S 388 repealed by No 135 of 2020, s 3 and Sch 9 item 26, effective 1 January 2021. S 388 formerly read:
SECTION 388 TRANSFER TO MYSUPER PRODUCTS
an RSE licensee of a regulated superannuation fund holds an accrued default amount for a member of the fund immediately before 1 July 2017; and
no application is made before 1 July 2017 by the RSE licensee, in relation to any of the RSE licensee
s regulated superannuation funds, for authority to offer a class of beneficial interest in the fund as a MySuper product;
the RSE licensee must take the action required under the prudential standards in relation to the amount before 1 July 2017.
A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund for an action taken in accordance with subsection (1).
S 388 inserted by No 171 of 2012, s 3 and Sch 6 item 13, effective 1 January 2013.