Superannuation Industry (Supervision) Regulations 1994

Statutory Rules No. 57, 1994

made under the

Superannuation Industry (Supervision) Act 1993

Compilation No. 150

Compilation date: 14 October 2024

Includes amendments: F2024L01299

This compilation is in 2 volumes

Volume 1: regulations 1.01–14.37

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 14 October 2024 (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. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

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.

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. For more information on any modifications, see the Register for the compiled law.

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Schedule 1AAA—Approved auditors—professional organisations

Schedule 1AA

Part 1—Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)

Part 2—Exempt public sector superannuation schemes (1996‑97 year of income)

Part 3—Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)

Schedule 1A—Payment limits for annuities and pensions with a commencement day before 1 January 2006

Schedule 1AAB—Payment limits for annuities and pensions with a commencement day on and after 1 January 2006

Schedule 1B—Pension valuation factors

Schedule 1—Conditions of release of benefits

Part 1—Regulated superannuation funds

Part 2—Approved deposit funds

Schedule 2—Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds

Part 1—Modifications of the Occupational Superannuation Standards Act 1987

Part 2—Modifications of the Occupational Superannuation Standards Regulations

Schedule 2A—Information in notice under subsection 60E(2) of Act

Schedule 3—Prescribed form of advertisement of scheme for winding‑up or dissolution

Schedule 4—Approved bodies

1 Approved bodies

Schedule 6—Payments for market linked income streams

Schedule 7—Minimum payment amount for a superannuation income stream

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Schedule 1AAA—Approved auditors—professional organisations

(subregulation 1.04(2))

Schedule 1AA 

(subregulation 1.04(4A))

Part 1—Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)

Commonwealth

Schemes established by or operated under:

 Defence Act 1903

 Defence Force Retirement and Death Benefits Act 1973

 Governor‑General Act 1974

 Judges’ Pensions Act 1968

 Parliamentary Contributory Superannuation Act 1948

New South Wales

Schemes established by or operated under:

 First State Superannuation Act 1992

 Judges’ Pensions Act 1953

 Local Government and other Authorities (Superannuation) Act 1927

 New South Wales Retirement Benefits Act 1972

 Parliamentary Contributory Superannuation Act 1971

 Police Regulation (Superannuation) Act 1906

 Public Authorities Superannuation Act 1985

 Public Sector Executives Superannuation Act 1989

 State Authorities Non‑contributory Superannuation Act 1987

 State Authorities Superannuation Act 1987

 State Public Service Superannuation Act 1985

 Superannuation Act 1916

 Superannuation Administration Act 1991

 Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

 Attorney‑General and Solicitor General Act 1972

 Coal Mines (Pensions) Act 1958

 Constitution Act 1975

 County Court Act 1958

 Judicial Remuneration Tribunal Act 1995

 Justices Act 1958

 Magistrates Courts Act 1989

 Magistrates (Summary Proceedings) Act 1975

 Mint Act 1958

 Ombudsman Act 1973

 Public Prosecutions Act 1994

 Supreme Court Act 1986

Schemes established under trust deeds:

 City of Melbourne Superannuation Fund

 County Court Associates Superannuation Scheme

 Emergency Services Superannuation Scheme

 Gas and Fuel Superannuation Fund

 Holmesglen Construction Superannuation Plan

 Hospitals Superannuation Fund

 Local Authorities Superannuation Fund

 Melbourne Water Corporation Employees’ Superannuation Fund

 Parliamentary Contributory Superannuation Fund

 Pharmaceutical Organisations Superannuation Fund

 Port of Geelong Authority Superannuation Fund

 Port of Melbourne Authority Superannuation Scheme

 State Casual Employees Superannuation Fund

 State Employees Retirement Benefits Fund

 State Superannuation Fund

 Supreme Court Associates Superannuation Scheme

 Transport Superannuation Fund

 Victorian Electricity Industry Superannuation Fund

 Victorian Superannuation Fund

 Zoological Board of Victoria Superannuation Fund

Queensland

Schemes established by or operated under:

 Fire Service Act 1990

 Governors’ Pensions Act 1977

 Judges (Pensions and Long Leave) Act 1957

 Parliamentary Contributory Superannuation Act 1970

 Police Superannuation Act 1974

 State Service Superannuation Act 1972

 Superannuation (Government and Other Employees) Act 1988

 Superannuation (State Public Sector) Act 1990

South Australia

Schemes established by or operated under:

 Electricity Corporations Act 1994

 Governors’ Pensions Act 1976

 Judges’ Pensions Act 1971

 Parliamentary Superannuation Act 1974

 Police Superannuation Act 1990

 Southern State Superannuation Act 1994

 Superannuation Act 1988

 Superannuation (Benefit Scheme) Act 1992

Schemes established under trust deeds

 Lyell McEwen Health Service Incorporated Superannuation Fund

 Police Occupational Superannuation Scheme

Western Australia

Schemes established by or operated under:

 Government Employees Superannuation Act 1987

 Judges’ Salaries and Pensions Act 1950

 Parliamentary Superannuation Act 1970

 Superannuation and Family Benefits Act 1938

Tasmania

Schemes established by or operated under:

 Judges’ Contributory Pensions Act 1968

 Parliamentary Retiring Benefits Act 1985

 Parliamentary Superannuation Act 1973

 Retirement Benefits Act 1993

 Solicitor‑General Act 1983

Australian Capital Territory

Schemes established by or operated under:

 Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

Schemes established by or operated under:

 Administrators Pension Act 1981

 Legislative Assembly Members’ Superannuation Act 1979

 Superannuation Act 1986

 Supreme Court (Judges Pensions) Act 1980

Schemes established under trust deeds or other means

 Northern Territory Police Supplementary Benefit Scheme

 Northern Territory Supplementary Superannuation Scheme

Part 2—Exempt public sector superannuation schemes (1996‑97 year of income)

Commonwealth

Schemes established by or operated under:

 Defence Act 1903

 Defence Force Retirement and Death Benefits Act 1973

 Governor‑General Act 1974

 Judges’ Pensions Act 1968

 Parliamentary Contributory Superannuation Act 1948

New South Wales

Schemes established by or operated under:

 First State Superannuation Act 1992

 Judges’ Pensions Act 1953

 Local Government and Other Authorities (Superannuation) Act 1927

 New South Wales Retirement Benefits Act 1972

 Parliamentary Contributory Superannuation Act 1971

 Police Regulation (Superannuation) Act 1906

 Public Authorities Superannuation Act 1985

 Public Sector Executives Superannuation Act 1989

 State Authorities Non‑contributory Superannuation Act 1987

 State Authorities Superannuation Act 1987

 State Public Service Superannuation Act 1985

 Superannuation Act 1916

 Superannuation Administration Act 1996

 Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

 Attorney General and Solicitor General Act 1972

 Coal Mines (Pensions) Act 1958

 Constitution Act 1975

 County Court Act 1958

 County Court (Jurisdictions) Act 1968

 Emergency Services Superannuation Act 1986

 Hospitals Superannuation Act 1988

 Justices Act 1958

 Local Authorities Superannuation Act 1988

 Magistrates (Summary Proceedings) Act 1975

 Mint Act 1958

 Ombudsman Act 1973

 Parliamentary Salaries and Superannuation Act 1968

 Port of Geelong Authority Act 1958

 Port of Melbourne Authority Act 1958

 Public Prosecutions Act 1994

 Public Sector Superannuation (Administration) Act 1993

 State Superannuation Act 1988

 Supreme Court Act 1986

Queensland

 Government Officers’ Superannuation Scheme (GoSuper)

 Governors’ Pension Scheme

 Judges Pension Scheme

 Parliamentary Contributory Superannuation Fund

 Police Superannuation Fund (Police Super)

 Queensland Fire Service Superannuation Plan

 State Service Superannuation Fund (State Super)

South Australia

Schemes established by or operated under:

 Electricity Corporations Act 1994

 Governors’ Pensions Act 1976

 Judges’ Pensions Act 1971

 Parliamentary Superannuation Act 1974

 Police Superannuation Act 1990

 Southern State Superannuation Act 1994

 Superannuation Act 1988

 Superannuation (Benefit Scheme) Act 1992

Schemes established by or under trust deeds

 Lyell McEwen Health Service Incorporated Superannuation Fund

 Police Occupational Superannuation Scheme

Western Australia

Schemes established by or operated under:

 Government Employees Superannuation Act 1987

 Judges’ Salaries and Pensions Act 1950

 Parliamentary Superannuation Act 1970

 Superannuation and Family Benefits Act 1938

Tasmania

Schemes established by or operated under:

 Governor of Tasmania Act 1982

 Judges’ Contributory Pensions Act 1968

 Parliamentary Retiring Benefits Act 1985

 Parliamentary Superannuation Act 1973

 Retirement Benefits Act 1993

 Solicitor‑General Act 1983

Australian Capital Territory

Schemes established by or operated under:

 Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

Schemes established by or operated under:

 Administrators Pension Act 1981

 Legislative Assembly Members’ Superannuation Act 1979

 Superannuation Act 1986

 Supreme Court (Judges Pensions) Act 1980

Other schemes

 Northern Territory Police Supplementary Benefit Scheme

 Northern Territory Supplementary Superannuation Scheme

Part 3—Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)

Commonwealth

Schemes established by or operated under:

 Australian Defence Force Cover Act 2015

 Defence Act 1903

 Defence Force Retirement and Death Benefits Act 1973

 Defence Forces Retirement Benefits Act 1948

 Federal Circuit and Family Court of Australia Act 2021

 Governor‑General Act 1974

 Judges’ Pensions Act 1968

 Papua New Guinea (Staffing Assistance) Act 1973

 Parliamentary Contributory Superannuation Act 1948

 Superannuation Act 1922

New South Wales

Schemes established by or operated under:

 Judges’ Pensions Act 1953

 Local Government and Other Authorities (Superannuation) Act 1927

 New South Wales Retirement Benefits Act 1972

 Parliamentary Contributory Superannuation Act 1971

 Police Regulation (Superannuation) Act 1906

 Public Authorities Superannuation Act 1985

 State Authorities Non‑contributory Superannuation Act 1987

 State Authorities Superannuation Act 1987

 State Public Service Superannuation Act 1985

 Superannuation Act 1916

 Superannuation Administration Act 1996

 Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

 Attorney General and Solicitor General Act 1972

 Constitution Act 1975

 County Court Act 1958

 Emergency Services Superannuation Act 1986

 Magistrates’ Court Act 1989

 Ombudsman Act 1973

 Parliamentary Salaries and Superannuation Act 1968

 Police Regulation Act 1958

 Public Prosecutions Act 1994

 State Employees Retirement Benefits Act 1979

 State Superannuation Act 1988

 Supreme Court Act 1986

 Transport Superannuation Act 1988

Queensland

 Governors’ Pension Scheme

 Judges Pension Scheme

South Australia

Schemes established by or operated under:

 Electricity Corporations Act 1994

 Governors’ Pensions Act 1976

 Judges’ Pensions Act 1971

 Parliamentary Superannuation Act 1974

 Police Superannuation Act 1990

 Southern State Superannuation Act 2009

 Superannuation Act 1988

Other schemes

 Super SA Select

Western Australia

Schemes established by or operated under:

 Judges’ Salaries and Pensions Act 1950

 Parliamentary Superannuation Act 1970

 State Superannuation Act 2000

Tasmania

Schemes established by or operated under:

 Judges’ Contributory Pensions Act 1968

 Public Sector Superannuation Reform Act 1999

 Retirement Benefits Act 1993

 Retirement Benefits (Parliamentary Superannuation) Regulations 2012

Australian Capital Territory

Schemes established by or operated under:

 Legislative Assembly (Members’ Superannuation) Act 1991

 Supreme Court Act 1933

Northern Territory

Schemes established by or operated under:

 Administrators Pension Act 1981

 Legislative Assembly Members’ Superannuation Act 1979

 Superannuation Act 1986

 Supreme Court (Judges Pensions) Act 1980

Other schemes

 Northern Territory Police Supplementary Benefit Scheme

 Northern Territory Supplementary Superannuation Scheme

Schedule 1A—Payment limits for annuities and pensions with a commencement day before 1 January 2006

(subregulations 1.05(4) and 1.06(4))

1.  Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and

PVF means the maximum pension valuation factor set out in Column 3 in the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

2.  Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and

PVF means the minimum pension valuation factor set out in Column 4 in the Table to this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

3.  For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.  For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020, 1 July 2021 and 1 July 2022, the minimum limit is half of the amount determined under the formula in clause 2.

3B.  For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4.  An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

5.  In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

Table

Example:

Iva Fortune, who turns 60 on 5 September 1994, invests $100,000 in an allocated pension fund on 1 October 1994. The date of the first payment to Ms Fortune is 1 January 1995.

Assume a fund earning rate of 7%.

1994/95: The maximum and minimum payments for 1994/95 are based on:

(a) the account balance on the day of purchase; and

(b) the beneficiary’s age of 60 on the day of purchase:

Assume that total payments to Ms Fortune at 30 June 1995 are $6,000.

1995/96: The maximum and minimum payments for the year 1995/96 are based on:

(a) the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and

(b) the beneficiary’s age of 60 on 1 July 1995:

Schedule 1AAB—Payment limits for annuities and pensions with a commencement day on and after 1 January 2006

(subregulations 1.05(4) and 1.06(4))

1.  Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day.

PVF means the maximum pension valuation factor set out in Column 3 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

2.  Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

 (a) on 1 July in the financial year in which the payments are made; or

 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day.

PVF means the minimum pension valuation factor set out in Column 4 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

 (a) 1 July in the financial year in which the payments are made; or

 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

3.  For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 of the Table in this Schedule as the case requires, must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.  For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020, 1 July 2021 and 1 July 2022, the minimum limit is half of the amount determined under the formula in clause 2.

3B.  For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4.  An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

5.  In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

Table

Example:

Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.

2005/06: The maximum and minimum payments for 2005/06 are based on:

(a) the account balance on the day of purchase; and

(b) the beneficiary’s age of 65 on the day of purchase:

Assume that total payments to Mr Long at 30 June 2006 are $3,000.

2006/07: The maximum and minimum payments for 2006/07 are based on:

(a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and

(b) the beneficiary’s age of 65 on 1 July 2006:

Schedule 1B—Pension valuation factors

(paragraph 1.06(6)(g) and subregulation 1.08(1))

1.  The pension valuation factor for:

 (a) a pension that is to be indexed at a rate greater than 8% each year; or

 (b) a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;

is the factor determined in writing by the Regulator, on a case‑by‑case basis, in relation to that pension or class of pensions.

2.  The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.

3.  A reference in the tables to Age is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.

4.  If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the Below 50% group.

5.  If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.

6.  If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

7.  Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:

 (a) adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and

 (b) dividing the result by 5.

8.  If a superannuation fund to which clause 7 applies has been in existence, or making pension payments, for less than a continuous period of 5 years, the pension valuation factor is to be the relevant factor specified in the table that relates to the standard indexation rate.

Tables

Indexation rate of 8%

Indexation rate of at least 7% but less than 8%

Indexation rate of at least 6% but less than 7%

Indexation rate of at least 5% but less than 6%

Indexation rate of at least 4% but less than 5%

Indexation rate of at least 3% but less than 4%

Indexation rate of at least 2% but less than 3%

Indexation rate of at least 1% but less than 2%

Indexation rate less than 1%

Schedule 1—Conditions of release of benefits

(Subregulations 1.03AB(2) and 6.01(2), regulation 6.01A, paragraphs 6.15A(1)(a) and (b), (2)(b), (3)(b), (4)(c) and (5)(c), subparagraph 6.16(3)(b)(ii) and paragraphs 6.18(3)(a), 6.19(3)(a), 6.23(3)(a) and 7A.01A(a) and (c))

Part 1—Regulated superannuation funds

Part 2—Approved deposit funds

Note: The definitions set out in subregulation 6.01(2) apply, unless they are in material or expressed not to apply, to Schedule 1; see that subregulation.

Schedule 2—Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds

(subregulation 6.02(2))

Part 1—Modifications of the Occupational Superannuation Standards Act 1987

101.  Section 7 (Operating standards for superannuation funds)

101.1 After subsection 7(3), insert:

 (4) Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section.

Part 2—Modifications of the Occupational Superannuation Standards Regulations

201.  Regulation 3 (Interpretation)

201.1 Paragraph 3(2)(a):

 Omit the paragraph.

201A.  Regulation 8 (Vesting standards)

201A.1 After subregulation 8(1A), insert:

 (1B) Paragraph (1A)(a) does not apply in relation to contributions made in accordance with a prescribed agreement or award.

202.  Regulation 9 (Preservation standards)

202.1A Subparagraph 9(1)(a)(i):

 Omit “subject to regulation 10,”.

202.1 Paragraph 9(1)(b):

 After “the fund”, insert “before the commencement day”.

202.2 Paragraph 9(1)(c):

 Omit the paragraph, substitute:

 (c) member‑financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period during which the member did not have employer support in the fund, being a period that:

 (i) commenced on or after 13 March 1989 (in the case of a private sector fund) or 1 July 1990 (in the case of a public sector fund); and

 (ii) ended before the commencement day;

 (d) member‑financed benefits must be preserved if they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day;

 (e) benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Special Account;

 (f) benefits must be preserved if they arise from eligible spouse contributions within the meaning of section 159TC of the Tax Act;

 (g) benefits must be preserved if they arise from a capital gains tax exempt component rolled over to the fund because of subsection 160ZZPZF(1), 160ZZPZH(7) or 160ZZPZI(5) of the Tax Act.

202.3 Subregulation 9(3):

 After “arising”, insert “before the commencement day,”.

202.4 Add at the end:

 (5) In paragraphs (1)(b), (c) and (d) and subregulation (3):

commencement day has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.

undeducted contributions has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.

202A.  New regulation 10A

202A.1 After regulation 10, insert:

10A.  Preservation standard—interaction of subparagraph 9(1)(a)(i) and regulation 10

  Where, apart from this regulations, a fund must preserve, in respect of a member:

 (a) the amount of benefits in compliance with subparagraph 9(1)(a)(i); and

 (b) an amount of benefits in compliance with regulation 10;

it is sufficient compliance with those provisions if the fund preserves the greater of those amounts.

203.  Regulation 11 (Preservation and portability standards)

203.1 Omit the regulation.

204.  Regulation 12 (Preservation standards not to apply in certain cases)

204.1 Omit the regulation.

Schedule 2A—Information in notice under subsection 60E(2) of Act

Note: See subregulation 9AB.19(2).

[Use the following template if: the Part 6A product is a MySuper product]

Dear [insert the name of the beneficiary of the superannuation entity],

[If the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are not satisfied, include the following paragraph]

Your superannuation product [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test. You should think about moving your money to a different super fund.

[If the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are satisfied, include the following paragraph]

Your superannuation product [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into this product until it passes a future test. You should think about moving your money to a different super fund.

The Australian Government tests your super fund’s products every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.

[If the beneficiary holds only one investment option offered by the superannuation entity, include the following two paragraphs]

You had $[insert the beneficiary’s account balance for the Part 6A product as at 30 June in the calendar year in which the date of this letter falls] invested with [insert the name of the superannuation entity and the name of the Part 6A product] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year.

Your money will stay in [insert the name of the superannuation entity and the name of the Part 6A product] unless you move it. Switching super funds is easy and there are no exit fees.

[If the beneficiary holds more than one investment option offered by the superannuation entity, include the following two paragraphs]

You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested with [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls], of which $[insert the beneficiary’s account balance for the Part 6A product as at 30 June in the calendar year in which the date of this letter falls] was invested in [insert the name of the Part 6A product]. Last financial year you paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees to [insert the name of the superannuation entity].

Your money will stay in [insert the name of the superannuation entity and the name of the Part 6A product] unless you move it. Switching super funds is easy and there are no exit fees.

You could save thousands of dollars more for when you retire by switching to a better super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.

Finding a better super fund is easy with the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of all simple, low‑cost MySuper products. Go to ato.gov.au/yoursuper or use the QR code below:

[insert QR code for ato.gov.au/yoursuper]

This letter does not take your personal situation into account. You should think about your investment plans and personal situation, including insurance, when switching.

When you have opened a new super account, contact the new fund or use myGov to move your money over.

Your questions answered

What is the annual performance test?

The annual government test checks how much your super product has earned (after costs) over the last [insert the number of financial years in the lookback period for the Part 6A product in respect of the relevant financial year] financial years. It compares your product’s earnings with those of a similar product over the same period.

Super funds with products that fail this test are required to tell you.

You can find out more about super at moneysmart.gov.au.

How do I move to a new super fund?

The first step is to find a new super fund. You should think about your investment plans and personal situation, including insurance, when switching.

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper products. Go to ato.gov.au/yoursuper or use the QR code above.

Once you have chosen a new super fund, contact the new fund to open a new account.

After opening a new account, move your money from your existing one. You can contact the new fund or use myGov to do this. Find out more at moneysmart.gov.au

What happens if a super product fails two or more years in a row?

If a super product fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the product’s ability to improve.

Your money will stay in the failed super product unless you move it.

[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a generic or lifecycle investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are not satisfied for these products]

Dear [insert the name of the beneficiary of the superannuation entity],

[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]

Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test. You should think about moving your money to a different super investment option or fund.

[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]

You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test. You should think about moving your money to a different super investment option or fund.

The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.

You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]

[If the bullet list above has one failed Part 6A product, include the following paragraph]

Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.

[If the bullet list above has more than one failed Part 6A product, include the following paragraph]

Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.

Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:

[insert QR code for ato.gov.au/yoursuper]

This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.

Your questions answered

What is the annual performance test?

The annual government test checks how much your super investment option has earned (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.

Super funds with investment options that fail this test are required to tell you.

You can find out more about super at moneysmart.gov.au.

What things should I consider when deciding to switch super investment options or funds?

The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.

How can I find a new super investment option or fund?

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code above.

How do I consolidate my super?

If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.

What happens if a super investment option fails two or more years in a row?

If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.

Your money will stay in the failed super investment option unless you move it.

[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a generic or lifecycle investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are satisfied for these products]

Dear [insert the name of the beneficiary of the superannuation entity],

[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]

Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into this investment option until it passes a future test. You should think about moving your money to a different super investment option or fund.

[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]

You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into these investment options until they pass a future test. You should think about moving your money to a different super investment option or fund.

The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.

You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]

[If the bullet list above has one failed Part 6A product, include the following paragraph]

Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.

[If the bullet list above has more than one failed Part 6A product, include the following paragraph]

Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.

Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:

[insert QR code for ato.gov.au/yoursuper]

This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.

Your questions answered

What is the annual performance test?

The annual government test checks how much your super investment option has earned (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.

Super funds with investment options that fail this test are required to tell you.

You can find out more about super at moneysmart.gov.au.

What things should I consider when deciding to switch super investment options or funds?

The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.

How can I find a new super investment option or fund?

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code above.

How do I consolidate my super?

If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.

What happens if a super investment option fails two or more years in a row?

If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.

Your money will stay in the failed super investment option unless you move it.

[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a platform investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are not satisfied for these products]

Dear [insert the name of the beneficiary of the superannuation entity],

[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]

Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test. You should think about moving your money to a different super investment option or fund.

[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]

You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test. You should think about moving your money to a different super investment option or fund.

The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.

You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]

[If the bullet list above has one failed Part 6A product, include the following paragraph]

Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.

[If the bullet list above has more than one failed Part 6A product, include the following paragraph]

Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.

Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.

This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.

Your questions answered

What is the annual performance test?

The annual government test checks how much your super investment option has earned for you (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.

Super funds with investment options that fail this test are required to tell you.

You can find out more about super at moneysmart.gov.au.

What things should I consider when deciding to switch super investment options or funds?

The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.

How can I find a new super investment option or fund?

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:

[insert QR code for ato.gov.au/yoursuper]

How do I consolidate my super?

If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.

What happens if a super investment option fails two or more years in a row?

If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.

Your money will stay in the failed super investment option unless you move it.

[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a platform investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are satisfied for these products]

Dear [insert the name of the beneficiary of the superannuation entity],

[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]

Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into this investment option until it passes a future test. You should think about moving your money to a different super investment option or fund.

[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]

You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into these investment options until they pass a future test. You should think about moving your money to a different super investment option or fund.

The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.

You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]

[If the bullet list above has one failed Part 6A product, include the following paragraph]

Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.

[If the bullet list above has more than one failed Part 6A product, include the following paragraph]

Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.

Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.

This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.

Your questions answered

What is the annual performance test?

The annual government test checks how much your super investment option has earned for you (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.

Super funds with investment options that fail this test are required to tell you.

You can find out more about super at moneysmart.gov.au.

What things should I consider when deciding to switch super investment options or funds?

The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.

How can I find a new super investment option or fund?

You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:

[insert QR code for ato.gov.au/yoursuper]

How do I consolidate my super?

If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.

What happens if a super investment option fails two or more years in a row?

If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.

Your money will stay in the failed super investment option unless you move it.

Schedule 3—Prescribed form of advertisement of scheme for winding‑up or dissolution

(regulation 13.20)

Scheme for [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity]

  Acting under subsection 142(1) of the Superannuation Industry (Supervision) Act 1993, [insert name of Regulator] has formulated a scheme for the [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity].

Summary of scheme:

  [Set out a summary of the scheme].

  The trustee of [insert name of superannuation entity] has been notified in writing of the scheme.

  Any person whose interests are affected by the scheme may obtain a copy of the scheme from the offices of [insert name of Regulator] listed below.

  [Insert details of the Regulator’s offices].

Schedule 4—Approved bodies

Note: See the definition of approved body in subregulation 13.15A(2).

1  Approved bodies

  Each body in the following table is an approved body for the purposes of regulation 13.15A.