Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Superannuation Industry (Supervision) Regulations 1994

100   After regulation 9.46

Insert:

9.46A Notification - periodic statements

(1) This regulation is made for subsection 29SAA(3) of the Act.

(2) An RSE licensee of a regulated superannuation fund that has made an election in accordance with section 29SAA of the Act must give a member of the fund mentioned in paragraph 29SAA(3)(a) or (b) of the Act a notice in writing.

(3) The notice must mention the following:

(a) the RSE licensee’s obligation to:

(i) move the accrued default amount by 30 June 2017; and

(ii) promote the financial interests of the member in relation to a MySuper product held by the member; and

(b) the accrued default amount; and

(c) either:

(i) if the RSE licensee has identified a MySuper product, either within the fund or in another regulated superannuation fund, to which the RSE licensee proposes to move the accrued default amount - the name of the MySuper product, and when the proposed move will occur; or

(ii) if the RSE licensee has not identified such a MySuper product - why the RSE licensee has not done so, and what the RSE licensee has done, and will do, to do so.

(4) The notice must be given to the member with:

(a) the first periodic statement sent to the member after the RSE licensee has identified the accrued default amount; and

(b) each subsequent periodic statement sent to the member until the accrued default amount is moved to a MySuper product.

9.47 Other factors that may be used for a lifecycle MySuper product

For paragraph 29TC(2)(b) of the Act, the factors are:

(a) the member’s:

(i) account balance; and

(ii) contribution rate; and

(iii) current salary; and

(iv) gender; and

(b) the time remaining, in the opinion of the trustee, before the member could be expected to retire.

9.48 Limitation imposed by governing rules

(1) For paragraph 29TC(3)(a) of the Act, the following limitations on the source or kind of contributions made by or on behalf of a person who holds a MySuper product offered by a regulated superannuation fund are prescribed:

(a) a limitation on a contribution, by way of transfer, from a fund that is, at the time the transfer is made:

(i) a foreign superannuation fund; or

(ii) a fund that is similar to a foreign superannuation fund;

(b) a limitation on the contribution of an asset in a form other than money;

(c) a limitation in relation to a contribution by a non-associated employer to:

(i) a MySuper product that is authorised because section 29TB of the Act is satisfied; or

(ii) a corporate MySuper product.

(2) In this regulation:

corporate MySuper product has the meaning given by subsection 23A(3) of the Fair Work Act 2009.

foreign superannuation fund has the meaning given by section 995-1 of the 1997 Tax Act.

non-associated employer means a person who is not:

(a) an employer of the person who holds the MySuper product; or

(b) an employer associated with the employer of the person who holds the MySuper product.