Superannuation Industry (Supervision) Act 1993

This section applies at a particular time if:

a person (the first person) is a beneficiary of a fund (the transferor fund); and

the time is after the date specified in the regulations; and

the conditions specified in the regulations are satisfied.

A trustee of the transferor fund may apply to a trustee of an eligible rollover fund, on behalf of the first person, for the issue to the first person of a superannuation interest in the eligible rollover fund.

The application must not be made on or after the later of:

1 May 2021; and

the seventh day after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.

The application is to be made on the basis that:

the consideration for the issue is to be paid, on behalf of the first person, by a trustee of the transferor fund; and

the amount of the consideration is equal to the amount ascertained in accordance with the regulations; and

a trustee of the transferor fund is not entitled to recover the consideration from the first person (except as a result of the operation of subsection (5)).

The first person is taken to have authorised:

the trustee of the transferor fund who made the application to make the application; and

the trustee of the transferor fund who paid the consideration to pay the consideration.

If the superannuation interest is issued in accordance with the application:

the first person ceases to have rights against the transferor fund; and

if:

immediately before the interest was issued in accordance with the application, another person (the second person) had a contingent right against the transferor fund to a death or disability benefit; and

the contingent right was derived from the first person’s capacity as a beneficiary of the transferor fund;

This section has effect despite anything in the governing rules of the transferor fund.