Superannuation Industry (Supervision) Act 1993

PART 6A - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

SECTION 60F   CONSEQUENCES OF 2 CONSECUTIVE FAIL ASSESSMENTS  

Application of section

60F(1)    
Subsection (2) applies if both of the following conditions are satisfied:

(a)    APRA gives the trustee or trustees of an entity a notification of a determination under subsection 60C(2) that the requirement in subsection 60D(1) has not been met for a Part 6A product offered by the entity, in relation to a financial year;

(b)    APRA gives the trustee or trustees of the entity a notification (the second notification ) of another determination under subsection 60C(2) that the requirement in subsection 60D(1) has not been met for that Part 6A product, in relation to the next financial year.

No new beneficiaries for the Part 6A product

60F(2)    
Each trustee of the entity must ensure that:

(a)    a person who, on the day when the second notification is given, is not a beneficiary of the entity does not become a beneficiary of the entity who holds the Part 6A product; and

(b)    a person who, on that day, is a beneficiary of the entity who does not hold the Part 6A product does not start to hold the Part 6A product.

Exemption determination

60F(3)    
Subsection (2) does not apply in relation to a Part 6A product offered by an entity if a determination made by APRA under subsection (4) that specifies the Part 6A product and the entity is in force.

60F(4)    
APRA may make a determination, in writing, that specifies a Part 6A product offered by a specified entity, if APRA considers that requirements specified in regulations made for the purposes of this subsection have been met in relation to the Part 6A product and the entity.

60F(5)    
The determination comes into force on:

(a)    the day on which the determination is made; or

(b)    a later day specified in the determination.

60F(6)    
APRA must give a copy of the determination to the entity as soon as practicable after making it.

60F(7)    
A determination under subsection (4) is not a legislative instrument.

60F(8)    
To avoid doubt, if APRA makes a determination under subsection (4) in relation to a Part 6A product:

(a)    APRA may later give notifications for the purposes of subsection (1) in relation to the Part 6A product in relation to financial years ending after APRA made the determination; and

(b)    subsection (3) does not prevent subsection (2) from applying in relation to the Part 6A product as a result of those notifications.

Family law payment splits

60F(9)    
Subsection (2) does not apply in relation to:

(a)    

a person becoming a beneficiary of an entity who holds a Part 6A product, if this occurs as a result of a payment split (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ); or

(b)    a person starting to hold a Part 6A product, if this occurs as a result of such a payment split.

Notifications to Fair Work Commission

60F(10)    
If:

(a)    subsection (2) starts to apply in relation to a Part 6A product that is a MySuper product offered by an entity; or

(b)    APRA makes a determination under subsection (4) in relation to a Part 6A product that is a MySuper product offered by an entity;

APRA must notify the Fair Work Commission in writing of that fact.