CTHRepealedLegislation
Life Insurance (prudential standard) determination No. 2 of 2011 - Prudential Standard LPS 700 - Friendly Society Benefit Funds
Provision of financial benefitsProvision of financial benefits
Start here
Get a plain-English read of Provision of financial benefits
Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 2 of 2011 - Prudential Standard LPS 700 - Friendly Society Benefit Funds.
Provision of financial benefits
- Subject to paragraph 17, a friendly society must not pay, or provide for the payment of, amounts to which a member or any other person may be, or may become entitled to, because of contributions or payments made to the friendly society (whether by that member or person or by another person) unless the friendly society:
(a) maintains an approved benefit fund for the receipt of such contributions and payments; and
(b) pays those amounts as benefits from the approved benefit fund.
- Paragraph 16 does not apply to amounts payable by a friendly society:
(a) in respect of shares of the friendly society; or
(b) as trustee for a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993.