Transfer to successor fund
45DE Transfer to successor fund
(1) The Commissioner may transfer the benefits of members and adherents to a superannuation fund that is a successor fund for members and adherents.
(2) A superannuation fund is a successor fund for members and adherents if the Trustee Board and Commissioner:
(a) are satisfied that the fund confers on a member of that fund rights in respect of benefits equivalent to those that the member and adherent have under the Scheme; and
(b) have agreed with the trustee of the fund that those equivalent rights will be conferred on members and adherents if their benefits are transferred to the fund.
(3) The Commissioner may transfer the benefits of members and adherents to a successor fund without their consent.
(4) However, if the successor fund is a registrable superannuation entity that is a regulated superannuation fund or an approved deposit fund, the Commissioner must not transfer a benefit unless the successor fund is registered under Part 2B of the SIS Act.
In this section:
approved deposit fund, see section 10(1) of the SIS Act.
benefit, in relation to a member or adherent, means the balance of the member's or adherent's accumulation account prior to the transfer to a successor fund.
registrable superannuation entity, see section 10(1) of the SIS Act.
regulated superannuation fund, see section 10(1) of the SIS Act.
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