Superannuation Industry (Supervision) Act 1993

PART 3 - OPERATING STANDARDS  

Division 2 - Operating standards  

SECTION 31   OPERATING STANDARDS FOR REGULATED SUPERANNUATION FUNDS  

31(1)    

The regulations may prescribe standards applicable to the operation of regulated superannuation funds ( funds ) and to trustees and RSE licensees of those funds.

31(2)    
The standards that may be prescribed include, but are not limited to, standards relating to the following matters:

(a) the persons who may contribute to funds;

(b) the vesting in beneficiaries in funds of benefits arising directly or indirectly from amounts contributed to the funds;

(c) the amount of contributions that a fund may accept;

(d) the circumstances in which a fund may accept contributions;

(da) the charging of fees (including the calculation of the amount of fees) to:

(i) members of a fund; and

(ii) members who hold a particular class of beneficial interest in a fund;

(db) the attribution of costs between classes of beneficial interest in a fund;

(dc) the calculation of a member ' s account balance with the fund on a particular day, or a member ' s account balance with the fund on a particular day that relates to a choice product or MySuper product;

(e) the form in which benefits may be provided by funds;

(ea) the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind;

(eb) the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind;

(f) the actuarial standards that will apply to funds;

(g) the preservation of benefits arising directly or indirectly from amounts contributed to funds;

(h) the payment by funds of benefits arising directly or indirectly from amounts contributed to the funds;

(i) the portability of benefits arising directly or indirectly from amounts contributed to funds;

(j) the levels of benefits that may be provided by funds and the levels of assets that may be held by funds;

(k) the application by funds of money no longer required to meet payments of benefits to beneficiaries because the beneficiaries have ceased to be entitled to receive those benefits;

(l) the investment of assets of funds and the management of the investment;

(m) the number of trustees, and the composition of boards or committees of trustees, of funds;

(ma) the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds;

(n) the keeping and retention of records in relation to funds;

(o) the financial and actuarial reports to be prepared in relation to funds;

(p) the disclosure of information to beneficiaries in funds;

(pa) the disclosure of information by a trustee of a fund who is a member of a group of individual trustees to the other trustees in that group;

(q) the disclosure of information about funds to the Regulator;

(r) the disclosure of information about funds to persons other than beneficiaries or the Regulator;

(s) the financial position of funds;

(sa) the outsourcing arrangements relating to the operation of funds;

(sb) the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds;

(t) the funding and solvency of funds;

(u) the winding-up of funds.