Part 2 heading substituted by SR No 21 of 2002, reg 3 and Sch 1 item 1, effective 11 March 2002. The heading formerly read:

PART 2 - INFORMATION FOR MEMBERS AND OTHERS

Subdiv 2.4.3 heading substituted by SR No 21 of 2002, reg 3 and Sch 1 item 22, effective 11 March 2002. The heading fomerly read:

Subdivision 2.4.3 - Fund information

Reg 2.29 substituted by SR No 21 of 2002, reg 3 and Sch 1 item 24, effective 11 March 2002. Reg 2.29 formerly read:

2.29(1)
Subject to subregulations (2) and (3), the trustee of a fund must give to each member of the fund the following items of information and documents, so far as they are applicable:

(a) in respect of the relevant sub-plan or, if none, of the fund - the names of investment managers appointed by the trustee;

(b) in the case of a standard employer-sponsored fund that is not a public offer superannuation fund and does not have a trustee approved under subsection 92(10) of the Act:

(i) if the trustee of the fund is a body corporate, the name of that body corporate and the names of all its directors during the whole or any part of the reporting period and, in respect of each of those directors, details of how and by whom they were appointed;

(ii) if the trustees of the fund are individuals, the names of the trustees of the fund during the whole or any part of the relevant reporting period and, in respect of each of those trustees, details of how and by whom they were appointed;

(c) in the case of a fund other than a fund mentioned in paragraph (b):

(i) the name of each corporate trustee of the fund during the relevant reporting period; and

(ii) in respect of the relevant policy committee (if any), details of the committee (including the names of the committee members as at the end of that reporting period and, in respect of each of the members, details of how and by whom they were appointed);

(d) a statement as to whether or not any indemnity insurance has been taken out by the trustee;

(e) either:

(i) the audited fund accounts, the auditor's report and, if there is a relevant sub-plan, abridged financial information relating to that sub-plan; or

(ii) each of the following:

(A) abridged financial information relating to the relevant sub-plan or, if none, to the fund;

(B) information as to when the audited fund accounts and the auditor's report will be sent to members or will be available to members on request, as the case may be;

(f) in respect of the relevant sub-plan or, if none, of the fund - a statement of assets as at the end of:

(i) the relevant reporting period; and

(ii) the immediately preceding reporting period;

that includes all information that the trustee reasonably believes a member would reasonably need to understand the asset allocation at those times;

(g) details of:

(i) each investment that has a value in excess of 5% of the total assets of the relevant sub-plan or, if none, of the fund; and

(ii) each combination of investments that the trustee knows or ought reasonably to know are invested in, directly or indirectly, a single enterprise or single group of associated enterprises and that have a combined value in excess of 5% of the total assets of the relevant sub-plan or, if none, of the fund;

(ga) if the derivatives charge ratio of the fund (as defined in subregulation (5)) exceeded 5% at any time during the reporting period:

(i) the derivatives charge ratio as at the end of the reporting period; and

(ii) the highest derivatives charge ratio attained during the reporting period; and

(iii) an explanation of why the derivatives charge ratio exceeded 5%; and

(iv) an explanation of the meaning of `derivatives charge ratio' in, or to the effect of, the following:

The derivatives charge ratio is the percentage of the total market value of the assets of the fund (other than cash) that the trustee has charged as security for derivatives investments made by the trustee.;

(h) in respect of the relevant sub-plan or, if none, of the fund:

(i) the actual or notional rate of net earnings in each of the most recent reporting periods that, in total, constitute a period of a least 5 years; and

(ii) the compound average actual or notional rate of net earnings for the period of 5 years ending at the end of the reporting period;

[ NOTE: As to funds and subplans in existence for less than 5 years, see subregulation (3A).]

(i) if the fund is an accumulation fund or an approved deposit fund and the fund maintains reserves - then in respect of the relevant sub-plan or, if none, of the fund, details of movements of reserves during the most recent reporting periods that, in total, constitute at least 3 years; and

(j) if the net earnings of the fund are allotted to members' accounts - in respect of the relevant sub-plan or, if none, of the fund, the manner in which the allotment is made; and

(k) if the fund maintains reserves - in respect of the relevant sub-plan or, if none, of the fund, a description of the management strategy of the fund trustee in relation to the reserves, having regard to the requirements of paragraph 52(2)(g) of the Act;

(l) 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;

(m) details of any penalties imposed under the Act on the trustee;

(n) if the fund is:

(i) a defined benefit fund; and

(ii) the contributions paid by the employer-sponsor in the reporting period are less than the amount that an actuary has approved as sufficient contributions in that period; and

(iii) the difference is material;

in respect of the relevant sub-plan or, if none, of the fund - a statement to the effect that the matters stated in subparagraphs (ii) and (iii) apply, and statements of

(iv) the consequences for the fund of the shortfall; and

(v) any action that the trustee has taken, or proposes to take, in relation to the matter;

(o) the ultimate source (including, for example, the fund's reserves, the members' accounts or the employer) from which payments in connection with superannuation contributions surcharges or advance instalments of surcharge will be drawn.

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History

Reg 2.29(1) amended by SR No 83 of 1998, SR No 309 of 1997, SR No 293 of 1995 and SR No 158 of 1995.

2.29(2)
A nil amount need not be disclosed.

2.29(3)
For the purposes of subparagraph (1)(g)(ii), investments in a trust are taken not to be invested in the trustee of the trust.

2.29(3A)
If, at the end of a reporting period, a fund or sub-plan has not been in existence for 5 years, the references in paragraph (1)(h) to 5 years are taken to be references to the whole period of existence of the fund or sub-plan, as the case requires.

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History

Reg 2.29(3A) inserted by SR No 293 of 1995, reg 2.2, applicable in relation to the reporting period of a fund or sub-plan, as the case requires, for the 1995/96 financial year and each succeeding reporting period.

2.29(4)
In this regulation:

'abridged financial information'
, in relation to a reporting period of a fund or a sub-plan, means information derived from the fund's accounts or records that gives a reasonable summary of either:

(a) both:

(i) changes in the financial position of the fund or sub-plan during the reporting period; and

(ii) the financial position of the fund or sub-plan at the end of the reporting period; or

(b) both:

(i) changes in the net assets of the fund or sub-plan during the reporting period; and

(ii) the net assets of the fund or the sub-plan at the end of the reporting period.

2.29(5)
For the purposes of paragraph (1)(ga), the derivatives charge ratio of a fund is:

X Y

expressed as a percentage, where:

X is the market value of the assets of the fund (other than cash) that are subject to a charge in relation to a derivatives contract (as defined in subregulation 13.15A(2)); and

Y is the market value of all the assets of the fund.

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Reg 2.29(5) inserted by SR No 83 of 1998.

2.29(6)
If paragraph (1)(ga) applies, the trustee must give the information mentioned in that paragraph to APRA as soon as practicable, and in any event within 6 months, after the end of the reporting period to which the information relates.

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History

Reg 2.29(6) amended by SR No 193 of 1998 and inserted by SR No 83 of 1998.