SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 3 - OPERATING STANDARDS  

Division 2 - Operating standards  

SECTION 31   OPERATING STANDARDS FOR REGULATED SUPERANNUATION FUNDS  

31(1)  


The regulations may prescribe standards applicable to the operation of regulated superannuation funds ( funds ) and to trustees and RSE licensees of those funds.

31(2)  
The standards that may be prescribed include, but are not limited to, standards relating to the following matters:


(a) the persons who may contribute to funds;


(b) the vesting in beneficiaries in funds of benefits arising directly or indirectly from amounts contributed to the funds;


(c) the amount of contributions that a fund may accept;


(d) the circumstances in which a fund may accept contributions;


(da) the charging of fees (including the calculation of the amount of fees) to:


(i) members of a fund; and

(ii) members who hold a particular class of beneficial interest in a fund;


(db) the attribution of costs between classes of beneficial interest in a fund;


(dc) the calculation of a member ' s account balance with the fund on a particular day, or a member ' s account balance with the fund on a particular day that relates to a choice product or MySuper product;


(e) the form in which benefits may be provided by funds;


(ea) the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind;


(eb) the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind;


(f) the actuarial standards that will apply to funds;


(g) the preservation of benefits arising directly or indirectly from amounts contributed to funds;


(h) the payment by funds of benefits arising directly or indirectly from amounts contributed to the funds;


(i) the portability of benefits arising directly or indirectly from amounts contributed to funds;


(j) the levels of benefits that may be provided by funds and the levels of assets that may be held by funds;


(k) the application by funds of money no longer required to meet payments of benefits to beneficiaries because the beneficiaries have ceased to be entitled to receive those benefits;


(l) the investment of assets of funds and the management of the investment;


(m) the number of trustees, and the composition of boards or committees of trustees, of funds;


(ma) the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds;


(n) the keeping and retention of records in relation to funds;


(o) the financial and actuarial reports to be prepared in relation to funds;


(p) the disclosure of information to beneficiaries in funds;


(pa) the disclosure of information by a trustee of a fund who is a member of a group of individual trustees to the other trustees in that group;


(q) the disclosure of information about funds to the Regulator;


(r) the disclosure of information about funds to persons other than beneficiaries or the Regulator;


(s) the financial position of funds;


(sa) the outsourcing arrangements relating to the operation of funds;


(sb) the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds;


(t) the funding and solvency of funds;


(u) the winding-up of funds.


 

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