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

Schedule 7   Eligible rollover funds

Part 1   Main amendments

Superannuation Industry (Supervision) Act 1993

17   At the end of the Act

Add:

Part 34 - Additional transitional provisions relating to eligible rollover funds

391 Definitions

In this Part:

existing ERF means a regulated superannuation fund that is an eligible rollover fund within the meaning of the old law immediately before the commencement of this section.

old law means this Act as in force immediately before the commencement of this section.

392 Authority to operate an eligible rollover fund given before 1 January 2014

If, before 1 January 2014, APRA authorises an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund, that authority takes effect on 1 January 2014.

393 Operation of existing ERFs after commencement

Despite the amendments made by Schedule 7 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012, an existing ERF is taken to be an eligible rollover fund for the purposes of Division 3 of Part 24 during the period:

(a) beginning on the day this section commences; and

(b) ending on 31 December 2013.

394 Moving amounts held in existing ERFs

(1) If:

(a) immediately before 1 January 2014, an amount is held in an existing ERF; and

(b) on that day, the RSE licensee of the existing ERF is not authorised to operate the existing ERF as an eligible rollover fund;

the RSE licensee of the existing ERF must take the action required under the prudential standards in relation to the amount before the end of a period of 90 days beginning on 1 January 2014.

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

(a) requiring an RSE licensee of an existing ERF to, in the circumstances mentioned in subsection (1), transfer the amount held in the existing ERF to a regulated superannuation fund that:

(i) is an eligible rollover fund; or

(ii) offers a MySuper product; and

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

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

(3) A trustee of a regulated superannuation fund is not subject to any liability to any member of the fund for an action taken in accordance with this section.