Public Ancillary Fund Guidelines 2011
PortabilityPortability
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Portability
- With the agreement of the Commissioner, a *public ancillary fund may transfer assets to another *ancillary fund if:
• it transfers all of its net assets to that ancillary fund (or if the public ancillary fund has sub-funds, it transfers all of the net assets of the sub-fund to that ancillary fund); and
• it has already complied with guidelines 19 to 19.6 (as affected by Part 3) for that financial year (about minimum annual distributions); and
• the net assets have not previously been transferred to another ancillary fund during the previous 2 financial years.
50.1 The Commissioner must not agree to the transfer of assets between *ancillary funds if the transfer involves moving assets contributed, either directly or indirectly, by the general public from a public ancillary fund to a private ancillary fund.
PART 3 TRANSITIONAL RULES FOR PUBLIC ANCILLARY FUNDS