Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER  

Division 3 - Authority  

SECTION 29TB   MYSUPER PRODUCTS FOR LARGE EMPLOYERS  

29TB(1)  
This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if:


(a) under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and


(b) either:


(i) that employer is a large employer in relation to the fund (see subsection (2)); or

(ii) APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and


(c) under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is:


(i) an employee or a former employee of the large employer; or

(ii) an employee or a former employee of an associate of the large employer; or

(iii) a relative or dependant of an employee or a former employee mentioned in subparagraph (i) or (ii); and


(d) under the governing rules of the fund:


(i) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of the large employer, any employee of the large employer who is not a defined benefit member of the fund may hold an interest of that class in the fund; and

(ii) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of an associate of the large employer, any employee of that associate who is not a defined benefit member of the fund may hold an interest of that class in the fund.

29TB(2)  
An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more members of the fund who are any of the following:


(a) a member of the fund:


(i) who is an employee of the employer; and

(ii) in relation to whom the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund;


(b) a member of the fund:


(i) who is an employee of an associate of the employer; and

(ii) in relation to whom either the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund.

29TB(3)  


In working out under subsection (2) whether an employer is a large employer , disregard defined benefit members of the fund.

 

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