Superannuation Industry (Supervision) Regulations 1994



This regulation is made for subsection 29SAA(3) of the Act.

An RSE licensee of a regulated superannuation fund that has made an election in accordance with section 29SAA of the Act must give a member of the fund mentioned in paragraph 29SAA(3)(a) or (b) of the Act a notice in writing.

The notice must mention the following:

(a) the RSE licensee ' s obligation to:

(i) move the accrued default amount by 30 June 2017; and

(ii) promote the financial interests of the member in relation to a MySuper product held by the member; and

(b) the accrued default amount; and

(c) either:

(i) if the RSE licensee has identified a MySuper product, either within the fund or in another regulated superannuation fund, to which the RSE licensee proposes to move the accrued default amount - the name of the MySuper product, and when the proposed move will occur; or

(ii) if the RSE licensee has not identified such a MySuper product - why the RSE licensee has not done so, and what the RSE licensee has done, and will do, to do so.

The notice must be given to the member with:

(a) the first periodic statement sent to the member after the RSE licensee has identified the accrued default amount; and

(b) each subsequent periodic statement sent to the member until the accrued default amount is moved to a MySuper product.


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