed benefit of the member.
	(5)	If the fund is technically insolvent at the winding-up date, an amount equal to the net realisable value of the assets at the winding-up date must be apportioned among all the members of the fund at that date so that the proportion of that amount that is apportioned to an individual member bears the same relation to the whole amount as the minimum guaranteed benefit of that member bears to the total of minimum guaranteed benefits in respect of all the members of the fund at the winding-up date.
PART 10—ELIGIBLE ROLLOVER BENEFITS
Division 10.1—Introductory
Interpretation
	10.01.	(1)  In this Part:
“eligible rollover benefits” means benefits paid in accordance with subsection 244 (1) or (3) of the Act;
“eligible rollover benefits register” means the register of eligible rollover benefits kept by the Commissioner under subsection 250 (1) of the Act;
“transferor fund” means a standard employer-sponsored fund that has paid eligible rollover benefits into an eligible rollover fund.
	(2)	Expressions used in this Part that are defined for the purposes of Part 24 of the Act have the same meanings respectively as in that Part.
	(3)	Expressions used in this Part that are defined for the purposes of Part 5 have the same meanings respectively as in that Part.
Division 10.2—Prescribed matters
Eligible rollover funds—prescribed conditions
	10.02.	(1)  The conditions set out in this regulation are prescribed for the purposes of section 243 of the Act.
Regulated superannuation funds
	(2)	For a regulated superannuation fund to be an eligible rollover fund, the governing rules of the fund must require the fund to be an accumulation fund.
Trustees
	(3)	For a regulated superannuation fund, or an approved deposit fund, to be an eligible rollover fund, the  governing rules of the fund must require the trustee of the fund:
	(a)	not to be the trustee of another eligible rollover fund; and
	(b)	not to be an associate of the trustee of another eligible rollover fund.
Benefits
	(4)	For a regulated superannuation fund or an approved deposit fund to be an eligible rollover fund, the governing rules of the fund must require the trustees of the fund not to have or accept amounts other than:
	(a)	eligible rollover benefits; or
	(b)	payments of shortfall components.
[NOTE:	The effect of subregulation (4) is that an eligible rollover fund must be  a separate entity distinct from other types of fund.]
Section 243 conditions
	(5)	For a regulated superannuation fund or an approved deposit fund to be an eligible rollover fund, the governing rules of the fund must require the fund to comply with the conditions that are prescribed from time to time for the purposes of section 243 of the Act.
Reports to members
	10.03.	(1)  Subject to this regulation, for the purposes of paragraph 244 (3) (b) of the Act, a prescribed report is a report containing information of a kind referred to in:
	(a)	Subdivision 2.4.2 ; or
	(b)	paragraph 17 (1) (e), or regulation 18G, of the Occupational Superannuation Standards Regulations.
	(2)	Subregulation (1) applies, in relation to a benefit (other than a pension) that is immediately payable, only to a report sent after the benefit became immediately payable.
	(3)	A report is taken not to be the second of 2 prescribed reports if it was sent to a member less than 6 months after the first of those reports was sent to the member.
	(4)	In subregulation (1), a reference to the Occupational Superannuation Standards Regulations is taken, after those Regulations cease to be in force, as a reference to those Regulations immediately before they ceased to be in force.
Prescribed information to be given to eligible rollover fund
	10.04.	(1)  For the purposes of subsection 245 (1) of the Act, the prescribed information relating to a member that the trustee of a transferor fund must give to the trustee of an eligible rollover fund is all of the following information:
	(a)	all information in the possession of the trustee of the transferor fund (other than information mentioned in subregulation (2)) that:
	(i)	could reasonably help the trustee of the eligible rollover fund to locate or identify the member; or
	(ii)	is directly relevant to the matters to which sections 249 and 251 of the Act apply; 
	(b)	the following statement or statements, so far as applicable:
	(i)	a statement to the effect that the member has not quoted the member’s tax file number to the transferor fund; 
	(ii)	a statement to the effect that the member has specifically requested the trustee of the transferor fund not to disclose information of a kind specified in the statement to an eligible rollover fund.
	(2)	Paragraph (1) (a) does not apply to the following kinds of information:
	(a)	where subparagraph (1) (b) (i) applies—the tax file number of the member; 
	(b)	information to which subparagraph (1) (b) (ii) applies; 
	(c)	information that the trustee of the eligible rollover fund has specifically requested the trustee of the transferor fund not to disclose.
Prescribed information to be given to the Commissioner
	10.05.	For the purposes of subsection 249 (2) of the Act, the prescribed information that the trustee of an eligible rollover fund must give to the Commissioner in respect of a half-year, in relation to each member in respect of whom eligible rollover benefits have been paid into the fund during the half-year, is the information that is required to be given under subregulation 11.08 (2).
Division 10.3—Additional  operating standards applicable to eligible rollover funds
Operating standards—eligible rollover funds 
	10.06.	For the purposes of subsections 31 (1) and 32 (1) of the Act, the following are standards applicable (in addition to other standards applicable under these Regulations) to the operation of all eligible rollover funds:
	(a)	the fund must not cease to satisfy the conditions set out in regulation 10.02, or the conditions set out in the governing rules in accordance with that regulation, without the approval in writing of the Commissioner;
	(b)	the trustee of the fund must accept payment of:
	(i)	eligible rollover benefits in relation to a particular person that amount to not less than $500; and
	(ii)	shortfall components in relation to a member.
PART 11—INFORMATION TO BE GIVEN TO THE COMMISSIONER AND RELATED MATTERS
Interpretation
	11.01.	In this Part:
“contact person” means a named individual, or a person holding a designated office or position, who is available to receive and deal with inquiries from the Commissioner.
Lodgment of annual returns by superannuation entity
	11.02.	For the purposes of subsection 36 (1) of the Act, the prescribed period after the end of each year of income of a superannuation entity is:
	(a)	in the case of a superannuation entity that is an excluded fund—9 months; and
	(b)	in the case of a superannuation entity, other than an excluded fund, that is a public offer entity—4 months; and
	(c)	in the case of any other superannuation entity—6 months.
Prescribed period for giving information to the Commissioner (subsection 254(1))
	11.03.	For the purposes of subsection 254 (1) of the Act, the prescribed period is 7 days.
Prescribed information (subsection 254 (1))—regulated superannuation funds
	11.04.	For the purposes of subsection 254 (1) of the Act, the prescribed information in relation to the trustee of a regulated superannuation fund is:
	(a)	the following general information:
	(i)	the name of the fund; and
	(ii)	the postal address of the fund; and
	(iii)	the registered address of, or an address for service of notices on, the fund; and
	(iv)	a contact person, and contact telephone and facsimile numbers; and
	(b)	the following trustee information:
	(i)	if the trustee is a corporate trustee—the name of the trustee, its registered address, telephone number and Australian Company Number, and the name of each director of the trustee; or
	(ii)	if the trustee, or each of the trustees, is an individual—the name of the trustee or of each trustee, as the case requires; and
	(c)	the following fund information:
	(i)	the date of establishment of the fund; and
	(ii)	a statement as to whether:
	(A)	the trustee of the fund is a constitutional corporation pursuant to a requirement contained in the governing rules; or
	(B)	the governing rules of the fund provide that the sole or primary purpose of the fund is the provision of old-age pensions; and
	(iii)	a statement as to whether the fund is any (and if so, which) of the following:
	(A)	an excluded superannuation fund; or
	(B)	a public offer superannuation fund; or
	(C)	a public sector superannuation fund; or
	(D)	a public sector superannuation scheme;
	(iv)	if the fund is an excluded superannuation fund—a statement as to whether, in the trustee’s opinion, the fund is likely to be an excluded superannuation fund at the end of 12 months after the date of lodgment of the notice.
Prescribed information (subsection 254 (1))—approved deposit funds
	11.05.	For the purposes of subsection 254 (1) of the Act, the prescribed information in relation to the trustee of an approved deposit fund is:
	(a)	the following general information:
	(i)	the name of the fund; and
	(ii)	the postal address of the fund; and
	(iii)	the registered address of, or an address for service of notices on, the fund; and
	(iv)	a contact person, and contact telephone and facsimile numbers; and
	(b)	the following trustee information:
	(i)	the name of the trustee, its registered address, telephone number and Australian Company Number; and
	(ii)	the name of each director of the trustee; and
	(c)	the following fund information:
	(i)	the date of establishment of the fund; and
	(ii)	a statement as to whether the fund is an excluded approved deposit fund.
Prescribed information (subsection 254 (1))—PSTs
	11.06.	For the purposes of subsection 254 (1) of the Act, the prescribed information in relation to a pooled superannuation trust is:
	(a)	the following general information:
	(i)	the name of the trust; and
	(ii)	the postal address of the trust; and
	(iii)	the registered address of, or an address for service of notices on, the trust; and
	(iv)	a contact person, and contact telephone and facsimile numbers; and
	(b)	the following trustee information:
	(i)	the name of the trustee, its registered address, telephone number and Australian Company Number; and
	(ii)	the name of each director of the trustee; and
	(c)	the date of establishment of the trust.
Operating standard—disclosure of information to the Commissioner
	11.07.	(1)  For the purposes of subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity that the trustee must give notice in writing to the Commissioner, in accordance with subregulation (2), of any change in:
	(a)	the name of the entity; or
	(b)	the postal address, registered address or address for service of notices, of the entity; or
	(c)	details of the contact person, and contact telephone and facsimile numbers.
	(2)	A notice mentioned in subregulation (1) must be given:
	(a)	in the case of a superannuation entity that is an eligible rollover fund—immediately after the occurrence of the change; or
	(b)	in any other case—within 1 month of the occurrence of the change.
	(3)	For the purposes of subsections 31 (1), 32 (1) and 33 (1) of the Act, it is a standard applicable to the operation of a superannuation entity that the trustee must give notice in writing to the Commissioner, in accordance with subregulation (4), of a decision or resolution to wind up the entity.
	(4)	Notice under subregulation (3) must be given:
	(a)	in the case of a regulated superannuation fund that is an excluded fund—before, or as soon practicable after, the winding up is commenced; or
	(b)	in any other case—as soon as practicable after the making of the decision or resolution to wind up the entity and, in any event, before the winding up is commenced.
Eligible rollover funds
	11.08.	(1)	For the purposes of subsections 31 (1) and 32 (1) of the Act the requirements of subregulations (2), (5) and (6) are standards applicable to all eligible rollover funds.
	(2)	Subject to subregulation (4), the trustee of an eligible rollover fund must give to the Commissioner, within 28 days of the end of each half-year of the fund, in relation to each member in respect of whom amounts have been paid into or out of the fund during the half-year, a statement setting out the following information:
	(a)	the member’s name, date of birth, contact details and sex;
	(b)	if the member has quoted, or is taken under subsection 249 (5) of the Act to have quoted, his or her tax file number to the fund—that number;
	(c)	the fund’s name, contact details and fund number;
	(d)	the name and contact details of the member’s employer;
	(e)	the name, contact details and fund number of the fund that is the transferor fund in relation to the member;
	(f)	the amounts that the fund has received or paid out in the half-year in relation to the member;
	(g)	if the Commissioner requests in writing from the fund, in the half-year, information that the Commissioner reasonably believes may assist the Commissioner in administering the eligible rollover benefits register—that information;
	(h)	any other information that the trustee and the Commissioner agree, in the half-year, should be given by the fund to the Commissioner.
	(3)	In subregulation (2):
“contact details” means:
	(a)	in relation to the member—details of the person’s residential address, postal address (if different) and, where available, telephone number and facsimile (electronic transmission) number; and
	(b)	in relation to the fund or the member’s employer—the postal address and, where available, telephone number and facsimile (electronic transmission) number;
“fund number”, in relation to a regulated superannuation fund or approved deposit fund, means the number given to the fund by the Commissioner.
	(4)	A trustee need not give information of a kind referred to in subregulation (2) other than the most recent information (if any) of that kind that is in its possession.
	(5)	If the governing rules of an eligible rollover fund are amended, the trustee of the fund must give a copy of the amendments to the Commissioner as soon as possible after the amendments are made.
	(6)	If the Commissioner requests in writing a copy of the governing rules of an eligible rollover fund, the trustee of the fund must give a copy of the governing rules to the Commissioner as soon as possible after receiving the request.
	(7)	Unless the contrary intention appears, expressions used in this regulation that are defined for the purposes of  Part 10 have the same meanings respectively as in that Part.
part 12—PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS
Interpretation
	12.01.	In this Part, unless the contrary intention appears:
“PJFC”, in relation to a superannuation fund, means an amount specified in a notice by the Commissioner under subsection 342 (2) of the Act;
“pre-1 July 88 funding amount” has the meaning given by regulation 12.02
“pre-1 July 88 funding credit balance” has the meaning given by subsection 275A (1) of the Tax Act;
“prescribed event” has the meaning given by regulation 12.10;
“reviewable decision” means a decision of the Commissioner:
	(a)	not to approve an application under regulation 12.12 or 12.13; or
	(b)	to revoke an approval under regulation 12.14; or
	(c)	after reconsideration under regulation 12.17, to confirm or vary a decision referred to in paragraph (a) or (b);
“shortfall-in-assets amount” means an amount determined by an actuary in accordance with regulation 12.03.
Pre-1 July 88 funding amounts
	12.02.	(1)	In this regulation:
“late payment amount”, in relation to a superannuation fund, means an amount (other than an amount representing a contribution that was payable or not payable at the discretion of an employer-contributor in respect of the fund) representing contributions to the fund that were unpaid as at 30 June 1988, being contributions that an employer-contributor in respect of the fund was obliged as at 30 June 1988 to pay in accordance with:
	(a)	except if paragraph (b) applies, the governing rules of the fund then in force; or
	(b)	in the case of an amount representing contributions in respect of a member of a defined benefit fund who is an associate of an employer-contributor—the determination of an actuary; or
	(c)	an agreement certified, or an award made, by an industrial authority.
	(2)	Subject to subregulation (3), the following amounts are to be treated as pre-1 July 88 funding amounts for the purposes of paragraph 342 (2) (a) of the Act:
	(a)	a late payment amount;
	(b)	a shortfall-in-assets amount.
	(3)	If:
	(a)	the pre-1 July 88 funding amount of a defined benefit fund includes a late payment amount; and
	(b)	that late payment amount is sufficient to fund the liabilities of the fund in relation to accrued benefits of the members of the fund;
the pre-1 July 88 funding amount must not include a shortfall-in-assets amount.
Shortfall-in-assets amount—calculation
	12.03.	(1)	The shortfall-in-assets amount in respect of a superannuation fund is the amount determined by an actuary as the lesser of the amounts calculated in accordance with the following formulas:
	(a)	;
	(b)	.
[NOTE:  A shortfall-in-assets amount is the amount of any deficiency in a superannuation fund as at 30 June 1988, other than a deficiency that is the result of contributions that are due, but have not been paid, to the fund.]
	(2)	In subregulation (1), in relation to a superannuation fund:
“actuarially determined value of fund assets” means the value  of the assets of the fund as at 30 June 1988, including any late payment amount, that is determined by an actuary using a method that the actuary certifies:
	(a)	is consistent with the method used in the last actuarial investigation of the fund that was completed before 25 May 1988; and
	(b)	as determining a value that is comparable to the value of the assets determined in that actuarial investigation;
“net market value of fund assets” means the amount that, having regard to matters specified in regulation 12.04, could reasonably be estimated to be obtained from disposal of the assets of the fund, and includes any late payment amount;
“value A of accrued benefits” has the meaning given by regulation 12.05;
“value B of accrued benefits” has the meaning given by regulation 12.06.
	(3)	For the purposes of this regulation:
	(a)	an alteration made after 25 May 1988 to the governing rules of a superannuation fund that relates to benefits payable to members of the fund is to be disregarded unless the alteration is a prescribed event; and
	(b)	in the case of the calculation of a shortfall-in-assets amount in respect of a member of a superannuation fund who is an associate of an employer, any amount of benefits in respect of the member that is attributable to the exercise of discretion by, or on behalf of, the trustee of the fund is to be disregarded.
Estimation of net market value of fund assets
	12.04.	For the purposes of the definition of “net market value of fund assets” in subregulation 12.03 (2), the following matters are specified:
	(a)	the assumptions that, when the assets are sold:
	(i)	the buyer and seller of the assets are willing, but not anxious, to buy and sell the assets; and
	(ii)	there is a period in which to negotiate the sale that is reasonable, having regard to the nature and situation of the assets and the state of the market for assets of the same kind; and
	(iii)	the assets will be reasonably exposed to the market; and
	(iv)	no account is taken of the value or other advantage or benefit, additional to market value, to the buyer incidental to ownership of the assets;
	(b)	the value of any estate in the property comprising the assets that is not held by the trustee in the capacity of trustee;
	(c)	deduction of the costs of disposing of the assets from the proceeds of the disposal.
Value A of accrued benefits
	12.05.	(1)	Value A of accrued benefits in relation to a superannuation fund is the total value of accrued benefits in respect of all members of the fund as at 30 June 1988 that is calculated in accordance with regulation 12.07
	(2)	For the purposes of calculating value A of accrued benefits, the following assumptions apply:
	(a)	that a member of the superannuation fund will not die or become disabled before the member’s normal retirement from the work force;
	(b)	that the governing rules of the fund providing for benefits and the amounts of the benefits vested in members of the fund are those rules and amounts as at 25 May 1988;
	(c)	that the value of the accrued benefits in the fund in respect of a member of the fund is not less than the amount of benefits vested in the member on 30 June 1988;
	(d)	if the governing rules of the fund provide for adjustment of pension benefits to compensate for changes in the cost of living at the discretion of the trustees of the fund, that the rules providing for adjustment are disregarded, unless:
	(i)	all pension benefits have been increased under that rule on at least 3 occasions before 30 June 1988; and
	(ii)	at least 1 of those increases occurred in the period from the beginning of 1 July 1985 to the end of 30 June 1988.
	(3)	Subject to this regulation, the elements of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund are taken to be those used in the last actuarial investigation of the fund that was completed before 25 May 1988.
	(4)	If an actuarial investigation of a superannuation fund was not completed before 25 May 1988, an actuary must submit to the Commissioner in writing the elements that the actuary proposes to use in respect of the fund:
	(a)	for the purposes of regulation 12.07; and
	(b)	in substitution for the elements referred to in that subregulation.
	(5)	The Commissioner must approve a proposed element of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund if the Commissioner is satisfied that the proposed element corresponds reasonably closely to the element that would have been used if an actuarial investigation had been made into the fund.
	(6)	In special circumstances, the Commissioner may approve a proposed element of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund if the Commissioner is satisfied that application of the proposed element is reasonable in those circumstances.
	(7)	Liability to pay tax on income of the fund is not a special circumstance for the purposes of subregulation (6) if the liability results directly from an amendment of the Tax Act made by the Taxation Laws Amendment (Superannuation) Act 1989.
Value B of accrued benefits
	12.06.	(1)	Value B of accrued benefits in relation to a superannuation fund is the total value of accrued benefits in respect of all members of the fund as at 30 June 1988 that is calculated in accordance with regulation 12.07.
	(2)	For the purposes of calculating value B of accrued benefits, the following assumptions apply:
	(a)	that a member of the superannuation fund will not:
	(i)	die, or become disabled, before the member’s normal retirement from the work force; or
	(ii)	withdraw from the fund, or retire from the work force, before the age of the member’s normal retirement;
	(b)	that the governing rules of the fund providing for benefits and the amounts of the benefits vested in the member are those rules and amounts as at 25 May 1988;
	(c)	that the value of the accrued benefits in the fund in respect of the member is not less than the amount of benefits vested in the member on 30 June 1988;
	(d)	that the annual earning rate of the fund, net of administrative or other costs, is 10%;
	(e)	that if the governing rules of the fund provide for adjustment of pension benefits to compensate for changes in the cost of living at the discretion of the trustees of the fund—the adjustment factor is the lesser of:
	(i)	the average annual percentage increase in pension benefits (if any) in the period from the beginning of 1 July 1985 to the end of 30 June 1988; and
	(ii)	7% annually;
	(f)	if the governing rules of the fund provide for adjustment of benefits to compensate for changes in the cost of living, other than at the discretion of the trustee of the fund, that the adjustment factor is 7% annually;
	(g)	if the governing rules of the fund provide for adjustment of benefits in accordance with the amount or rate of salary of members of the fund, that the amount or rate increases by 8.5% annually;
	(h)	that the probability of survival of the member after the member’s retirement from the work force is ascertained in accordance with the Australian Life Tables 1985-1987 prepared by the Australian Government Actuary.
	(3)	Subject to this regulation, the elements of the actuarial basis for the calculation of value B of accrued benefits in respect of a superannuation fund are taken to be those used in the last actuarial investigation of the fund that was completed before 25 May 1988.
	(4)	In special circumstances, an actuary may submit to the Commissioner in writing a proposal to substitute:
	(a)	an assumption stated in paragraph (2) (d), (e), (f), (g) or (h) in respect of a superannuation fund with another assumption; or
	(b)	an element referred to in subregulation (3) in respect of a superannuation fund with another element.
	(5)	The Commissioner may approve a proposed assumption or element mentioned in subregulation (4) if the Commissioner is satisfied that application of that assumption or element would be reasonable in the circumstances.
	(6)	Liability to pay tax on income of the fund is not a special circumstance for the purposes of subregulation (4) if the liability results directly from an amendment of the Tax Act made by the Taxation Laws Amendment (Superannuation) Act 1989 .
Calculation of value A or B of accrued benefits
	12.07.	For the purposes of regulations 12.05 and 12.06, the value of the benefits payable to a member in respect of a period after 30 June 1988 is the total of the amounts in respect of each financial year, or part of a financial year, in the period that are determined by an actuary:
	(a)	in respect of each kind of benefit that the member is, or may be, entitled to receive from the superannuation fund; and
	(b)	by using the following formula:
P1 x Net present value x P2
		where:
		“P1” is the probability, determined by the actuary, of the member being paid a benefit in each financial year, or part of a financial year; and
		“Net present value” is the value of each benefit to the fund, being an amount that is determined by the actuary as at 30 June 1988:
	(i)	in the case of the calculation of value A of accrued benefits—using the earning rate of the fund used in the actuarial investigation of the fund mentioned in subregulation 12.05 (3); and
	(ii)	in the case of the calculation of value B of accrued benefits—using the earning rate of the fund referred to in paragraph 12.06 (2) (d); and
		“P2” is a proportion that is calculated:
	(i)	in the case of the calculation of value A of accrued benefits—using the method applied in the actuarial investigation of the fund mentioned in subregulation 12.05 (3); and
	(ii)	in the case of the calculation of value B of accrued benefits—as follows:

		where a reference to “completed period of fund membership” in relation to the member at a particular time is a reference to the period from the time at which the member joined, or last joined, the fund to the particular time.
Date before which applications must be made
	12.08.	For the purposes of paragraph 342 (3) (b) of the Act, the prescribed date is 30 September 1994.
Application fees
	12.09.	(1)	For the purposes of sub-paragraph 342 (3) (d) (ii) of the Act, the following application fees are prescribed:
	(a)	if the application is for a PJFC that consists of a late payment amount or is the aggregate of late payment amounts—$300;
	(b)	subject to subregulation (2), if the application is for a PJFC that consists of a shortfall-in-assets amount or is the aggregate of shortfall-in-assets amounts, an amount calculated using the formula:
		0.002 x the amount of the PJFC;
	(c)	if an application is for a PJFC that includes:
	(i)	a late payment amount or the aggregate of late payment amounts; and
	(ii)	a shortfall-in-assets amount or the aggregate of shortfall-in-assets amounts;
		the fee prescribed in paragraph (b), as if the PJFC consisted of a shortfall-in-assets amount or the aggregate of shortfall-in-assets amounts.
	(2)	A fee under paragraph (1) (b) must not be:
	(a)	less than $500; or
	(b)	more than $5,000.
Prescribed events for the purposes of paragraph 342 (4) (a) of the Act
	12.10.	(1)	For the purposes of paragraph 342 (4) (a) of the Act, a prescribed event in relation to a superannuation fund is any alteration of the governing rules of the fund having the effect that calculation of a pre-1 July 88 funding amount under the rules as so altered produces an amount that is less than the amount calculated using the formula:
 +  - .
	(2)	A reference in subregulation (1) to a PJFC is a reference to the amount of the PJFC multiplied by the indexation factor calculated in accordance with subsection 159SG (2) of the Tax Act.
Time and manner in which prescribed events must be notified to the Commissioner
	12.11.	(1)	For the purposes of paragraph 342 (4) (b) of the Act, if a prescribed event occurs in relation to a superannuation fund, the trustee of the fund must give notice in writing to the Commissioner of the event not later than:
	(a)	a date 3 months after the date of the occurrence; or
	(b)	30 September 1994;
whichever happens last.
	(2)	The notice must have with it:
	(a)	a statement of an amount that is certified by an actuary as the amount by which the pre-1 July 88 funding credit balance of the fund is reduced as a result of the prescribed event; and
	(b)	a statement by the trustees of the fund that describes the prescribed event in sufficient detail to allow the statement to be properly considered.
	(3)	In spite of subregulation (1), the Commissioner may give notice in writing to the trustee of a superannuation fund extending the time in which the trustee must give notice to the Commissioner of a prescribed event.
Transfer of PJFCs—trustees of transferor funds
	12.12.	(1)	If the trustee of a defined benefit fund proposes to transfer a PJFC, or part of a PJFC, from the fund (in this regulation called “the transferor fund”) to another superannuation fund (in this regulation called “the transferee fund”), the trustee may apply in writing to the Commissioner to approve the transfer.
	(2)	The Commissioner may approve an application only if:
	(a)	the requirements specified in regulation 12.15 are satisfied; or
	(b)	if a requirement of that kind is not satisfied—the Commissioner is satisfied that, because of special circumstances, the requirement does not need to be satisfied.
	(3)	The amount of a PJFC to be transferred must not exceed the lesser of:
	(a)	the amount of the liability in respect of benefits to be transferred to the transferee fund, being benefits accrued before 1 July 1988; and
	(b)	the amount of any pre-1 July 88 funding credit balance in the transferor fund immediately before the transfer.
	(4)	As soon as practicable after a decision is made by the Commissioner to approve a transfer, the Commissioner must give notice in writing of the approval to the trustees of both the transferor fund and the transferee fund.
Transfer of PJFCs—trustees of transferee funds
	12.13.	(1)	The trustee of a superannuation fund (in this regulation called “the transferee fund”) may apply in writing to the Commissioner to approve the transfer of a PJFC, or part of a PJFC, from a defined benefit fund (in this regulation called “the transferor fund”), if:
	(a)	the application arises as a direct result of the transfer of a member or members of the transferor fund, and the benefit entitlements of that member or those members, to 1 or more transferee funds following reconstitution of the transferor fund into the transferee fund or transferee funds; or
	(b)	the application arises as a direct result of the transfer of a member or members of a transferor fund, and the benefit entitlements of that member or those members, to the transferee fund following the merger of 2 or more transferor funds into the transferee fund; or
	(c)	the transferee fund:
	(i)	was constituted on or after 1 July 1988; and
	(ii)	assumed responsibility for the liabilities, but not all the assets, in respect of contributions for superannuation purposes relating to the employment of persons before that date, being contributions that were made to a transferor fund.
	(2)	The Commissioner may approve an application only if:
	(a)	the requirements specified in regulation 12.15 are satisfied; or
	(b)	where a requirement of that kind is not satisfied—the Commissioner is satisfied that, because of special circumstances, the requirement does not need to be satisfied.
	(3)	The amount of a PJFC to be transferred must not exceed the lesser of:
	(a)	the amount of the liability in respect of benefits to be transferred to the transferee fund, being benefits accrued before 1 July 1988; and
	(b)	the amount of any pre-1 July 88 funding credit balance in the transferor fund immediately before the transfer.
	(4)	As soon as practicable after a decision is made by the Commissioner to approve a transfer, the Commissioner must give notice in writing of the approval to the trustees of both the transferee fund and the transferor fund.
Transfer of PJFCs—revocation of approval
	12.14.	The Commissioner may revoke an approval given under regulation 12.12 or 12.13 only if:
	(a)	information about matters relating to the application for approval that was not available to the Commissioner when the Commissioner made the decision to approve the application becomes available to the Commissioner; and
	(b)	after considering that information, the Commissioner is satisfied that:
	(i)	a requirement specified in regulation 12.15 (other than a requirement that does not need to be satisfied under paragraph 12.12 (2) (b) or 12.13 (2) (b)) was not satisfied in relation to the transfer; or
	(ii)	in the case of a requirement that, under paragraph 12.12 (2) (b) or 12.13 (2) (b), does not need to be satisfied—there were no special circumstances to justify the application of that paragraph.
Transfer of PJFCs—requirements to be satisfied
	12.15.	The requirements referred to in paragraph 12.12 (2) (a) and 12.13 (2) (a) are that:
	(a)	an actuary certifies that the amount of the PJFC to be transferred is reasonable having regard to:
	(i)	the amount of unfunded liability to be transferred from the transferor fund; and
	(ii)	the amount of the remaining unfunded liability of that fund;
		in relation to the amount of benefits that have accrued before 1 July 1988; and
	(b)	the trustee of the transferor fund has been given notice by the Commissioner of the grant of the PJFC under subsection 342 (2) of the Act; and
	(c)	at the date of the transfer the amount of the PJFC to be transferred is equal to or less than the amount of the pre-1 July 88 funding credit balance of the transferor fund; and
	(d)	the transferee fund is a complying superannuation fund, in accordance with section 45 of the Act, in relation to the year of income in which the transfer is to take place; and
	(e)	an actuary certifies that sufficient information is available about the accrued entitlements of members of the transferor fund as at 30 June 1988 to enable calculations to be made after that date to ascertain whether a prescribed event has occurred.
Notice of reviewable decisions and reasons for those decisions
	12.16.	(1)	As soon as practicable after the Commissioner makes a reviewable decision, the Commissioner must give written notice of the decision to the person at whose request the decision was made.
	(2)	The notice must have with it a statement by the Commissioner of the Commissioner’s reasons for making the decision.
	(3)	The notice must include a statement to the effect that the trustees may:
	(a)	in the case of notice of a decision made by the Commissioner under regulation 12.12, 12.13 or 12.14—if dissatisfied with the decision, request reconsideration of the decision under regulation 12.17; and
	(b)	in the case of notice of a decision made by the Commissioner under regulation 12.17 confirming or varying a decision to which paragraph (a) applies—if dissatisfied with the decision, apply to the Administrative Appeals Tribunal for review of the decision so confirmed or varied.
	(4)	Failure to comply with subregulation (3) in relation to a decision does not affect the validity of the decision.
Reconsideration of certain decisions
	12.17.	(1)	If the trustee of a superannuation fund is dissatisfied with a decision made by the Commissioner under regulation 12.12, 12.13 or 12.14, the trustee may give notice in writing to the Commissioner within:
	(a)	the period of 21 days after the day on which the trustee first receives notice of the decision; or
	(b)	such further period as the Commissioner reasonably allows;
requesting the Commissioner to reconsider the decision.
	(2)	The trustee must set out in the notice the reasons for the request.
	(3)	Subject to subregulation (4), the Commissioner must reconsider the decision and may:
	(a)	confirm the decision; or
	(b)	vary or revoke the decision.
	(4)	If the Commissioner does not confirm, vary or revoke the decision before the end of the period of 21 days after the day on which the Commissioner received the request, the Commissioner is taken to have confirmed the decision under subregulation (3) at the end of that period.
	(5)	If the Commissioner varies or revokes a decision, the Commissioner must give the Commissioner of Taxation written notice of the variation or revocation.
Review by Tribunal of reconsidered decisions
	12.18.	Application may be made to the Administrative Appeals Tribunal for review of a decision of the Commissioner to confirm or vary a decision under subregulation 12.17 (3), including a decision that is taken under subregulation 12.17 (4) to have been confirmed. 
Actuaries to certify in relation to determinations
	12.19.	An actuary who makes a determination under this Part must certify that the determination:
	(a)	is consistent with this Part; and
	(b)	except to the extent (if any) that this Part otherwise requires, is made in accordance with a method that The Institute of Actuaries of Australia would accept as a proper actuarial practice.
Substituted accounting periods
	12.20.	The trustee of a superannuation fund for which the Commissioner of Taxation has approved a 12-month period as a substituted accounting period for the purposes of section 18 of the Tax Act may:
	(a)	treat a reference in this Part to 30 June 1988 as a reference to the last day of the substituted accounting period corresponding to the year of income that ended on 30 June 1988; and
	(b)	treat a reference in this Part to 1 July 1988 as a reference to the day after that day.
PART 13—MISCELLANEOUS
Division  13.1—Transitional provisions
Subdivision  13.1.1—Information to be given to members
Interpretation
	13.01.	In this Subdivision:
“applicable date”, in relation to a fund, means:
	(a)	30 June 1994; or
	(b)	the date on which the fund’s 1993-1994 year of income ends;
whichever is earlier;
“commencement date”, in relation to a prescribed fund, means the date of commencement of the fund’s 1994-1995 year of income;
“OSS provisions” means:
	(a)	in relation to a regulated superannuation fund—regulations 18C to 18P of the OSS Regulations as in force on the applicable date in relation to the fund; and
	(b)	in relation to an approved deposit fund—regulation 22 of the OSS Regulations as in force on the applicable date in relation to the fund;
and the provisions of the Occupational Superannuation Standards Act 1987 under which those Regulations were made;
“OSS Regulations” means the Occupational Superannuation Standards Regulations;
“prescribed fund” means:
	(a)	a regulated superannuation fund; or
	(b)	an approved deposit fund;
“reporting period”, in relation to a prescribed fund, means a reporting period, within the meaning of Division 2 of Part II of the OSS Regulations, that commences before the commencement date in relation to the fund.
Application
	13.02.	This Subdivision applies to prescribed funds.
Operating standard—OSS provisions
	13.03.	(1)	For the purposes of subsection 31 (1) and 32 (1) of the Act, the standard stated in subregulation (2) is applicable to the operation of a prescribed fund where it would have been a standard applicable to the operation of the fund under the OSS provisions for the fund to give information, on or after the commencement date in relation to the fund, in relation to:
	(a)	the 1993-1994 year of income of the fund; or
	(b)	a reporting period; or
	(c)	an event occurring before:
	(i)	the commencement date in relation to the fund; or
	(ii)	in the case of a fund that, under section 50 of the Act, is taken to be a regulated superannuation fund at all times during its pre-lodgment period—the lodgment day referred to in the relevant provision of that section;
if the OSS provisions had continued to apply to, or in relation to, the fund on and after that date.
	(2)	The fund must give the information in the manner, and within the time, that would have applied under the OSS provisions to the giving of the information if those provisions had continued to apply as mentioned in subregulation (1).
Subdivision 13.1.2—Contribution  and benefit accrual standards
Transitional—Part 7
	13.04.	(1)	Part 7 applies subject to this regulation.
	(2)	A regulated superannuation fund may, on or before 30 June 1996, accept contributions or grant a benefit accrual in respect of a member of the fund who:
	(a)	is gainfully employed, whether full-time or part-time; and
	(b)	is under both:
	(i)	66 years of age; and
	(ii)	the age that is specified in the governing rules of the fund as at 30 June 1990 as the age at which the member must retire.
	(3)	A regulated superannuation fund may, on or before 30 June 2000, accept contributions or grant a benefit accrual in respect of a member of the fund who:
	(a)	is gainfully employed, full-time or part-time; and
	(b)	was at least 60 years of age on 1 July 1990; and
	(c)	is under 70 years of age.
13.05 - 13.10:  [Reserved]
Division  13.2—Various operating standards
Interpretation
	13.11.	In this Division:
“charge” includes a mortgage, lien or other encumbrance;
“recognise” includes act on or give effect to.
Assignments of superannuation interests
	13.12.	For the purposes of 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, subject to regulation 13.15, the trustee of a fund must not recognise, or in any way encourage or sanction, an assignment of a superannuation interest of a member or beneficiary.
Charges over minimum or preserved benefits or non-commutable income stream
	13.13.	For the purposes of 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, subject to regulation 13.15, the trustee of a fund must not recognise, or in any way encourage or sanction, a charge over, or in relation to:
	(a)	a minimum benefit (within the meaning of Part 5) or a preserved benefit (within the meaning of Part 6) of a member or beneficiary; or
	(b)	a non-commutable income stream (within the meaning of Part 6).
Charges over assets of funds
	13.14.	For the purposes of 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, subject to regulation 13.15, the trustee of a fund must not give a charge over, or in relation to, an asset of the fund.
Restrictions on the standards
	13.15.	The standards stated in regulations 13.12, 13.13 and 13.14 do not apply to an assignment or charge that is permitted, expressly or by necessary implication, by the Act or these Regulations.
Accrued benefits—restriction on alteration
	13.16.	(1)	For the purposes of subsection 31 (1) of the Act, it is a standard applicable to the operation of regulated superannuation funds that, subject to subregulation (2), a member’s right or claim to accrued benefits, and the amount of those accrued benefits, must not be altered adversely to the member by amendment of the governing rules or by any other act carried out, or consented to, by the trustee of the fund.
	(2)	The standard stated in subregulation (1) does not apply to an alteration if:
	(a)	in the case of an alteration that does not relate to minimum benefits—the member or the Commissioner has consented in writing to the alteration; or
	(b)	the alteration is necessary for compliance with the Act, the Tax Act or these Regulations.
Loans etc. by trustees of approved deposit funds
	13.17.	For the purposes of subsection 32 (1) of the Act, it is a standard applicable to the operation of approved deposit funds that the trustee of an approved deposit fund must not lend money of the fund to, or invest money of the fund in, a related body corporate other than an approved bank.
Division  13.3—Various prescribed matters
Sole purpose test—specified age
	13.18.	For the purposes of subparagraph 62 (1) (a) (ii) of the Act, 65 years is the specified age.
Custodians of superannuation entities—specified amounts
	13.19.	For the purposes of subparagraphs 123 (1) (b) (i) and (ii) of the Act, $5,000,000 is the prescribed amount.
Advertisement of scheme for winding-up or dissolution of superannuation entity
	13.20.	For the purposes of subsection 142 (7) of the Act, the prescribed form of advertisement is as set out in Schedule 3.
Report of inspector—prescribed agencies
	13.21.	For the purposes of subparagraph 284 (3) (c) (iv) of the Act, the following agencies are prescribed:
	(a)	Australian Capital Territory—Registrar of Financial Institutions;
	(b)	Australian Financial Institutions Commission;
	(c)	Australian Securities Commission;
	(d)	Australian Transactions Reports and Analysis Centre;
	(e)	Commissioner of Taxation;
	(f)	New South Wales Crimes Authority;
	(g)	New South Wales Financial Institutions Commission;
	(h)	New South Wales Independent Commission against Corruption;
	(i)	Northern Territory Supervisory Authority—Registrar of Financial Institutions;
	(j)	Queensland Criminal Justice Commission;
	(k)	Queensland Office of Financial Supervision;
	(l)	Reserve Bank of Australia;
	(m)	South Australian Office of Financial Supervision;
	(n)	Tasmanian Office of Financial Supervision;
	(o)	Victorian Financial Institutions Commission;
	(p)	Western Australian Financial Institutions Authority;
	(q)	an authority of a State or Territory having functions and powers similar to those of the Director of Public Prosecutions;
	(r)	the police force of a State or Territory.
Statements made at an examination—manner of authentication
	13.22.	For the purposes of subsection 290 (7) of the Act, it is a prescribed manner of authentication of a written record of an examination mentioned in the subsection if:
	(a)	the written record is produced as soon as practicable after the conclusion of the examination; and
	(b)	the written record is endorsed by a person (“the endorser”) other than the person examined at the examination; and 
	(c)	the endorser:
	(i)	was present throughout the examination; and
	(ii)	reads and endorses the written record as soon as practicable after it is produced; and
	(d)	the endorsement:
	(i)	is to the effect that the record is a true record of what was said in the examination; and
	(ii)	is signed and dated by the endorser.
Division  13.4—Repeal
Superannuation Industry (Supervision) (Approval of Trustees) Regulations
	13.23.	Statutory Rules 1993 No. 373 are repealed.

___________
	SCHEDULE 1	Regulation 6.01
CONDITIONS OF RELEASE AND CASHING RESTRICTIONS—PRESERVED BENEFITS AND RESTRICTED NON-PRESERVED BENEFITS
PART 1—REGULATED SUPERANNUATION FUNDS

Column 1
	Column 2		Column 3	
Item no.	Conditions of release		Cashing restrictions	
101	Retirement
		Nil	
102	Death
		Nil	
103	Permanent incapacity
		Nil	
104	Permanent departure from Australia
		Nil	
105	Financial hardship		A single lump sum, not exceeding in any particular case the amount determined by the Commissioner, from the fund for the purpose of relieving the hardship
	
106	Attaining age 65
		Nil	

SCHEDULE 1—continued

PART 1—continued

Column 1
	Column 2		Column 3	
Item no.	Conditions of release		Cashing restrictions	
107	Termination of gainful employment with a standard employer-sponsor of the regulated superannuation fund (where the member’s preserved benefits in the fund at the time of the termination are less than $500)
		Nil	
108	Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member
		1.	Preserved benefits:
Non-commutable life pension or non-commutable life annuity

2.	Restricted non-preserved benefits:
Nil	

SCHEDULE 1—continued

PART 1—continued

Column 1
	Column 2		Column 3	
Item no.	Conditions of release		Cashing restrictions	
109	Temporary incapacity		A non-commutable income stream cashed from the regulated superannuation fund for:
	(a)	the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and
	(b)	a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity

SCHEDULE 1—continued
PART 2—APPROVED DEPOSIT FUNDS

Column 1
	Column 2		Column 3	
Item no.	Conditions of release		Cashing restrictions	
201	Retirement
		Nil	
202	Death
		Nil	
203	Permanent incapacity
		Nil	
204	Permanent departure from Australia
		Nil	
205	Financial hardship		A single lump sum, not exceeding in any particular case the amount determined by the Commissioner, from the fund for the purpose of relieving the hardship
	
206	Attaining age 65
		Nil	

	SCHEDULE 2	Subregulation 6.02 (2)
MODIFICATIONS OF THE OSS LAWS WITH EFFECT FROM THE COMMENCEMENT DAY IN RELATION TO PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS
PART 1—MODIFICATIONS OF THE OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987
101.	Section 7 (Operating standards for superannuation funds)
101.1	After subsection 7 (3), insert:
	“(4)	Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section.”.
PART 2—MODIFICATIONS OF THE OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS
201.	Regulation 3 (Interpretation)
201.1	Paragraph 3 (2) (a):
Omit the paragraph.
202.	Regulation 9 (Preservation standards)
202.1	Paragraph 9 (1) (b):
After “the fund”, insert “before the commencement day”.
202.2	Paragraph 9 (1) (c):
Omit the paragraph, substitute:
	“(c)	member-financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period during which the member did not have employer support in the fund, being a period that:

SCHEDULE 2—continued

PART 2—continued

	(i)	commenced on or after 13 March 1989 (in the case of a private sector fund) or 1 July 1990 (in the case of a public sector fund); and
	(ii)	ended before the commencement day;
	(d)	member-financed benefits must be preserved if they:
	(i)	arise from contributions made to a superannuation fund in relation to the member on or after the commencement day and
	(ii)	are not undeducted contributions.”
202.2  Subregulation 9 (3):
After “arising”, insert “ before the commencement day,”.
202.3	Add at the end:
	“(5)	In paragraphs (1) (b), (c) and (d) and subregulation (3):
‘commencement day’ has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations;
‘undeducted contributions’ has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.”.
203.	Regulation 11 (Preservation and portability standards)
203.1	Omit the regulation.
204.	Regulation 12 (Preservation standards not to apply in certain cases)
204.1	Omit the regulation.

	SCHEDULE 3	Regulation 13.20
PRESCRIBED FORM OF ADVERTISEMENT OF SCHEME FOR WINDING-UP OR DISSOLUTION

Scheme for [insert “Winding -up”, “Dissolution” or both] of [insert name of superannuation entity]

Acting under subsection 142 (1) of the Superannuation Industry (Supervision) Act 1993, the Insurance and Superannuation Commissioner has formulated a scheme for the [insert “Winding -up”, “Dissolution” or both] of [insert name of superannuation entity].

Summary of scheme:
[Set out a summary of the scheme].

The trustee of [insert name of superannuation entity] has been notified in writing of the scheme.

Any person whose interests are affected by the scheme may obtain a copy of the scheme from the offices of the Insurance and Superannuation Commission listed below.

[Insert details of the Commission’s offices].
	
NOTE
1.	Notified in the Commonwealth of Australia Gazette on 11 March 1994.