Superannuation Industry (Supervision) Regulations 1994

REGULATION 2.16 SPECIFIC REQUIREMENTS IN ALL CASES  
2.16(1)
The trustee of a fund (other than a self managed superannuation fund) must give to each person who becomes a member of the fund each of the following items of information:

(a) the contact details of the fund;

(b) a summary of the main features of the relevant sub-plan or, if none, of the fund;

(c) a statement of significant benefits (as defined in subregulation (2)) to which the member becomes, or may become, entitled;

(d) the circumstances in which those benefits would become payable;

(e) the method of working out those benefits;

(f) details (in summary form) of arrangements that the fund has to deal with inquiries or complaints;

(g) details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;

(h) a copy:

(i) if the member has joined a sub-plan - of the information required to be given under Subdivision 2.4.3 that was most recently given to members of that sub-plan; or

(ii) in any other case - of the information required to be given under Subdivision 2.4.3 that was most recently given to members of the fund;

(i) 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;

(j) if there are circumstances in which the trustee would pay the 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;

(k) in the case of a capital guaranteed fund that has chosen to comply with regulation 2.15 and this regulation - 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.

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History

Reg 2.16(1) amended by SR No 239 of 1999, SR No 117 of 1997 and SR No 159 of 1995.

2.16(2)
In this regulation:

' fund ' includes a capital guaranteed fund;

' significant benefit ' means a financial benefit that the trustee reasonably believes a member would reasonably expect to be told about.

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History

Reg 2.16(2) substituted by SR No 117 of 1997.