SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 9 - EQUAL REPRESENTATION OF EMPLOYERS AND MEMBERS - EMPLOYER-SPONSORED FUNDS  

SECTION 93A   A TRUSTEE WHO IS AN EMPLOYER-SPONSOR OF A FUND MAY STILL BE AN INDEPENDENT TRUSTEE  

93A(1)   [Requirements for independent trustee]  

For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i) , the trustee of a public offer superannuation fund who is an employer-sponsor of the fund will be an independent trustee of the fund:


(a) if the trustee satisfies all the requirements of the definition of independent trustee in section 10 ; or


(b) if:


(i) the trustee together with any other employer-sponsors of the fund who are associates of the trustee are employer-sponsors of not more than the allowable percentage of the members of the fund; and

(ii) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and

(iii) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10 .

93A(2)   [Allowable percentage of members of fund]  

The allowable percentage of the members of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.

93A(3)   [Allowable percentage of value of assets]  

The allowable percentage of the value of the assets of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.

93A(4)   [Approval of higher percentage]  

If APRA approves a higher percentage under subsection (2) or (3), the approval may be subject to such conditions (if any) as are specified in the notice.

93A(5)   [Variation of approval]  

An approval, including any conditions to which the approval is subject, may be varied at any time by APRA by notice in writing given to the trustee.

93A(6)   [Circumstances to be considered for approval]  

APRA may only exercise the power conferred under subsection (2) or (3) after considering:


(a) the effect that the approval of a higher percentage will have on the likelihood of the trustee performing its functions independently and impartially; and


(b) all other relevant circumstances.




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