SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 2C - MYSUPER  

Division 2 - Applying for authority  

SECTION 29SAA   ELECTION TO TRANSFER ACCRUED DEFAULT AMOUNTS  

29SAA(1)  
An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if:


(a) the RSE licensee elects that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, the RSE licensee will:


(i) attribute to the MySuper product each amount that is an accrued default amount for a member of the fund who is eligible to hold the MySuper product, unless the member directs the RSE licensee in writing to attribute the amount to another MySuper product or an investment option within a choice product in the fund; and

(ii) do so before the end of a period of 30 days beginning on the day on which notice of authority to offer the class of beneficial interest in the fund as a MySuper product is given to the RSE licensee under section 29TD ; and


(b) the RSE licensee elects that the RSE licensee will, before the end of the action period, take the action required under the prudential standards in relation to the following:


(i) each amount that is an accrued default amount for a member of the fund who is not eligible to hold a MySuper product offered by the fund;

(ii) each amount that is an accrued default amount for a member of another regulated superannuation fund of the RSE licensee that does not offer a MySuper product; and


(c) the election is in writing; and


(d) the election is in the approved form.

29SAA(2)  
The action period , for the purposes of paragraph (1)(b), in relation to an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, ends at the end of a period of 90 days beginning on:


(a) if APRA authorises the RSE licensee to offer the class of beneficial interest in the fund as a MySuper product - the day on which notice of that authority is given to the RSE licensee under section 29TD ; or


(b) if APRA refuses the application - the day on which notice of the refusal is given to the RSE licensee under section 29TE .

29SAA(3)  
If an RSE licensee makes an election under this section, the RSE licensee must comply with any requirements prescribed in the regulations in relation to:


(a) notices to be given to a member of the fund for whom there is an accrued default amount before the amount is attributed, or a decision is taken to continue to attribute the amount, to a MySuper product or an investment option within a choice product in the fund; and


(b) notices to be given to a member of the fund for whom there is an accrued default amount before the amount is moved to another fund.




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