Superannuation Industry (Supervision) Regulations 1994

For the purposes of subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that, subject to regulation 13.15, the trustee of a fund must not recognise, or in any way encourage or sanction, a charge over, or in relation to a member’s benefits.

In this regulation:

the charge was exercised in respect of particular benefits of a member before the fund became a regulated superannuation fund or an approved deposit fund (as the case may be); and

the trustee was permitted, under the Occupational Superannuation Standards Regulations or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, to recognise the charge.

A payment split in respect of a member’s interest in a superannuation fund is not a charge over or in relation to the member’s benefits for subregulation (1).

This regulation does not apply to a charge imposed under the Public Officers Superannuation Benefits Recovery Act 1988 (Qld) in relation to a member’s benefits in the scheme established under the Superannuation (State Public Sector) Act 1990 (Qld).