Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

110   After section 139

Insert:

139A Acting trustee authorised to offer a MySuper product

(1) This section applies if:

(a) the trustee, or the trustees, of a regulated superannuation fund is or are suspended or removed; and

(b) before the suspension or removal, the RSE licensee of the fund was authorised to offer a class of beneficial interest in the fund as a MySuper product.

(2) The Regulator must not appoint a person to act as trustee of the fund unless the person has made elections of the kind referred to in sections 29SAA, 29SAB and 29SAC.

(3) The person appointed to act as trustee of the fund is taken to have been authorised to offer that class of beneficial interest in the fund as a MySuper product.