Superannuation Industry (Supervision) Act 1993

PART 6A - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

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History

Pt 6A inserted by No 46 of 2021, s 3 and Sch 2 item 9, effective 23 June 2021 and applicable: (a) in relation to MySuper products - on and after 1 July 2021; and (b) in relation to other Part 6A products identified by regulations made for the purposes of paragraph 60B(b) of the Superannuation Industry (Supervision) Act 1993 - on and after 1 July 2022.

SECTION 60C   REGULATOR TO MAKE ANNUAL PERFORMANCE ASSESSMENTS  

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60C(1)    

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This section applies in relation to each entity that is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members).

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History

S 60C(1) amended by No 46 of 2021, s 3 and Sch 2 item 12, by substituting " no more than 6 members " for " fewer than 5 members " , effective 1 July 2021.

60C(2)    
APRA must determine in relation to each financial year, for each Part 6A product offered by the entity, whether the requirement in subsection 60D(1) has been met.

60C(3)    
APRA must give the trustee or trustees of the entity a notification of the determination. The notification must include a copy of the determination.

60C(4)    
APRA must make the determination and give the notification:

(a)    in writing; and

(b)    within a period, starting after the end of the financial year, worked out under regulations made for the purposes of this subsection.

60C(5)    
APRA must ensure that a description of the contents of every notification it gives under subsection (3) in relation to a financial year is published, within the period mentioned in paragraph (4)(b) , on a website maintained by APRA.

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History

S 60C inserted by No 46 of 2021, s 3 and Sch 2 item 9, effective 23 June 2021 and applicable: (a) in relation to MySuper products - on and after 1 July 2021; and (b) in relation to other Part 6A products identified by regulations made for the purposes of paragraph 60B(b) of the Superannuation Industry (Supervision) Act 1993 - on and after 1 July 2022.

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