Superannuation Industry (Supervision) Regulations 1994

For the purpose of subregulation (2), the following are categories of benefits:

preserved benefits, as defined in Subdivision 6.1.2;

restricted non‑preserved benefits, as defined in Subdivision 6.1.3;

unrestricted non‑preserved benefits, as defined in Subdivision 6.1.4.

For the purposes of this Part, the governing rules of a fund, or the trustee of a fund, may alter the category of any of a member’s benefits in the fund but, subject to subregulation (3), not so as to:

decrease the amount of the member’s preserved benefits in the fund; or

increase the amount of the member’s unrestricted non‑preserved benefits in the fund.

The trustee may alter the category of benefits in a fund from preserved benefits to unrestricted non‑preserved benefits if:

before the commencement of regulation 6.15A and during the transitional period of the fund, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ‘Nil’ cashing restriction if these regulations applied; or

before the commencement of regulation 6.15A, both:

the benefits were rolled over or transferred to the fund from:

a superannuation fund (Fund A) during its transitional period; or

a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund (Fund B) during its transitional period; and

the trustee is reasonably satisfied that:

during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ‘Nil’ cashing restriction if these regulations applied; or

before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 in respect of the benefits was ‘Nil’.