Superannuation Industry (Supervision) Act 1993

PART 9 - EQUAL REPRESENTATION OF EMPLOYERS AND MEMBERS - EMPLOYER-SPONSORED FUNDS  

SECTION 91   PRE-1 JULY 1995 RULES - FUNDS WITH 200 OR MORE MEMBERS  

91(1)   Application.  

This section applies to a standard employer-sponsored fund with 200 or more members, where:

(a) the fund is a private sector fund established on or after 16 December 1985; or

(b) the fund is a public sector fund established on or after 25 May 1988; or

(c) if there are 2 or more standard employer-sponsors of the fund - any one of those employer-sponsors is not an associate of any other of those employer-sponsors.

91(2)   Pre-1 July 1995.  

This section does not apply on or after 1 July 1995.

91(3)   Public offer funds.  

If the fund is a public offer superannuation fund:

(a) either:

(i) the trustee of the fund must be an independent trustee; or

(ii) the fund must comply with the basic equal representation rules; and

(b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees ) - the fund must comply with those rules; and

(c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.

91(4)   Non-public offer funds.  

If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.

91(5)   Transitional.  

If, at a particular time, the number of members of a fund increases from a number less than 200 to 200 or more:

(a) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and

(b) the fund does not have to comply with this section during the period:

(i) beginning at that time; and

(ii) ending at whichever is the earlier of the following times:

(A) the time at which such arrangements are made;

(B) the end of 90 days.