SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
Subject to subsection (2), the governing rules of a superannuation entity other than a superannuation fund with fewer than 5 members or an excluded approved deposit fund must not permit a trustee to be subject, in the exercise of any of the trustee ' s powers under those rules, to direction by any other person.
Subsection (1) does not apply to:
(a) a direction given by a court; or
(b) a direction given by the Regulator; or
(c) a direction given by a beneficiary or a group of beneficiaries that relates to benefits payable to that beneficiary or those beneficiaries, as the case may be; or
(d) a direction given by a beneficiary to take up, dispose of or alter the amount invested in an investment option, where:
(i) the entity is a registrable superannuation entity; and
(ii) the direction is given in circumstances prescribed by the regulations for the purposes of this paragraph; or
(da) a direction given by a member of a regulated superannuation fund to attribute (or continue to attribute) an amount that is an accrued default amount for the member to a MySuper product or an investment option within a choice product in the fund; or
(e) if the entity is an employer-sponsored fund - a direction given by an employer-sponsor, or an associate of an employer-sponsor, in circumstances prescribed by the regulations; or
(f) a direction given by the Superannuation Complaints Tribunal; or
(fa) a direction given under the AFCA scheme; or
(g) a direction given by a member (within the meaning of the Superannuation Contributions Tax (members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ) that is permitted to be given by subsection 15(8A) of that Act.
[ CCH Note: S 58(2) will be amended by No 13 of 2018, s 3 and Sch 3 item 23, by repealing para (f), effective 5 March 2022 or a day or days to be fixed by Proclamation. For application provision, see note under s 64A .]
To avoid doubt, paragraph (2)(fa) applies in relation to any requirement imposed under the AFCA scheme, whether the requirement is referred to, in Part 7.10A of the Corporations Act 2001 or in a determination under that Part, as a direction or by any other name.
Subsection (2A) does not affect the meaning of any paragraph of subsection (2) other than paragraph (2)(fa).
If the governing rules of a superannuation entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.