{"id":"F2006L02152","name":"Superannuation Industry (Supervision) modification declaration No. 3 of 2006","slug":"superannuation-industry-supervision-modification-declaration-no-3-of-2006","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":117491,"registerId":"commonwealth-F2006L02152-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation Industry (Supervision) modification declaration No. 3 of 2006","content":"Page 1 of 4\n\n![](image.001.png)\n\nSuperannuation Industry (Supervision)\n\nmodification declaration No. 3 of 2006\n\n![](image.003.png)![](image.002.png)Superannuation Industry (Supervision) Act 1993\n\nI, Thomas Karp, a delegate of APRA, under section 332 of the Superannuation Industry Supervision (Act) 1993 (the Act), DECLARE that regulation 6.21 of the Regulations has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.\n\nThis declaration comes into force upon registration of this instrument on the Federal\n\nRegister of Legislative Instruments.\n\nDated 29 June 2006\n\n\\[Signed\\]\n\nThomas Karp\n\nExecutive General Manager\n\nSupervisory Support Division\n\nInterpretation\n\nIn this instrument\n\nAPRA means the Australian Prudential Regulation Authority.\n\nFederal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.\n\nRegulations means the Superannuation Industry (Supervision) Regulations 1994.\n\nNote 1\n\n  \n\nThis instrument is a legislative instrument for the purposes of the Legislative Instruments\n\nAct 2003 (the LIA) (see section 5 and Item 15 of section 7 of the LIA). Under section 56 of the LIA, the obligation under section 336 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.\n\nfile://E:\\\\websites\\\\SIP\\\\pdf\\\\Input\\\\DocumentID=111897\\-172440.htm\n\n  \n\n29/06/2006\n\nPage 2 of 4\n\nNote 2\n\n  \n\nUnder paragraph (zb) of the definition of reviewable decision in subsection 10(1) of the\n\nAct, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 344(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the\n\nrequest, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.\n\nNote 3\n\n  \n\nThe address where the request for reconsideration referred to in this instrument may be\n\ngiven to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.\n\nfile://E:\\\\websites\\\\SIP\\\\pdf\\\\Input\\\\DocumentID=111897\\-172440.htm\n\n  \n\n29/06/2006\n\nPage 3 of 4\n\nSchedule \\- the class of persons to whom this declaration applies\n\nTrustees of regulated superannuation funds\n\nfile://E:\\\\websites\\\\SIP\\\\pdf\\\\Input\\\\DocumentID=111897\\-172440.htm\n\n  \n\n29/06/2006\n\nPage 4 of 4\n\nSchedule \\- the manner in which the specified modifiable provisions are modified\n\nRegulation 6.21 is to have effect in relation to trustees and members of\n\nsuperannuation entities as if it was modified, by inserting after subregulation 6.21(1C)\n\n(as inserted by Modification Declaration No 24):\n\n“6.21(1D) During the period 10 May 2006 to 30 June 2007:\n\n(i) a member’s benefits in a regulated superannuation fund (other than the member’s post\\-65 employer\\-financed benefits) are not required to be cashed in accordance with paragraphs 6.21(1)(a), 6.21(1)(b) or 6.21(1) (c); and\n\n(ii) a member’s post\\-65 employer\\-financed benefits are not required to be cashed in accordance with paragraphs 6.21(1A)(a) or 6.21(1A)(b).\n\n6.21 (1E) The cashing of a member’s benefits (including the member’s post-65 employer-financed benefits) by a trustee during the period 10 May 2006 to the date of registration of this modification declaration is not a breach of regulation 6.21 as modified.\n\nfile://E:\\\\websites\\\\SIP\\\\pdf\\\\Input\\\\DocumentID=111897\\-172440.htm\n\n  \n\n29/06/2006","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the limited, temporary function it was designed for — providing transitional relief from cashing requirements pending permanent legislative change. It has not expanded beyond its original purpose."},"complexity_factors":["Very short instrument (4 pages, mostly administrative boilerplate)","Only 2 substantive operative provisions (subregulations 6.21(1D) and (1E))","Single defined term in interpretation section ('Regulations')","Simple temporal condition (fixed date range: 10 May 2006 to 30 June 2007)","No nested exceptions or complex cross-referencing — modifies only one regulation (6.21) via reference to existing paragraphs","Straightforward class of beneficiaries (trustees of regulated superannuation funds)"],"plain_english_summary":"This temporary declaration paused superannuation funds’ legal obligation to cash out certain benefits for members aged 65+ between 10 May 2006 and 30 June 2007. It affected trustees of regulated funds and older members (especially those still working), protecting trustees from penalties for actions taken 10 May–29 June 2006 and bridging the gap until the announced permanent “Simpler Super” changes took effect."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument temporarily narrows the mandatory cashing requirements in regulation 6.21 for trustees and members for the period 10 May 2006 to 30 June 2007, and retrospectively protects trustee conduct between 10 May 2006 and the registration date from being a breach. Mechanically, it removes the obligation to cash specified benefits for that window and validates prior trustee cashing activity."},"complexity_factors":["Narrow, single-regulation modification (regulation 6.21) limits scope and legal interaction.","Temporal carve-out: applies only for 10 May 2006 to 30 June 2007, requiring date-sensitive compliance and administrative tracking.","Retrospective non‑breach protection for trustee actions up to the registration date introduces interaction between retrospective validation and forward‑looking compliance.","Delegate-made legislative instrument under section 332 of the SIS Act — standard delegated‑instrument procedural regime applies (registration on FRLI; LIA references).","Applies to a defined class of persons (trustees of regulated superannuation funds), so operational effect concentrated on trustees; members are affected indirectly.","References specific subparagraphs of regulation 6.21, so interpretation requires cross-checking with existing regulation text and prior modification declarations.","Administrative reviewability: decision is reviewable under subsection 10(1)(zb) with internal reconsideration (s344) and AAT rights, creating procedural avenues for challenge."],"plain_english_summary":"This instrument tells trustees of regulated superannuation funds that, for the period 10 May 2006 to 30 June 2007, they do not have to forcibly cash members’ benefits under regulation 6.21. It also confirms that if a trustee cashed benefits between 10 May 2006 and the registration date of this instrument, that action is not a breach. It affects trustees’ duties and potential liability over the timing and treatment of member benefits during the specified period."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006","history":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006/history","analysis":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006/analysis","conflicts":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006/conflicts","importantCases":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006/important-cases","documents":"/api/acts/superannuation-industry-supervision-modification-declaration-no-3-of-2006/documents"}}