Superannuation Legislation Amendment Regulation 2013 (No. 1) (26 of 2013)

Schedule 1   Amendment of the Corporations Regulations 2001

[1]   After regulation 7.9.11L

Insert:

7.9.11LA Attribution of accrued default amount to MySuper product - exemption from significant event notice requirements

For paragraph 1020G(1)(a) of the Act, a personis exempt from section 1017B of the Act in relation to the attribution or transfer of an accrued default amount if the person:

(a)isan RSE licensee within the meaning of the Superannuation Industry (Supervision) Act 1993; and

(b)must comply with a requirement under regulation 9.46 ofthe Superannuation Industry (Supervision) Regulations 1994 in relation to the attribution or transfer.

7.9.11LB Attribution of accrued default amount to MySuper product - modification of significant event notice requirements

Ifa person:

(a)is an RSE licensee within the meaning of the Superannuation Industry (Supervision) Act 1993; and

(b)is exempted under subregulation9.46(2) of the Superannuation Industry (Supervision) Regulations 1994 from notice requirements in relation to the attribution or transfer of an accrued default amount;

then, for paragraph 1020G(1)(c) of the Act, section 1017B of the Act applies to the person as if subsection 1017B(4) were omitted and the following subsection were substituted:

(4)The notice must mention the following:

(a)the accrued default amount that was attributed or transferred;

(b)the name of the MySuper product to which the amount was attributed or transferred;

(c)how the member may obtain a product disclosure statement for the MySuper product;

(d)any other information that the member needsto understand the attribution or transfer.