Superannuation Industry (Supervision) Act 1993

Pt 2C inserted by No 162 of 2012, s 3 and Sch 1 item 9, effective 1 January 2013. No 162 of 2012 (as amended by No 61 of 2013), s 3 and Sch 1 Part 2 items 10 - 13 contain the following application provisions:

Part 2 - Application and transitional provisions

10 Definitions  
10
In this Part:

SG Act
means the Superannuation Guarantee (Administration) Act 1992 .

SIS Act
means the Superannuation Industry (Supervision) Act 1993 .

11 Authority to offer a MySuper product given before 1 July 2013  
11
If, before 1 July 2013, APRA authorises an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, that authority takes effect on 1 July 2013. 11A Enhanced trustee obligations - decisions made before 1 July 2013  
Decision to give, or refuse to give, authority to offer a MySuper product

11A(1)
Subitem (2) applies if, before 1 July 2013, APRA makes a decision under section 29T of the SIS Act to give, or refuse to give, an RSE licensee authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.

11A(2)
APRA ' s decision is not invalid merely because the enhanced trustee obligations do not commence until 1 July 2013, provided subitem (3) or (4) has been complied with.

11A(3)
If the decision is to give authority, APRA must be satisfied at the time it makes the decision that it is likely that on and after 1 July 2013:

(a) where the RSE licensee is a body corporate - the RSE licensee; or

(b) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;

will comply with the enhanced trustee obligations for MySuper products that will come into force on that day.

11A(4)
If the decision is to refuse to give authority on the ground that:

(a) where the RSE licensee is a body corporate - the RSE licensee; or

(b) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;

will not comply with the enhanced trustee obligations for MySuper products that will come into force on 1 July 2013, APRA must be satisfied at the time it makes the decision that it is not likely that the person will satisfy those obligations on and after 1 July 2013.

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S 11A inserted by No 61 of 2013, s 3 and Sch 1 item 120, effective 26 June 2013.

12 Applications for authority to offer a MySuper product for a large employer  
12(1)
This item applies if:

(a) an RSE licensee makes an application to APRA before 1 July 2013 under section 29S of the SIS Act for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and

(b) the application is made on the basis that the class of interest is one in relation to which section 29TB of the SIS Act is satisfied.

12(2)
Section 29SB of the SIS Act (period for considering the application) applies as if:

(a) the application were received on 1 July 2013; and

(b) the references in paragraphs (1)(a) and (b) of that section to " 60 days " were instead references to " 120 days " .

12(3)
Sections 29WA and 29WB of the SIS Act (contributions in relation to which no election made) do not apply in relation to a contribution if:

(a) the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act); and

(b) the contribution is paid into the class of beneficial interest to which the application relates.

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S 12(3) amended by No 61 of 2013, s 3 and Sch 1 item 121, by substituting " Sections 29WA and 29WB of the SIS Act (contributions in relation to which no election made) do not apply " for " Section 29WA of the SIS Act (contributions in relation to which no election made) does not apply " , effective 27 June 2013.

12(4)
On and after 1 January 2014, a contribution to the fund is taken to satisfy paragraph 32C(2)(c) of the SG Act (employer ' s superannuation guarantee obligation) if the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act).

12(5)
If APRA refuses the application, then:

(a) a contribution to the fund made on or after 1 January 2014 is taken to satisfy paragraph 32C(2)(c) of the SG Act, provided it is made before the end of the grace period; and

(b) sections 29WA and 29WB of the SIS Act do not apply in relation to a contribution to the fund made on or after 1 January 2014, provided it is paid into the class of beneficial interest to which the application relates before the end of the grace period.

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S 12(5) amended by No 61 of 2013, s 3 and Sch 1 item 122, by substituting " sections 29WA and 29WB of the SIS Act do not apply " for " section 29WA of the SIS Act does not apply " in para (b), effective 27 June 2013.

12(6)
For the purposes of subitem (5), the grace period is a period of 3 months beginning on the day on which APRA refuses the application.
13 Contributions in relation to which no election made  
13
Sections 29WA and 29WB of the SIS Act apply to contributions made to a regulated superannuation fund on or after 1 January 2014.

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S 13 amended by No 61 of 2013, s 3 and Sch 1 item 123, by substituting " Sections 29WA and 29WB of the SIS Act apply " for " Section 29WA of the SIS Act applies " , effective 27 June 2013.

Div 6 repealed by No 40 of 2019, s 3 and Sch 1 item 4, effective 6 April 2019.

Div 6 substituted by No 117 of 2012, s 3 and Sch 1 item 9, effective 1 July 2013. Former Div 6 is renumbered to Div 7 .

S 29VN repealed by No 40 of 2019, s 3 and Sch 1 item 4, effective 6 April 2019. S 29VN formerly read:

SECTION 29VN ADDITIONAL OBLIGATIONS OF A TRUSTEE IN RELATION TO A MYSUPER PRODUCT  
29VN
Each trustee of a regulated superannuation fund that includes a MySuper product must:

(a) promote the financial interests of the beneficiaries of the fund who hold the MySuper product, in particular returns to those beneficiaries (after the deduction of fees, costs and taxes); and

(b) determine on an annual basis whether the beneficiaries of the fund who hold the MySuper product are disadvantaged, in comparison to the beneficiaries of other funds who hold a MySuper product within those other funds, because the financial interests of the beneficiaries of the fund who hold the MySuper product are affected:

(i) because the number of beneficiaries of the fund who hold the MySuper product is insufficient; or

(ii) because the number of beneficiaries of the fund is insufficient; or

(iii) where the assets of the fund that are attributed to the MySuper product are, or are to be, pooled with other assets of the fund or assets of another entity or other entities - because that pool of assets is insufficient; or

(iv) in a case to which subparagraph (iii) does not apply - because the assets of the fund that are attributed to the MySuper product are insufficient; and

(c) include in the investment strategy for the MySuper product the details of the trustee ' s determination of the matters mentioned in paragraph (b); and

(d) include in the investment strategy for the MySuper product, and update each year:

(i) the investment return target over a period of 10 years for the assets of the fund that are attributed to the MySuper product; and

(ii) the level of risk appropriate to the investment of those assets.

S 29VN inserted by No 117 of 2012, s 3 and Sch 1 item 9, effective 1 July 2013.