Queensland Subordinate Legislation as Made

SUPERANNUATION (STATE PUBLIC SECTOR) (SCHEME MEMBERSHIP) AMENDMENT OF DEED REGULATION 2017 - REG 9

9 Insertion of new s 15A

Chapter 1, part 3—
insert—

15A Assets of the fund

(1) The board must keep assets of the fund attributable to defined benefits (
"defined benefit assets" ) separate from assets of the fund attributable to accumulation accounts (
"accumulation assets" ).

(2) Subsection (1) does not apply to assets of the fund used to pay tax or operational expenses as long as subsection (3) is complied with.

(3) The board must not—

(a) apply defined benefit assets for the payment of amounts related to accumulation accounts; or

(b) apply accumulation assets for the payment of amounts related to defined benefits.

(4) Subsection (3) does not apply to changes to the assets of the fund arising from the transfer of a member’s beneficial interest between the defined benefit category and an accumulation category.

(5) In this section—

"defined benefits" means benefits payable under this deed to defined benefit members.

"operational expenses" means expenses for the operation of the fund, including, for example, administration costs.