SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 34 - ADDITIONAL TRANSITIONAL PROVISIONS RELATING TO ELIGIBLE ROLLOVER FUNDS  

SECTION 394   MOVING AMOUNTS HELD IN EXISTING ERFS  

394(1)  
If:


(a) immediately before 1 January 2014, an amount is held in an existing ERF; and


(b) on that day, the RSE licensee of the existing ERF is not authorised to operate the existing ERF as an eligible rollover fund;

the RSE licensee of the existing ERF must take the action required under the prudential standards in relation to the amount before the end of a period of 90 days beginning on 1 January 2014.

394(2)  
A prudential standard determined under section 34C may include provisions:


(a) requiring an RSE licensee of an existing ERF to, in the circumstances mentioned in subsection (1), transfer the amount held in the existing ERF to a regulated superannuation fund that:


(i) is an eligible rollover fund; or

(ii) offers a MySuper product; and


(b) setting out the requirements that must be met in relation to the transfer of such an amount; and


(c) dealing with other matters relating to such an amount.

394(3)  
A trustee of a regulated superannuation fund is not subject to any liability to any member of the fund for an action taken in accordance with this section.




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