Superannuation Industry (Supervision) Act 1993

PART 6 - PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES  

SECTION 58   TRUSTEE NOT TO BE SUBJECT TO DIRECTION  

58(1)  


Subject to subsection (2) , the governing rules of a superannuation entity other than a superannuation fund with no more than 6 members or an excluded approved deposit fund must not permit a trustee to be subject, in the exercise of any of the trustee ' s powers under those rules, to direction by any other person.

58(2)  


Subsection (1) does not apply to:

(a)  a direction given by a court; or

(b)  a direction given by the Regulator; or

(c)  a direction given by a beneficiary or a group of beneficiaries that relates to benefits payable to that beneficiary or those beneficiaries, as the case may be; or

(d)  

a direction given by a beneficiary to take up, dispose of or alter the amount invested in an investment option, where:

(i) the entity is a registrable superannuation entity; and

(ii) the direction is given in circumstances prescribed by the regulations for the purposes of this paragraph; or

(da)  

a direction given by a member of a regulated superannuation fund to attribute (or continue to attribute) an amount that is an accrued default amount for the member to a MySuper product or an investment option within a choice product in the fund; or

(e)  if the entity is an employer-sponsored fund - a direction given by an employer-sponsor, or an associate of an employer-sponsor, in circumstances prescribed by the regulations; or

(f)  a direction given by the Superannuation Complaints Tribunal; or

(fa)  

a direction given under the AFCA scheme; or

(g)  a direction given by a member (within the meaning of the Superannuation Contributions Tax (members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ) that is permitted to be given by subsection 15(8A) of that Act.

58(2A)  


To avoid doubt, paragraph (2)(fa) applies in relation to any requirement imposed under the AFCA scheme, whether the requirement is referred to, in Part 7.10A of the Corporations Act 2001 or in a determination under that Part, as a direction or by any other name.

58(2B)  


Subsection (2A) does not affect the meaning of any paragraph of subsection (2) other than paragraph (2)(fa) .

58(3)  
If the governing rules of a superannuation entity are inconsistent with subsection (1) , that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.