OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 2 - Information on fund management  

Subdivision B - Information about individuals  

REGULATION 18G   REGULAR REPORTS TO MEMBERS OF SUPERANNUATION FUNDS GENERALLY  

18G(1)   [ Reporting requirement ]  

The trustees of a superannuation fund must report in respect of each reporting period in accordance with this regulation to a person who was a member of that fund on the last day of that period.

18G(2)   [ Contents of report ]  

A report must set out the following information:

(a) the name of the fund and any relevant sub-plan and, if the sub-plan is managed by a person or body, other than a trustee of the fund, the name of that person or body;

(b) if the amount of benefits that are vested in the member on withdrawal from the fund is determined on the basis of contributions made to the fund or on the basis of those contributions together with earnings based on those contributions - the following particulars:

(i) the amount of the benefits vested in the member at the beginning of the reporting period;

(ii) the amount of the benefits vested in the member at the end of that period;

(iii) the method of determining the amount of the benefits referred to in subparagraph (ii);

(iv) the portion of the amount of the benefits referred to in subparagraph (ii) that:

(A) is required by the governing rules of the fund to be preserved in relation to the member; and

(B) must be preserved in relation to the member to satisfy the superannuation fund conditions;

on his or her withdrawal from the fund;

(v) the amount of contributions made by the member in the period;

(vi) the amount of net earnings allotted to the account of the member in the period or the rate at which those earnings were so allotted or both that amount and rate;

(vii) the amount of any current death benefit in respect of the member or the method used to determine that amount;

(c) if the amount of benefits that are vested in the member on withdrawal from the fund is determined on the basis of the benefits purchased under an endowment or whole of life policy - the amount of:

(i) the sum assured; and

(ii) any bonuses that have accrued to the member at the end of the reporting period; and

(iii) contributions made by that member during that period;

(d) if the amount of benefits that are vested in the member on his or her withdrawal from the fund is defined by reference to:

(i) the annual rate of salary of the member as at the date of that withdrawal or at a date before the withdrawal; or

(ii) the amount of that salary averaged over a period of employment before the withdrawal;

the particulars referred to in subparagraphs (b)(i), (ii), (iii), (iv), (v) and (vii);

(e) in the case of multi-member fund - the amount of any fees, charges or other expenses deducted in the reporting period from the amount in the account of the member.

18G(3)   [ Reasons re omission of net earnings and rate ]  

If a report sets out in respect of subparagraph (2)(b)(vi):

(a) the amount of net earnings allotted to the account of a member and any report in respect of the preceding reporting period did not set out the amount of net earnings so alloted; or

(b) the rate at which net earnings were allotted to the account of a member and any report in respect of the preceding reporting period did not set out the rate at which net earnings were so allotted;

the trustees must specify in the first-mentioned report the reason for not setting out the second-mentioned amount or the second-mentioned rate, as the case may be, unless the first-mentioned report sets out both that amount and rate.