S 394 repealed by No 135 of 2020, s 3 and Sch 9 item 26, effective 1 January 2021. S 394 formerly read:
SECTION 394 MOVING AMOUNTS HELD IN EXISTING ERFS
394(1)
If:
(a)
immediately before 1 January 2014, an amount is held in an existing ERF; and
(b)
on that day, the RSE licensee of the existing ERF is not authorised to operate the existing ERF as an eligible rollover fund;
the RSE licensee of the existing ERF must take the action required under the prudential standards in relation to the amount before the end of a period of 90 days beginning on 1 January 2014.
394(2)
A prudential standard determined under section 34C may include provisions:
(a)
requiring an RSE licensee of an existing ERF to, in the circumstances mentioned in subsection (1), transfer the amount held in the existing ERF to a regulated superannuation fund that:
(i)
is an eligible rollover fund; or
(ii)
offers a MySuper product; and
(b)
setting out the requirements that must be met in relation to the transfer of such an amount; and
(c)
dealing with other matters relating to such an amount.
394(3)
A trustee of a regulated superannuation fund is not subject to any liability to any member of the fund for an action taken in accordance with this section.
S 394 inserted by No 171 of 2012, s 3 and Sch 7 item 17, effective 1 July 2013.
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