Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3)1
Select Legislative Instrument 2007 No. 204
I, PROFESSOR MARIE BASHIR, AC, CVO, Deputy for the Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.
Dated 28 June 2007
MARIE BASHIR
Deputy for the Governor‑General
By Her Excellency’s Command
PETER CRAIG DUTTON
Minister for Revenue and Assistant Treasurer
1              Name of Regulations
                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3).
2              Commencement
                These Regulations commence on 1 July 2007.
3              Amendment of Superannuation Industry (Supervision) Regulations 1994
                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994 as amended by the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1).
Schedule 1        Amendments
(regulation 3)
  
[1]           Subregulation 1.05 (11B)
after
transferred
insert
or paid
[2]           Subregulation 1.05 (11B)
after
6.21 (2A)
insert
or (2B)
[3]           Paragraph 1.05 (13) (a)
substitute
                (a)    results in the total amount of annuity payments in each year:
                          (i)    increasing by the same percentage factor; or
                         (ii)    being adjusted in line with movements in the Consumer Price Index; or
                         (iii)    being adjusted in line with movements in an index of average weekly earnings published by the Australian Statistician; or
                        (iv)    being adjusted in accordance with subparagraph (ii) or (iii) but with an increase capped at a maximum level; and
[4]           Subparagraph 1.06 (9A) (b) (iii)
substitute
                         (iii)    the standards of subregulation (2) are met; or
                        (iv)    for rules in existence at the date of registration of the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3), the standards of subregulation (2) would be met, except for the circumstances in which those rules allow for either or both of the following:
                                   (A)     the pension to be commuted;
                                   (B)     the variation or cessation of pension payments in respect of a child of the deceased; and
[5]           Subregulation 1.06 (9B)
after
transferred
insert
or paid
[6]           Subregulation 1.06 (9B)
after
6.21 (2A)
insert
or (2B)
[7]           After subregulation 1.06 (9B)
insert
      (9C)   If a pension is paid from a successor fund in accordance with rules to which subparagraph (9A) (b) (iv) applied in the original fund, the pension meets the standards of subregulation (9A).
[8]           Paragraph 1.06 (11) (a)
substitute
                (a)    results in the total amount of pension payments in each year:
                          (i)    increasing by the same percentage factor; or
                         (ii)    being adjusted in line with movements in the Consumer Price Index; or
                         (iii)    being adjusted in line with movements in an index of average weekly earnings published by the Australian Statistician; or
                        (iv)    being adjusted in accordance with subparagraph (ii) or (iii) but with an increase capped at a maximum level; and
[9]           Paragraphs 6.15A (2) (b), (3) (b), (4) (c) and (5) (c)
omit
109A
insert
110
[10]         Paragraph 6.41 (5) (b)
omit
not be included
insert
be included
[11]         After regulation 7.04
insert
7.04A      Acceptance of contributions — public offer superannuation funds
         (1)   For paragraph 31 (2) (d) of the Act, the standard mentioned in subregulation (2) applies to a regulated superannuation fund that is a public offer superannuation fund.
         (2)   If:
                (a)    a person is a member of a standard employer‑sponsored fund; and
               (b)                the person is employed by another employer (the new employer) who is not a standard employer‑sponsor of the fund;
the fund must not make its acceptance of contributions from the new employer in respect of the member conditional upon the new employer becoming a standard employer‑sponsor of the fund.
[12]         Further amendments — entity or person that paid the amount
                The following provisions are amended by omitting ‘member’ and inserting ‘entity or person that paid the amount’:
                   ·     paragraph 7.04 (4) (a)
                   ·     subparagraph 7.04 (4) (b) (i)
                   ·     subparagraph 7.04 (4) (b) (ii)
                   ·     subparagraph 7.04 (4) (b) (iv)
                   ·     sub‑subparagraph 7.04 (4) (b) (v) (C)
                   ·     subparagraph 7.04 (4) (b) (v)
                   ·     subregulation 7.04 (5).
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.