Statutory Rules 1992   No. 3871

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Occupational Superannuation Standards Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Occupational Superannuation Standards Act 1987.

 Dated 23 November 1992.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

P. BALDWIN

minister of State for Higher Education and Employment Services

for and on behalf of the Treasurer

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1.   Commencement

1.1   These Regulations are taken to have commenced on 1 July 1992.

2.   Amendment

2.1   The Occupational Superannuation Standards Regulations are amended as set out in these Regulations.

3.   New regulation 18DA

3.1   After regulation 18D, insert in Subdivision A:

Transitional—certain provisions in regulations 18E and 18F

 “18DA. (1)  Subject to subregulation (4), the provisions of this regulation apply only during the period that commences on 1 July 1992 and ends at the end of 31 December 1992.

 “(2) If a fund does not satisfy a standard prescribed by paragraph 18E (2) (b), 18E (3) (d) or 18E (3) (f) in relation to a prospective member before the date on which he or she becomes a member, the fund is taken to have satisfied the standard if the fund performs the action specified in the standard at the earliest practicable time after that date.

 “(3) In the application of subregulation (2) to those standards, the following modifications apply:

 (a) paragraphs 18E (2) (b), 18E (3) (d) and 18E (3) (f) have effect with the omission of ‘a prospective member’ and the substitution of ‘a member’; and

 (b) subparagraph 18E (2) (b) (i) has effect with the omission of ‘the prospective member would be entitled on joining’ and the substitution of ‘the member is entitled from’; and

 (c) subparagraph 18E (3) (d) (iii) has effect with the omission of ‘the prospective member would belong on joining the fund’ and the substitution of ‘the member belongs’.

 “(4) Subregulation (2) extends to action performed by the fund after 31 December 1992 in relation to a prospective member who becomes a member on a date (‘the joining date’) that occurs on or before 31 December 1992, if the fund performs the action at the earliest practicable time after the joining date.

 “(5) An advice given under regulation 18F does not have to comply with paragraph 18F (c).

 “(6) Paragraph 18F (d) has effect with the omission of ‘(c), (d) and (e),’ and the substitution of ‘(c) and (d),’.”.

4.   Regulation 18E (Trustees of certain funds to disclose information in certain circumstances)

4.1   Paragraph 18E (3) (b):

Omit “whom”, substitute “whom, on or after 1 January 1993,”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 November 1992.

2. Statutory Rules 1987 No. 322 as amended by 1988 No. 255 (as amended by 1989 No. 281); 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218, 223 and 224.