SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
[ CCH Note: Part 9 has effect, in relation to regulated superannuation funds, and their trustees, as if it were modified by amending s 92 and inserting s 92A and 92B - see Modification Declaration No 10 under s 92 , 92A and 92B .]
This section applies to a standard employer-sponsored fund with more than 49 members.93(2) Post-30 June 1995.
This section applies on and after 1 July 1995.93(3) Public offer funds.
(i) the trustee of the fund must be an independent trustee; or
(ii) the fund must comply with the basic equal representation rules; and
(b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees ) - the fund must comply with those rules; and
(c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.
If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.93(5) Transitional.
(a) from a number less than 5 to 50 or more; or
(b) from a number greater than 4, but less than 50, to 50 or more (a paragraph (b) fund );
(c) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and
(d) the fund does not have to comply with this section during the period beginning at that time and ending:
(i) at the time at which such arrangements are made; or
whichever is the earlier; and
(ii) 90 days after that time;
(e) for a paragraph (b) fund - despite subsection 92(1) , the fund must comply with subsection 92(3) or (4) during the period of time referred to in paragraph (d).