Superannuation Industry (Supervision) Regulations 1994

PART 3 - MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO PUBLIC OFFER ENTITIES  

REGULATION 3.05   POLICY COMMITTEES - SECTIONS 91, 92 AND 93 OF THE ACT  
Pre-1 July 1995 - funds with 200 or more members (paragraph 91(3)(b) of the Act)

3.05(1)    
For the purposes of paragraph 91(3)(b) of the Act, subject to subregulation (4) , a public offer superannuation fund to which section 91 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that, if there are at least 200 of its members (a group ), each of whom:

(a)    is a standard employer-sponsored member; and

(b)    has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group;

there is at least 1 policy committee established for that group.

Post-30 June 1995 - funds with more than 6, but fewer than 50, members (paragraph 92(3)(b) of the Act)

3.05(2)    
For the purposes of paragraph 92(3)(b) of the Act, subject to subregulation (4) , a public offer superannuation fund to which section 92 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that if:

(a)    

there are more than 6 of its members (a group ) each of whom:

(i) is a standard employer-sponsored member; and

(ii) has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group; and

(b)    a written request is made to the trustee on behalf of at least 5 members of the group to establish a policy committee;

there is at least l policy committee established for that group.

Post-30 June 1995 - funds with more than 49 members (paragraph 93(3)(b) of the Act)

3.05(3)    
For the purposes of paragraph 93(3)(b) of the Act, subject to subregulation (4) , a public offer superannuation fund to which section 93 of the Act applies is subject to the following rules, namely:

(a)    the trustee of the fund must take all reasonable steps to ensure that, if there are more than 49 of its members (a group ), each of whom:

(i) is a standard employer-sponsored member; and

(ii) has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group;

there is at least 1 policy committee established for that group; and

(b)    

the trustee of the fund must take all reasonable steps to ensure that, if:

(i) there are more than 6 but fewer than 50 of its members (a group ), each of whom:

(A) is a standard employer-sponsored member; and

(B) has a standard employer-sponsor who is the, or is an associate of a, standard employer-sponsor of each other member of that group; and

(ii) a written request is made to the trustee on behalf of at least 5 members of that group to establish a policy committee;

there is at least 1 policy committee established for that group.

Rules do not apply to certain funds

3.05(4)    
If a public offer superannuation fund complies with the basic equal representation rules stated in section 89 of the Act, the fund is not subject to the rules set out in subregulations (1) , (2) and (3) .

Equal representation of employers and members on policy committees - effect of vacancy

3.05(5)    
If a vacancy occurs in the membership of a policy committee of a public offer superannuation fund the policy committee is taken to consist of equal numbers of employer representatives and member representatives during the period of the vacancy, in accordance with paragraph 91(3)(c) , 92(3)(c) or 93(3)(c) of the Act (whichever is applicable) if:

(a)    immediately before the vacancy occurred, the policy committee consisted of equal numbers of employer representatives and member representatives; and

(b)    the vacancy is filled within 90 days after it occurred; and

(c)    immediately after the vacancy is filled, the policy committee consists of equal numbers of employer representatives and member representatives.