SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 1 - PRELIMINARY  

Division 2 - Interpretation  

SECTION 19   REGULATED SUPERANNUATION FUND  

19(1)   Definition.  

A regulated superannuation fund is a superannuation fund in respect of which subsections (2) to (4) have been complied with.

19(2)   Fund must have a trustee.  

The superannuation fund must have a trustee.

19(3)   Trustee must be a constitutional corporation or fund must be a pension fund.  

Either of the following must apply:


(a) the trustee of the fund must be a constitutional corporation pursuant to a requirement contained in the governing rules;


(b) the governing rules must provide that the sole or primary purpose of the fund is the provision of old-age pensions.

19(4)   Election by trustee.  

The trustee or trustees must have given to APRA, or such other body or person as is specified in the regulations, a written notice that is:


(a) in the approved form; and


(b) signed by the trustee or each trustee;

electing that this Act is to apply in relation to the fund.

19(4A)   Regulations.  

Without limiting subsection (4), regulations for the purposes of that subsection may specify that notices are to be given to different persons or bodies in respect of different classes of superannuation funds.

19(5)   Election is irrevocable.  

An election made as mentioned in subsection (4) is irrevocable.

19(6)   Trustee has power to make election despite anything in the governing rules etc.  

The trustee or trustees have the power to make an election as mentioned in subsection (4) despite anything in the governing rules of the fund.

19(7)   Certain funds must become regulated superannuation funds.  

If all of the following conditions are satisfied in relation to a superannuation fund at any time during the period beginning on the day on which this Act received the Royal Assent and ending at the end of the fund's 1993-94 year of income:


(a) the fund has a trustee;


(b) either:


(i) the trustee of the fund is a constitutional corporation; or

(ii) the governing rules of the fund provide that the sole or primary purpose of the fund is the provision of old-age pensions;


(c) the fund is not a public sector superannuation scheme;


(d) there is in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is satisfied that the fund satisfied, or should be treated as if it had satisfied, the superannuation fund conditions in relation to a particular year of income;


(e) there is not in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is not satisfied that the fund satisfied the superannuation fund conditions in relation to a year of income later than the year of income mentioned in paragraph (d);

the trustee of the fund must use its best endeavours to ensure that the fund becomes a regulated superannuation fund at or before the beginning of the fund's 1994-95 year of income.

19(8)   Contravention of subsection (7) is not an offence.  

A contravention of subsection (7) is not an offence. However, a contravention of subsection (7) is a ground for the grant of an injunction under section 315.

19(9)   References to repealed provisions of OSSA.  

A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to the provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993.


 

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