Reg 2.11 inserted by FRLI No F2021L01076, reg 4 and Sch 1 item 4, applicable in relation to each year of income that ends on or after 6 August 2021.
Former reg 2.11 omitted by SR No 21 of 2002, reg 3 and Sch 1 item 16, effective 11 March 2002. Reg 2.11 formerly read:
REGULATION 2.11 INFORMATION BY PUBLIC OFFER SUPERANNUATION FUNDS TO PROSPECTIVE STANDARD EMPLOYER-SPONSORS
2.11(1)
The information that the trustee of a public offer superannuation fund must be satisfied has been received by a person before the trustee permits the person to become a standard employer-sponsor of the fund is:
(a)
in the case of a fund other than a capital guaranteed fund
-
the information specified in subregulation (2) (the
basic information
) and the information specified in subregulation (3) (the
additional information
); or
(b)
in the case of a capital guaranteed fund:
(i)
the basic information and the additional information; or
(ii)
the information specified in subregulation (3A).
History
Reg 2.11(1) amended by SR No 239 of 1999 and SR No 117 of 1997.
2.11(2)
The basic information is all information that the trustee reasonably believes that a person would reasonably need for the purpose of:
(a)
understanding the main features of the relevant sub-plan or, if none, of the fund; and
(b)
making an informed judgment about the management and financial condition of the fund and of the relevant sub-plan (if any); and
(c)
making an informed judgment about the investment performance of the relevant sub-plan or, if none, of the fund.
History
Reg 2.11(2) amended by SR No 239 of 1999 and SR No 117 of 1997.
2.11(3)
The additional information comprises each of the following items of information:
(a)
the contact details of the fund;
(b)
the name of the trustee;
(c)
a summary of the main features of the relevant sub-plan or, if none, of the fund;
(d)
a statement of significant benefits (as defined in subregulation (6)) to which the person's employees become, or may become, entitled on joining the fund;
(e)
the circumstances in which those benefits would be payable;
(f)
the method of working out those benefits;
(g)
details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;
(h)
details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;
(i)
a copy, or an updated version, of the information required to be given under Subdivision 2.4.3, that was most recently given to members of the relevant sub-plan, or, if none, of the fund;
(j)
in respect of the relevant sub-plan or, if none, of the fund
-
a statement (in outline terms) of:
(i)
how fees, charges, expenses and administrative or other operational costs are attributed (either directly or indirectly) to members (including details of the points at which, or occasions on which, they are levied or deducted); and
(ii)
where the fees, charges, expenses and administrative or other operational costs are predetermined fixed amounts or percentages
-
those amounts or percentages; and
(iii)
where subparagraph (ii) does not apply
-
a general statement as to the manner in which the fees, charges, expenses and administrative or other operational costs are determined;
(k)
if there are circumstances in which the trustee would pay a member's benefit to an eligible rollover fund:
(i)
details of those circumstances; and
(ii)
the contact details of the eligible rollover fund; and
(iii)
a statement of the effect of the payment of benefits to the eligible rollover fund.
(l)
in the case of a capital guaranteed fund that has chosen to comply with subregulation (2) and this subregulation
-
a statement:
(i)
that outlines the effect of the lower-risk/lower-return nature of the product on possible benefits in the long term; and
(ii)
that there are other superannuation arrangements that may provide a greater return over the long term; and
(iii)
that the person may wish to seek information about the rates of return of those superannuation arrangements; and
(iv)
that outlines the means by which the fund is to be maintained as a capital guaranteed fund and sets out the name of the institution providing the investments that back the fund.
History
Reg 2.11(3) amended by SR No 239 of 1999, SR No 117 of 1997 and SR No 159 of 1995.
2.11(3A)
The information referred to in subparagraph (1)(b)(ii) comprises each of the following items of information where applicable:
(a)
the contact details of the fund;
(b)
the name and ACN or ARBN of the trustee;
(c)
a statement:
(i)
that outlines the effect of the lower-risk/lower-return nature of the product on possible benefits in the long term; and
(ii)
that there are other superannuation arrangements that may provide a greater return over the long term; and
(iii)
that the person may wish to seek information about the rates of return of those superannuation arrangements;
(d)
a statement that outlines the means by which the fund is to be maintained as a capital guaranteed fund and sets out the name of the institution providing the investments that back the fund;
(e)
a brief statement on the benefits that the person may become entitled to on becoming a member of the fund;
(f)
a brief statement of who may contribute to the fund;
(g)
a brief statement of when benefits are payable;
(h)
a brief statement of the taxation of the fund and benefits;
(i)
if a fixed-rate option is, or fixed-rate options are, offered by the fund in relation to the whole, or a part, of the benefits
-
a statement of the prescribed earning rate of each fixed-rate option and the term to which that prescribed earning rate applies;
(j)
if a variable-rate option is, or variable-rate options are, offered by the fund in relation to the whole, or a part, of the benefits:
(i)
a statement that the earning rate, or earning rates, may increase or decrease over time; and
(ii)
the actual or notional net earning rate for the same class of, or similar, options offered by the fund for each year of the previous 5 years; and
(iii)
the compound average of the annual actual or notional rate of net earnings for the same class of, or similar, options offered by the fund for each year of the previous 5 years; and
(iv)
a statement that past earning rates are not an indicator of future earning rates;
(k)
a summary of fees and charges that may be charged directly to the fund;
(l)
a brief statement about the effect of the member-protection standards;
(m)
if fees and charges are deducted before earnings are credited to the fund
-
a statement to the effect that earnings are credited net of all expenses;
(n)
details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;
(o)
details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;
(p)
a copy, or an updated version, of the information required to be given under Subdivision 2.4.3, that was most recently given to members of the fund;
(q)
a statement of the circumstances in which the trustee will pay the member's benefits to an eligible rollover fund, the effect of that payment and the contact details of the eligible rollover fund;
(r)
a statement that further information is available on request.
History
Reg 2.11(3A) amended by SR No 239 of 1999 and inserted by SR No 117 of 1997.
2.11(4)
If a variable-rate option has not been in existence for 5 years, the references in subparagraphs (3A)(j)(ii) and (iii) to 5 years are taken to be references to the whole period of existence of the option.
History
Regs 2.11(4), (5) and (6) substituted for reg 2.11(4) by SR No 117 of 1997.
2.11(5)
The information mentioned in subparagraphs (3A)(j)(ii) and (iii) must not have been first published or issued by the fund more than 15 months before the date the information was given to the person.
History
Regs 2.11(4), (5) and (6) substituted for reg 2.11(4) by SR No 117 of 1997.
2.11(6)
In this regulation:
'
fund
'
includes a capital guaranteed fund;
'
significant benefit
'
means a financial benefit that the trustee reasonably believes a person in the position of the person mentioned in subregulation (1) would reasonably expect to be told about.
History
Regs 2.11(4), (5) and (6) substituted for reg 2.11(4) by SR No 117 of 1997.
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