Superannuation Industry (Supervision) Regulations 1994
Statutory Rules No. 57, 1994
made under the
Superannuation Industry (Supervision) Act 1993
Compilation No. 157
Compilation date: 1 October 2025
Includes amendments: F2025L01061
This compilation is in 2 volumes
Volume 1: regulations 1.01–14.39
Volume 2: Schedules and Endnotes
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Superannuation Industry (Supervision) Regulations 1994 that shows the text of the law as amended and in force on 1 October 2025 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).
Application, saving and transitional provisions
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Presentational changes
The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
1.04AAAA Interdependency relationships (Act s 10A)
1.04AAA Modified meaning of member (Act s 15B)
1.04AA Self managed superannuation funds—persons not taken to be employees (Act s 17A(8))
Part 1A—Annuities and pensions
Division 1A.1
1.05A Interpretation
1.05 Meaning of annuity (Act, s 10)
1.05AA Limited period for full commutation of certain annuities
1.06 Meaning of pension (Act, s 10)
1.06A Standards for certain innovative superannuation income streams
1.06B Maximum commutation amount for certain innovative superannuation income streams
1.06C Limited period for full commutation of certain income streams
1.07 Periods when beneficiary may not receive benefits
1.07A Commutation of allocated annuities and pensions
1.07B Commutation of other annuities and pensions
1.07C Commutation of market linked income stream
1.07D Commutation of superannuation income stream
Division 1A.2—Operating standards
1.08 Restriction on factors for converting pensions
Part 2—Information for certain parties
Division 2.1—Introductory
2.01 Interpretation
2.02 Scope and application of this Part
2.03 Duties and requirements arising under this Part
2.04 Reasonable efforts are sufficient
2.05 Charges for information requested
Division 2.2—Information in connection with annual members’ meetings
2.08 Interpretation
2.09 Application
2.10 Information to be included with notice
2.11 How notice is to be given
Division 2.4—Information to be given for each reporting period
Subdivision 2.4.1—Preliminary
2.18 Application
Subdivision 2.4.3—Derivatives charge ratio
2.29 Specific requirements in particular cases
Division 2.5—Information on request
2.30 Application
2.31 Documents may be made available for inspection
2.32 Time for compliance
2.33 Specific requirements
Division 2.5A—Information about superannuation interest subject to payment split
2.36B Application
2.36C Information to be provided by trustee when interest becomes subject to payment split
2.36E Other information to be given by trustee—adverse effects on benefits
Part 3—Matters prescribed or specified in relation to public offer entities
3.01 Public offer superannuation fund—member of a prescribed class
3.04 Section 54 of the Act—prescribed percentages
3.04A Removal of trustee of public offer entity—s 60A(2) of the Act
3.05 Policy committees—sections 91, 92 and 93 of the Act
3.06 Policy committees—functions (paragraphs 91(3)(b), 92(3)(b) and 93(3)(b) of the Act)
3.07 Definition of policy committee in section 10 of the Act—matters specified for purposes of paragraph (a)
3.08 Policy committees—duties of trustee
3.09 Dissolution of policy committees
3.10 Commission and brokerage
3.11 Payment by trustee of a public offer entity of commission or brokerage
Part 3A—Matters prescribed or specified in relation to licensing of trustees and of groups of individual trustees
Division 3A.1—Classes of RSE licences
3A.01 Public offer entity licences.............................
3A.02 Non‑public offer entity licences
3A.03 Extended public offer entity licences
3A.03A Acting trustee licences
Division 3A.3—Applying for RSE licences
3A.05 Definitions
3A.06 Application fees
Part 3B—Superannuation data and payment matters
3B.01 Definitions
3B.02 Prescribed eligible superannuation entity for register
3B.03 Information to be given for register
Part 4—Management and trusteeship of superannuation entities
Division 4.1—Prescribed matters
4.01A Covenants in governing rules of superannuation entity—trustee’s determination and benchmarks
4.01 Covenants in governing rules of superannuation entity—prescribed information and documents
4.02 Covenants in governing rules of self managed superannuation fund—beneficiary investment choice
4.02A Trustee subject to direction—registrable superannuation entity other than regulated superannuation fund with no more than 6 members
4.02AA Operating standard—direction on investment option to trustee of regulated superannuation fund with no more than 6 members
4.03 Trustee of employer‑sponsored fund—prescribed direction by employer‑sponsor or associate of employer sponsor
4.04 Governing rules of a superannuation entity—prescribed exercise of discretion by non‑trustee
4.05 Governing rules of a superannuation entity—prescribed circumstances of amendment
4.06 Removal of member representatives—prescribed circumstances
4.07 Removal of independent trustee or independent member—prescribed circumstances
Division 4.2—Operating standards
4.07C Definitions
4.07D Operating standard—permitted types of insurance
4.07E Operating standard—self‑insurance
4.08 Operating standard—voting rule where equal representation applies
4.08A Operating standard—member representation for certain regulated superannuation funds where a declaration under subsection 18(7) of the Act applies
4.09 Operating standard—investment strategy
4.09A Operating standard—money and other assets to be kept separate (self managed superannuation funds)
4.10 Operating standard—investment by non‑complying superannuation funds
4.10A Operating standard—ownership of units in a PST
4.11 Operating standard—investment by non‑complying approved deposit funds
4.11A Operating standard—acceptance of deposits by an approved deposit fund
4.12 Operating standard—acceptance by regulated superannuation and approved deposit funds of rollovers and transfers
4.13 Operating standard—lending to members of an approved deposit fund
Part 5—Benefit protection standards
Division 5.1—Preliminary
5.01 Interpretation
5.01A Operating standards—determination of costs and investment return
5.01B Trustee may provide greater protection than this Part requires
5.02 Determination of costs
5.02B Priority in deducting surcharge or instalment
6.12 Movement of benefits between categories by satisfaction of conditions of release
6.13 Effect of rollover or transfer on unrestricted non‑preserved benefits
Subdivision 6.1.5—Miscellaneous
6.14 Indexation
6.15 Contributions and benefits taken to be preserved benefits
6.15A Certain benefits taken to be unrestricted non‑preserved benefits
6.16 Redistribution of member benefits within a fund in certain circumstances by operation of governing rules or action of trustee
6.16A When non‑preserved benefits may be reduced
Division 6.2—Payment of benefits
6.17 Restriction on payment
6.17A Payment of benefit on or after death of member (Act, s 59(1A))
6.17AA Payments prevented under Family Law Act 1975
6.17B Duty to seek information
6.17C Payment and commutation of pension in breach of standards
6.17D Benefits to be paid as soon as practicable where member satisfies compassionate ground relating to coronavirus
Division 6.3—Cashing of benefits
Subdivision 6.3.1—Regulated superannuation funds
6.18 Voluntary cashing of preserved benefits in regulated superannuation funds
6.19 Voluntary cashing of restricted non‑preserved benefits in regulated superannuation funds
6.19A Release of benefits on compassionate grounds
6.19B Release of benefits on compassionate ground—coronavirus
6.20 Voluntary cashing of unrestricted non‑preserved benefits in regulated superannuation funds
6.20A Compulsory cashing of benefits in a regulated superannuation fund that is not an unfunded public sector superannuation scheme—temporary residents
6.20B Voluntary cashing of benefits in a regulated superannuation fund that is an unfunded public sector superannuation scheme—temporary residents
6.20C Cashing of benefits in a regulated superannuation fund—payment to Commissioner of Taxation
6.21 Compulsory cashing of benefits in regulated superannuation funds
6.22 Limitation on cashing of benefits in regulated superannuation funds in favour of persons other than members or their legal personal representatives
6.22A Priority in cashing benefits in certain cases—regulated superannuation funds
6.22B When benefits in regulated superannuation funds may be cashed in favour of persons except members
Subdivision 6.3.2—Approved deposit funds
6.23 Voluntary cashing of preserved benefits in approved deposit funds
6.24 Voluntary cashing of unrestricted non‑preserved benefits in approved deposit funds
6.24A Compulsory cashing of benefits in approved deposit funds—temporary residents
6.24B Cashing of benefits in approved deposit funds—payment to Commissioner of Taxation
6.25 Compulsory cashing of benefits in approved deposit funds
6.26 Limitation on cashing of benefits in approved deposit funds in favour of persons other than members or their legal personal representatives
6.27 Limitation on cashing benefits in approved deposit funds of less than $500
6.27A Priority in cashing benefits in certain cases—approved deposit funds
Division 6.4—General rules for rollover and transfer of benefits in regulated superannuation funds and approved deposit funds
6.27B Definition
6.28 Rollover—regulated superannuation funds and approved deposit funds
6.29 Transfer—funds
Division 6.5—Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds
6.30 Application
6.31 Definitions for Division 6.5
6.32 Superannuation data and payment matters
6.33 Request for rollover or transfer of withdrawal benefit
6.33A Action by receiving fund on receipt of request
6.33B Transferring fund must electronically receive request
6.33C Trustee may request information if not provided
6.33D Validation of member’s details by transferring fund
6.33E Verification of self managed superannuation fund and member’s details
6.34 Rollover or transfer of withdrawal benefit
6.34A Timeframes for rollovers and transfers
6.34B Member details for rollover or transfer
6.34C Receiving fund must electronically receive information and payment
6.34D Receiving fund must allocate amount to member
6.35 When a trustee may refuse to roll over or transfer an amount
6.36 Suspension or variation of obligation to roll over or transfer amounts by APRA
6.37 Suspension or variation of obligation to roll over or transfer amounts by APRA—application by trustee
6.38 Trustee’s obligations if APRA suspends or varies obligation to roll over or transfer amounts
Division 6.6—Additional standards for eligible rollover funds