1Superannuation Benefits (Supervisory Mechanisms) Act 1990 - Prescribed Requirements Determination No. 1 of 1999

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Prescribed Requirements Determination No. 1 of 1999

as amended

made under section 6 of the

Superannuation Benefits (Supervisory Mechanisms) Act 1990

Compilation start date: 18 June 2014

Includes amendments up to: Prescribed Requirements Amendment Determination 2014 (No. 1)

About this compilation

This compilation

This is a compilation of the Prescribed Requirements Determination No. 1 of 1999 as in force on 18 June 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 18 June 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

I, Sandra Kay Wilson, Branch Manager Commonwealth Superannuation Group of the Department of Finance and Administration, delegate of JOHN JOSEPH FAHEY, Minister for Finance and Administration, acting under section 6 of the Superannuation Benefits (Supervisory Mechanisms) Act 1990, determine that the prescribed requirements set out in Schedule 1 are to apply, in respect of persons described in Schedule 2, to the provision of superannuation benefits under superannuation arrangements, in addition to superannuation benefits being provided under the Superannuation Act 1976, or the Superannuation Act 1990, or the Superannuation (Productivity Benefit) Act 1988 or a personalised superannuation arrangement.

Schedule 1

The following requirements are to be satisfied: (a) the arrangement must be provided through a fund, chosen by the employee, which is a “complying superannuation fund” or a Retirement Savings Account; (b) all contributions made to the arrangement are vested in the employee, and benefits are automatically preserved in accordance with Part 6 of the Superannuation Industry (Supervision) Regulations or a similar arrangement in respect of a Retirement Savings Account; (c) the arrangement must not result in any increase in employment costs to the employing agency; and (d) employer contributions cease on, or immediately following, termination of employment. In this schedule: