Superannuation Industry (Supervision) Regulations 1994
[ CCH Note: This is the first of two headings each numbered as Part 9A. It appears that the insertion of the heading number Part 9A here may be a drafting oversight (see also the CCH Note under the heading for Pt 9A after reg 9.51).]
This regulation is made for subsection 29SAA(3) of the Act. 9.46A(2)
An RSE licensee of a regulated superannuation fund that has made an election in accordance with section 29SAA of the Act must give a member of the fund mentioned in paragraph 29SAA(3)(a) or (b) of the Act a notice in writing. 9.46A(3)
The notice must mention the following:
(a) the RSE licensee ' s obligation to:
(i) move the accrued default amount by 30 June 2017; and
(ii) promote the financial interests of the member in relation to a MySuper product held by the member; and
(b) the accrued default amount; and
(i) if the RSE licensee has identified a MySuper product, either within the fund or in another regulated superannuation fund, to which the RSE licensee proposes to move the accrued default amount - the name of the MySuper product, and when the proposed move will occur; or
(ii) if the RSE licensee has not identified such a MySuper product - why the RSE licensee has not done so, and what the RSE licensee has done, and will do, to do so.
The notice must be given to the member with:
(a) the first periodic statement sent to the member after the RSE licensee has identified the accrued default amount; and
(b) each subsequent periodic statement sent to the member until the accrued default amount is moved to a MySuper product.