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This instrument inserts an exception into Regulation 4.07E so that subregulations (2) and (4) do not apply to defined benefit members who transferred on or after 1 July 2013 from an original fund to its successor fund, provided the original fund self‑insured and met certain paragraph (8) conditions. It applies to RSE licensees of regulated superannuation funds: successor funds can avoid those specific regulatory requirements for these transferred members, but APRA may impose licence conditions under section 29EA(1).
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Direct links to the current provisions in Superannuation Industry (Supervision) modification declaration No. 1 of 2014.
All RSE licensees of registrable superannuation entities that are regulated superannuation funds.
Regulation 4.07E of the Regulations is modified by inserting after subregulation (8):
“(8A) Subregulations (2) and (4) do not apply, in relation to defined benefit members of the fund, if:
(a) on or after 1 July 2013, defined benefit members transferred to the fund from another fund (the original fund); and
(b) the fund is a successor fund of the original fund in relation to the transferring defined benefit members; and
(c) immediately before the transfer, the original fund self-insured in relation to the transferring defined benefit members and the risk; and
(d) the original fund complied with paragraphs (8)(a) and (b) where the transferring defined benefit members were members of the original fund on 1 July 2013.
(8B) Subregulation (8A) applies subject to any condition imposed by APRA under subsection 29EA(1) of the Act on the licence of the RSE licensee of the fund.”
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
All RSE licensees of registrable superannuation entities that are regulated superannuation funds.
Regulation 4.07E of the Regulations is modified by inserting after subregulation (8):
“(8A) Subregulations (2) and (4) do not apply, in relation to defined benefit members of the fund, if:
(a) on or after 1 July 2013, defined benefit members transferred to the fund from another fund (the original fund); and
(b) the fund is a successor fund of the original fund in relation to the transferring defined benefit members; and
(c) immediately before the transfer, the original fund self-insured in relation to the transferring defined benefit members and the risk; and
(d) the original fund complied with paragraphs (8)(a) and (b) where the transferring defined benefit members were members of the original fund on 1 July 2013.
(8B) Subregulation (8A) applies subject to any condition imposed by APRA under subsection 29EA(1) of the Act on the licence of the RSE licensee of the fund.”