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Superannuation Industry (Supervision) Act 1993 - Modification Declaration No 24

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    Modification declaration No 2724 Superannuation Industry (Supervision) Act 1993
  I, Thomas KarpBrandon Khoo, a delegate of APRA under section 332 of the Act, DECLARE that subregulations 6.21(1) and 6.21(1A) of the Regulations are to have effect in relation to trustees and members of superannuation entities as if they were modified by inserting after subregulation 6.21(1A):   “(1B)                [Transitional arrangements] During the period 1 July 2004 to 30 June 2005, the benefits of a member (including a member’s post-65 employer-financed benefits) are not required to be cashed in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a).   (1C)                 A trustee’s failure to cash a member’s benefits (including a member’s post-65 employer-financed benefits) in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 27 24 is not a breach of those paragraphs.”   This Declaration commences on the date it is signed.     Dated ……2 April May 2005         ………………………[signed] Thomas KarpBrandon Khoo Executive General Manager Supervisory SupportSpecialised Institutions  Division
  Interpretation   In this Declaration   Act means the Superannuation Industry (Supervision) Act 1993 APRA means the Australian Prudential Regulation Authority Regulations means the Superannuation Industry (Supervision) Regulations 1994