Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection ( 2), a defined benefit superannuation scheme is a scheme under which:
(a) one or more members of the scheme are entitled, on retirement, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:
(i) the amount of the member's annual salary:
(A) at the date of the member's retirement; or
(B) at a date before retirement; or
(C) averaged over a period of employment before retirement;
(ii) a specified amount; and
(b) if the scheme is not a public sector scheme--some or all of the contributions under the scheme (out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount.
(2) A scheme embodied in the governing rules of a superannuation fund (other than a scheme of the kind referred to in subsection ( 1)) is a defined benefit superannuation scheme if a conversion notice has effect in relation to the fund or scheme .
(3) If the conversion notice is expressed to take effect on a day before the day on which the notice is given, the scheme in question is taken to have been a defined benefit superannuation scheme from the day on which the notice is expressed to take effect.
(4) Subsection ( 3) has effect regardless of the making of any assessment, or the payment of any superannuation guarantee charge, in respect of a quarter that ended after the conversion notice took effect.