Superannuation Industry (Supervision) Act 1993
[ CCH Note: Part 9 has effect, in relation to regulated superannuation funds, and their trustees, as if it were modified by amending s 92 and inserting s 92A and 92B - see Modification Declaration No 10 under s 92 , 92A and 92B .]
For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i) , the trustee of a public offer superannuation fund who is an employer-sponsor of the fund will be an independent trustee of the fund:
(a) if the trustee satisfies all the requirements of the definition of independent trustee in section 10 ; or
(b) if:
(i) the trustee together with any other employer-sponsors of the fund who are associates of the trustee are employer-sponsors of not more than the allowable percentage of the members of the fund; and
(ii) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and
(iii) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10 .
[ CCH Note: MODIFICATION DECLARATION No 1 of 2009 revokes MODIFICATION DECLARATION No 24 made on 21 June 2002. MODIFICATION DECLARATION No 2 of 2009 remakes MODIFICATION DECLARATION No 24 in substantially identical form.
MODIFICATION DECLARATION No 1 of 2009 reads:
I, Keith David Chapman , a delegate of APRA, under section 335 of the Superannuation Industry Supervision (Act) 1993 (the Act), REVOKE Modification Declaration No. 24 (Gazetted as Modification Declaration No. 25) made on 21 June 2002. This revocation comes into force on 20 October 2009.
Dated 7 October 2009
MODIFICATION DECLARATION No 2 of 2009 reads:
I, Keith David Chapman, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that section 93A of the Act has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.
This declaration comes into force on 20 October 2009.
Dated 7 October 2009
Schedule - the class of persons to whom this declaration applies
Public offer superannuation funds and their trustees.
Schedule - the manner in which the specified modifiable provisions are modified
Omit subsection 93A(1) and substitute:
93A(1)
For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i) , the trustee of a public offer superannuation fund who is an employer-sponsor of the fund or an associate of an employer-sponsor of the fund will be an independent trustee of the fund if:
(a) the trustee together with any employer-sponsors of the fund who are associates of the trustee are not employer-sponsors of more than the allowable percentage of the members of the fund; and
(b) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and
(c) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10 .
MODIFICATION DECLARATION No 24, which was in substantially identical terms to MODIFICATION DECLARATION No 2 of 2009, was in force from 1 July 2002 until it was revoked by MODIFICATION DECLARATION No 1 of 2009 from 20 October 2009.]
The allowable percentage of the members of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.
View history note
Hide history noteThe allowable percentage of the value of the assets of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.
If APRA approves a higher percentage under subsection (2) or (3), the approval may be subject to such conditions (if any) as are specified in the notice.
An approval, including any conditions to which the approval is subject, may be varied at any time by APRA by notice in writing given to the trustee.
APRA may only exercise the power conferred under subsection (2) or (3) after considering:
(a) the effect that the approval of a higher percentage will have on the likelihood of the trustee performing its functions independently and impartially; and
(b) all other relevant circumstances.
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