Rule 312: Winding up or amalgamation of a superannuation fund
Rule 312 says that any arrangement to wind up a superannuation fund or amalgamate it with another fund is subject to prior approval of, and conditions imposed by, the approving authority. Rules 301 to 315 govern approved superannuation funds under Part B of Schedule XI to the Act.
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Bare law
Rule 312 - Arrangements for winding up, etc., of fund
Any arrangements for the winding up of the fund or for its amalgamation with another fund shall be subject to the prior approval of, and subject to such conditions as may be imposed by the approving authority.
Rule breakdown
Requirement
Prior approval for winding up.
Prior approval for amalgamation with another fund.
Subject to conditions imposed.
Key takeaways
Prior approval
Mandatory.
Amalgamation
Also covered.
Conditions
May be imposed.
Practical checklist
- Apply for approval before acting.
Avoid
- Do not merge funds without approval.
FAQs
Can trustees wind up the fund on their own?
No, prior approval of the approving authority is required (Rule 312).
Does a merger need approval?
Yes, amalgamation with another fund is covered.
What about gratuity funds?
See Rule 326.
Glossary
- Amalgamation
- Merging one fund with another.
- Winding up
- Closing the fund.