Superannuation Industry (Supervision) Regulations 1994
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Hide history notePart 2 heading substituted by SR No 21 of 2002, reg 3 and Sch 1 item 1, effective 11 March 2002. The heading formerly read:
PART 2 - INFORMATION FOR MEMBERS AND OTHERS
Former Div 2.5 omitted by SR No 21 of 2002, reg 3 and Sch 1 item 26, effective 11 March 2002. Former Div 2.5 read:
REGULATION 2.32 APPLICATION
2.32(1)
This Division applies to:
(a) a regulated superannuation fund; and
(b) an approved deposit fund.HistoryReg 2.32(1) substituted by SR No 159 of 1995.
2.32(2)
Information under this Division concerning an event is information that the trustee reasonably believes a member would reasonably need:
(a) where there is a nature or purpose to the event - to understand the nature or purpose; and
(b) to make an informed judgment about the effect (generally and in respect of the member's current and future entitlements) of the event.
2.32(3)
For the purposes of subsections 31(1) and 32(1) of the Act, a requirement of this Division is a standard applicable to the operation of a fund that is a regulated superannuation fund or an approved deposit fund.
REGULATION 2.33 TIME FOR COMPLIANCE
2.33(1) Meaning of `event ' in subregulations (2) and (3).For the purposes of subregulations (2) and (3), `event ' means:
(a) an event referred to in regulation 2.35; or
(b) a change of a kind referred to in subregulation 2.36(1); or
(c) a transfer of a member referred to in subregulation 2.36(3); or
(d) the receipt of a notice of non-compliance referred to in subregulation 2.36(4).HistoryReg 2.33(1) amended by SR No 158 of 1995.
2.33(2) General rule.The time within which the trustee of a fund must give information under this Division about an event to a member or class of members is:
(a) before the expected occurrence, or as soon as practicable after the occurrence, of the event; and
(b) in any case, within 3 months after the occurrence of the event.
2.33(3) Where event not adverse, etc.Despite subregulation (2), the information may be given more than 3 months after the occurrence of the event if:
(a) the trustee reasonably believes that the event is not adverse to the member's interests and accordingly the member would not be expected to be concerned about the delay in giving the information; and
(b) the information is given no later than 12 months after the occurrence of the event.
2.33(4) Meaning of `event ' in subregulation (5).For the purposes of subregulation (5), `event ' means:
(a) a decision of the trustee; or
(b) the winding-up or termination of the fund;whichever is applicable.
2.33(5) Where a member would expect to be informed before the event.Where a member would reasonably expect to be informed of an event before it occurs, the trustee must give the information to the member as soon as practicable after it becomes reasonable for the trustee to expect that the event will happen (except that the information need not be given more than 3 months before the expected date of the event).
[ Examples :
1. On 1 December 1996 it is proposed to wind up the fund with effect from 30 June 1997. Generally the information must be given as soon as practicable after 1 December 1996. However it may be delayed to 31 March 1997.
2. On 1 December 1996 it is proposed to wind up the fund with effect from 31 December 1996. The information must be given without delay.]
REGULATION 2.34 CONTACT DETAILS TO ACCOMPANY INFORMATION
2.34
Where the trustee of a fund gives information under this Division the trustee must give with the information a statement of the contact details of the fund. REGULATION 2.35 GENERAL REQUIREMENT
2.35
The trustee of a fund must give information to a member concerning any event in relation to the fund that the trustee reasonably believes the member would reasonably expect to be informed of. REGULATION 2.36 SPECIFIC REQUIREMENTS
2.36(1)
If the governing rules of a fund are changed or, because of any other act carried out, or consented to, by the trustee, a change occurs in relation to a fund and the change is of a kind stated in subregulation (2), the trustee of the fund must give information concerning the change to each member affected by the change.HistoryReg 2.36(1) amended by SR No 158 of 1995.
2.36(2)
The kinds of changes are those that:
(a) have an adverse effect on a member's right or claim to accrued benefits or the amount of those benefits; or
(b) have an adverse effect on the benefits to which a member may become entitled; or
(c) have an adverse effect for the member on the circumstances in which those benefits would become payable; or
(d) have an adverse effect for the member on the manner in which those benefits would be worked out; or
(e) have an adverse effect on the security of the member's benefits.HistoryReg 2.36(2) amended by by SR No 158 of 1995.
2.36(3)
The trustee of a fund must give to a member information concerning an incident affecting the member if the incident is one of the following kinds:
(a) the member is transferred to a different category of membership or to a different fund;
(b) the benefits of the member are transferred to an RSA or to an EPSSS.HistoryReg 2.36(3) substituted by SR No 14 of 1999 and SR No 117 of 1997.
2.36(4)
If the trustee of a fund receives a notice of non-compliance, the trustee must give to each member:
(a) a statement of the circumstances (including details of the non-compliance) that gave rise to the issue of the notice; and
(b) a statement of the effect on the fund of the issue of the notice (including details of the effect on the fund's taxation position); and
(c) details of action that the trustee has taken, or proposes to take, to have the fund become a complying fund; and
(d) any information concerning the non-compliance that APRA requires to be given for the purposes of this paragraph.HistoryReg 2.36(4) amended by SR No 193 of 1998.
2.36(5)
For the purposes of subregulation (4), a notice of non-compliance means a notice issued under section 40 of the Act to the trustee of a fund stating that the fund is not a complying fund.
2.36(6)
This regulation does not apply to a self managed superannuation fund.HistoryReg 2.36(6) amended by SR No 239 of 1999.
REGULATION 2.36A SPECIFIC REQUIREMENTS - BENEFIT TO BE PAID TO ELIGIBLE ROLLOVER FUND
2.36A(1)
If the benefits of a member of a fund (`the transferor fund ' ) will be paid to an eligible rollover fund unless he or she chooses, within a specified period, another superannuation entity, an EPSSS or an RSA to which those benefits will be paid, the trustee of the transferor fund must give information to the member relating to the payment to the eligible rollover fund that will assist the member to decide between having the benefits paid to that other superannuation entity, the EPSSS, the RSA or the eligible rollover fund, and in particular must give to the member so much of the information described in subregulation (2) as is relevant to the circumstances.HistoryReg 2.36A(1) amended by SR No 14 of 1999 and SR No 117 of 1997.
2.36A(2)
The information is:
(a) an explanation why the trustee intends to pay the member's benefits to the eligible rollover fund if the member does not make the choice within the period; and
(b) a statement of the effect of the payment of benefits to the eligible rollover fund; and
(c) the contact details of the eligible rollover fund; and
(d) the amount, or, subject to subregulation (3), the approximate amount, of the member's benefits that will be paid from the transferor fund; and
(e) a statement to the effect that if the member chooses a superannuation entity, EPSSS or RSA that refuses to accept the payment of the member's benefit, or the member makes no choice within the specified period, the trustee will pay the member's benefits to the eligible rollover fund.HistoryReg 2.36A(2) amended by SR No 14 of 1999 and SR No 117 of 1997.
2.36A(3)
A fund may inform a member under paragraph (2)(d) of the approximate amount of the member's benefits if, at the time the information is to be given, the trustee of the fund cannot determine the exact amount of the member's benefits that will be paid from the fund.
2.36A(4)
This regulation does not require the trustee of the transferor fund to provide information about RSAs, EPSSSs or superannuation entities other than the eligible rollover fund.HistoryReg 2.36A(4) amended by SR No 14 of 1999 and SR No 117 of 1997.
Reg 2.36A inserted by SR No 159 of 1995.
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