Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 6   Moving accrued default amounts

Superannuation Industry (Supervision) Act 1993

9   At the end of Part 2C

Add:

Division 8 - Other matters

29X Prudential standards dealing with accrued default amounts

A prudential standard determined under section 34C may include provisions:

(a) requiring an RSE licensee of a regulated superannuation fund who holds an accrued default amount:

(i) for a member of the fund who is not eligible to hold a MySuper product offered by the fund; or

(ii) for a member of a regulated superannuation fund of the RSE licensee that does not offer a MySuper product;

to transfer that amount to another regulated superannuation fund that includes a MySuper product; and

(b) setting out the requirements that must be met in relation to the transfer of such an accrued default amount; and

(c) dealing with other matters relating to such an accrued default amount.

29XA Prudential standards dealing with assets attributed to former MySuper products

A prudential standard determined under section 34C may include provisions:

(a) requiring an RSE licensee who is authorised to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product to transfer any asset or assets of the fund that are attributed to the MySuper product into another MySuper product within the fund, or a MySuper product within another fund, if the authority is cancelled under subsection 29U(1); and

(b) setting out the requirements that must be met in relation to the transfer of such an asset or assets; and

(c) dealing with other matters relating to such an asset or assets.

29XB No liability for certain transfers

A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund:

(a) for an action taken to give effect to an election made in accordance with section 29SAA or 29SAB; or

(b) for an action of the kind mentioned in subsection 55C(1).