OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART III - APPROVED DEPOSIT FUNDS  

REGULATION 22  

22   DISCLOSURE OF INFORMATION STANDARDS  
For the purposes of subsection 8(1) of the Act, the following standards are prescribed in relation to the disclosure of information to depositors with approved deposit funds:

(a) the trustee or trustees of an approved deposit fund shall give to each depositor with the fund, as soon as practicable after the end of the year of income of the fund commencing on 1 July 1988 and of each succeeding year of income (but, in any event, within 6 months after the end of each such year), a written statement setting out:

(i) the balance in the depositor ' s account with the fund at the commencement of the first day of the year of income to which the statement relates;

(ii) the total amount of deposits made by or on behalf of the depositor to that account during that year of income;

(iii) the total amount of the earnings of the fund allotted to the depositor during that year of income;

(iv) the total amount of the withdrawals made from that account during that year of income; and

(v) the balance in that account at the expiration of the last day of that year of income;

(b) where a person ceases to be a depositor with an approved deposit fund on or after 1 January 1989, on a day other than the last day of a year of income of the fund, the trustee or trustees of the fund shall give to the person as soon as practicable thereafter a written statement setting out:

(i) the balance in that person ' s account with the fund at the commencement of the first day of the year of income during which the person ceases to be a depositor;

(ii) the total amount of deposits made by or on behalf of the person to that account during the period commencing on the first day of that year of income and ending at the expiration of the day on which the person ceases to be a depositor;

(iii) the total amount of the earnings of the fund allotted to the person during the period referred to in subparagraph (ii);

(iv) the total amount of the withdrawals made from that account during the period referred to in subparagraph (ii); and

(v) the balance in that account at the expiration of the day on which the person ceases to be a depositor;

(c) where a person becomes for the first time a depositor with an approved deposit fund, the trustee or trustees of the fund shall give to the person as soon as practicable thereafter a written statement containing details of the operation of the fund, including the management of deposits and the conditions relating to the transfer of deposits for preservation in other approved deposit funds, superannuation funds and deferred annuities;

(d) the trustee or trustees of an approved deposit fund shall give to a depositor with the fund, on request by that depositor:

(i) where the request is made on or after 1 January 1989 - a written statement setting out:

(A) the balance in the depositor ' s account with the fund at the commencement of the first day of the year of income during which the request is made;

(B) the total amount of deposits made by or on behalf of the depositor to that account during the period commencing on the first day of that year of income and ending at the expiration of the day before the day on which the request is made;

(C) the total amount of the earnings of the fund allotted to the depositor during the period referred to in sub-subparagraph (B);

(D) the total amount of the withdrawals made from that account during the period referred to in sub-subparagraph (B); and

(E) the balance in that account at the expiration of the day on which the request is made; and

(ii) not more than once in respect of each year of income of the fund, unless the trustee or trustees agree to do so, a copy of such returns, certificates and notices referred to in sections 14 and 15 of the Act as are specified in the request.