Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER

History

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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History

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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History

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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History

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.

Division 3 - Authority

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SECTION 29T AUTHORITY TO OFFER A MYSUPER PRODUCT

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29T(1)

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APRA must authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if, and only if:

(a) the application for authority complies with section 29S ; and

(b) the applicant has provided to APRA all information that the applicant was requested, under section 29SA , to provide, or the request has been disposed of; and

(c) the fund is registered under Part 2B ; and

(d)

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either:

(i) the fund has 7 or more members; or

(ii) APRA is satisfied that the fund will, if authority is given, have 7 or more members within a period specified in the authority; and

(e)

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the fund is not an eligible rollover fund; and

(f) one of the following subparagraphs applies:

(i) the licensee is not already authorised to offer another class of beneficial interest in the fund as a MySuper product;

(ii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB is satisfied, in relation to the class of beneficial interest in the fund to which the application relates, at the time APRA gives authority;

(iii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB was satisfied in relation to each class of beneficial interest that the RSE licensee is already authorised to offer as a MySuper product, at the time APRA gave that earlier authority; and

(g) APRA is satisfied that section 29TC is satisfied in relation to that class of beneficial interest; and

(h)

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APRA has no reason to believe that:

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

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

may fail to comply with the enhanced trustee obligations for MySuper products; and

(i)

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where the RSE licensee is a body corporate - APRA has no reason to believe that the directors of the RSE licensee may fail to comply with the enhanced director obligations for MySuper products; and

(j)

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APRA has no reason to believe that:

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

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

may fail to comply with the general fees rules and the fees rules in relation to MySuper products; and

(k)

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APRA has no reason to believe that:

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

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

may contravene section 29W , 29WA or 29WB .

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History

S 29T(1) amended by No 47 of 2021, s 3 and Sch 1 item 12, by substituting " 7 or more members " for " 5 or more members " in para (d)(i) and (ii), effective 1 July 2021.

S 29T(1) amended by No 40 of 2019, s 3 and Sch 2 item 1, by substituting para (h), (ha), (i), (j), effective 1 April 2019 and applicable where an entity applies to APRA on or after the day on which this Schedule commences for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product. Para (h), (ha), (i), (j) formerly read:

(h) APRA is satisfied that:

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

(ii) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;
is likely to comply with the enhanced trustee obligations for MySuper products; and

(ha) where the RSE licensee is a body corporate - APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for MySuper products; and

(i) APRA is satisfied that:

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

(ii) where the RSE licensee is made up of a group of individual trustees - each of those individual trustees;
is likely to comply with the general fees rules and the fees rules in relation to MySuper products; and

(j) APRA is satisfied that the RSE licensee is not likely to contravene section 29W, 29WA or 29WB.

S 29T(1) amended by No 61 of 2013, s 3 and Sch 1 item 38, by substituting " , 29WA or 29WB " for " or 29WA " in para (j), effective 27 June 2013. No 61 of 2013, s 3 and Sch 1 item 129 contains the following application and transitional provision:

129 Validation of certain decisions
129
A decision by APRA to authorise, or refuse to authorise, an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product is not invalid merely because any of the amendments made by items 38 to 42B and 44 to 47 of this Schedule [ of No 61 of 2013] had not yet commenced, if the decision would have been valid had those amendments commenced before the decision was made.

S 29T(1) amended by No 171 of 2012, s 3 and Sch 7 item 6, by omitting " (within the meaning of Part 24) " after " rollover fund " in para (e), effective 1 July 2013.

S 29T(1) amended by No 117 of 2012, s 3 and Sch 1 item 7, by inserting para (ha), effective 1 July 2013.

S 29T(1) amended by No 171 of 2012, s 3 and Sch 1 item 19, by inserting " the general fees rules and " after " is likely to comply with " in para (i), effective 1 January 2013.

29T(2)
Otherwise APRA must refuse to give the authority.

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