Superannuation Industry (Supervision) Act 1993

PART 33 - ADDITIONAL TRANSITIONAL PROVISIONS RELATING TO MYSUPER  

Division 1 - Moving accrued default amounts to MySuper products  

SECTION 388   TRANSFER TO MYSUPER PRODUCTS  

388(1)  
If:


(a) an RSE licensee of a regulated superannuation fund holds an accrued default amount for a member of the fund immediately before 1 July 2017; and


(b) no application is made before 1 July 2017 by the RSE licensee, in relation to any of the RSE licensee ' s regulated superannuation funds, for authority to offer a class of beneficial interest in the fund as a MySuper product;

the RSE licensee must take the action required under the prudential standards in relation to the amount before 1 July 2017.

388(2)  
A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund for an action taken in accordance with subsection (1).


 

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