SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 9 - EQUAL REPRESENTATION OF EMPLOYERS AND MEMBERS - EMPLOYER-SPONSORED FUNDS  

SECTION 93A   A TRUSTEE WHO IS AN EMPLOYER-SPONSOR OF A FUND MAY STILL BE AN INDEPENDENT TRUSTEE  

93A(1)   [Requirements for independent trustee]  

For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i) , the trustee of a public offer superannuation fund who is an employer-sponsor of the fund will be an independent trustee of the fund:


(a) if the trustee satisfies all the requirements of the definition of independent trustee in section 10 ; or


(b) if:


(i) the trustee together with any other employer-sponsors of the fund who are associates of the trustee are employer-sponsors of not more than the allowable percentage of the members of the fund; and

(ii) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and

(iii) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10 .

93A(2)   [Allowable percentage of members of fund]  

The allowable percentage of the members of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.

93A(3)   [Allowable percentage of value of assets]  

The allowable percentage of the value of the assets of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.

93A(4)   [Approval of higher percentage]  

If APRA approves a higher percentage under subsection (2) or (3), the approval may be subject to such conditions (if any) as are specified in the notice.

93A(5)   [Variation of approval]  

An approval, including any conditions to which the approval is subject, may be varied at any time by APRA by notice in writing given to the trustee.

93A(6)   [Circumstances to be considered for approval]  

APRA may only exercise the power conferred under subsection (2) or (3) after considering:


(a) the effect that the approval of a higher percentage will have on the likelihood of the trustee performing its functions independently and impartially; and


(b) all other relevant circumstances.


 

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.