Superannuation Industry (Supervision) Regulations 1994

PART 9AA - REQUIREMENTS RELATING TO MYSUPER PRODUCTS  

REGULATION 9.46   NOTIFICATION - ACCRUED DEFAULT AMOUNT ATTRIBUTED TO MYSUPER PRODUCT  

9.46(1)    
For subsection 29SAA(3) of the Act, the RSE licensee must give the member a notice in writing in accordance with subregulation (3) at least 90 days before the attribution of the accrued default amount or the transfer of the accrued default amount to another fund.

9.46(2)    
However, this regulation does not apply to the RSE licensee if the attribution or transfer will not result in any of the following:

(a) an increase in a fee or charge that applies to the amount;

(b) a reduction in an insured benefit that is attributable to the member;

(c) an increase in an insurance premium that is attributable to the member;

(d) a change in the investment strategy that relates to the amount.

9.46(3)    
For subregulation (1), the notice must mention the following:

(a) the amount that is attributable to the member at the time the notice is sent;

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

(c) how the member can elect, in writing, to opt out of the attribution or transfer;

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

(e) any change to a fee or charge that applies to the amount;

(f) any change to the member ' s insured benefits as a result of the attribution or transfer;

(g) any change to the investment strategy applicable to the amount as a result of the attribution or transfer;

(h) any other information that the member needs to understand the attribution or transfer.

9.46(4)    
For paragraph (3)(e), the fee or charge must be stated in dollars.

9.46(5)    
However, ASIC may determine that the fee or charge be stated another way if, in ASIC ' s opinion, there is a compelling reason why it is not possible to state the fee or charge in dollars.

9.46(6)    
A determination under subregulation (5) must be published in the Gazette .