SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 68AAC   BENEFITS PROVIDED BY TAKING OUT INSURANCE - MEMBERS UNDER 25 YEARS OLD  

68AAC(1)  
Each trustee of a regulated superannuation fund must ensure that a benefit is not provided by the fund to, or in respect of, a member of the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if:


(a) the member is under the age of 25 years; and


(b) the member has not elected under subsection (2) that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member is under the age of 25 years.

Note:

This section does not apply in relation to regulated superannuation funds with fewer than 5 members (see section 68AAD ).

68AAC(2)  
Each trustee of the regulated superannuation fund must ensure that each member of the fund who holds a choice product or MySuper product offered by the fund and who is under the age of 25 years may elect, in writing, that a benefit specified in the election is to be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member is under the age of 25 years.

68AAC(3)  
The member is taken to have made an election under subsection (2) if the member makes an election under subsection 68AAB(2) .

68AAC(4)  
This section does not apply to:


(a) a defined benefit member; or


(b) an ADF Super member (within the meaning of the Australian Defence Force Superannuation Act 2015 ); or


(c) a person who would be an ADF Super member apart from the fact that the regulated superannuation fund is or was, for the purposes of Part 3A of the Superannuation Guarantee (Administration) Act 1992 , a chosen fund for contributions for the person ' s superannuation by the Commonwealth; or


(d) a member to whom the employer-sponsor contribution exception applies (see section 68AAE ); or


(e) a member to whom the dangerous occupation exception applies (see section 68AAF ).




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