OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 15   STANDARDS RELATING TO TRUSTEES: SMALL FUNDS  

15(1)   [ Standards ]  

For the purposes of subsection 7(1) of the Act, the following standards are prescribed in relation to trustees of, the composition of boards or committees of trustees of, and certain other boards, committees or bodies relating to, each private sector fund established on or after 16 December 1985 and each public sector fund established on or after 25 May 1988, being in either case a small fund:

(a) either:

(i) the relevant standards set out in paragraphs 13(1)(a) , (b) , (c) and (d) shall apply to a small fund as though a reference in any of those paragraphs to a large fund were a reference to a small fund and the words " subject to paragraph (e) " in any of those paragraphs were deleted; or

(ii) a small fund shall have one or more trustees appointed following nomination by agreement between the members of the fund (or a trade union or other organisation representing the interests of those members) and the employer or employers of those members (or an organisation nominated by that employer or those employers as representing the interests of that employer or those employers);

(b) a trustee or trustees referred to in subparagraph (a)(ii) shall not be removed from office except in such circumstances, if any, as are specified in the governing rules or as were determined at the time of the nomination referred to in that subparagraph;

(c) where, for any reason, a vacancy occurs in the membership of a board or committee of trustees of a small fund, a board of a body corporate that is the sole trustee of the fund or a management board, management committee or other management body exercising actual control over the policies of the fund, a person shall be appointed to fill that vacancy within 60 days after the day on which the vacancy occurs.

15(2)   [ Board of corporate trustee ]  

Where, following a nomination referred to in subparagraph (1)(a)(ii), a body corporate is appointed as trustee of a small fund, it shall not be necessary for the board of that body corporate to comprise equal numbers of member representatives and employer representatives.

15(3)   [ Fund ceasing to be small fund ]  

For the purposes of subsection 7(1) of the Act, the following standard is prescribed, namely, where a small fund ceases to be such a fund by reason of acquiring 200 or more members, the trustees of the fund shall, as soon as practicable but in any event not later than 90 days after the fund ceases to be a small fund, make such arrangements (if any) as are necessary to enable the fund to comply with the standards set out in regulations 13 and 14 and until such arrangements are made or the period of 90 days expires, whichever happens first:

(a) the fund shall not be required to comply with the standards set out in regulations 13 and 14 ; and

(b) the standards set out in this regulation shall continue to apply in relation to the fund.

15(4)   [ " Small fund " ]  

In this regulation, " small fund " means a superannuation fund having fewer than 200 members.