Superannuation Industry (Supervision) Regulations

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Department of the Treasury

This item is authorised by the following title:

Superannuation Industry (Supervision) Act 1993

Superseded version

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F2025C00502 C18

01 November 1998 - 18 November 1998

This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003

Table of contents

Part 1—Preliminary
- 1.01 Citation
- 1.02 Commencement
- 1.03 Interpretation
- 1.03A Lost member
- 1.04 Prescribed matters (Act, s 10)
Part 1A—Annuities and pensions
- Division 1A.1
- Division 1A.2—Operating standards
- 1.08 Restriction on factors for converting pensions
Part 2—Information for members and others
- Division 2.1—Introductory
  - 2.01 Interpretation
  - 2.02 Scope and application of this Part
  - 2.03 Duties and requirements arising under this Part
  - 2.04 Reasonable efforts are sufficient
  - 2.05 Members to whom trustees are not required to give information
  - 2.06 Charges for information requested
  - 2.07 Trustee may make a sub plan
- Division 2.2—Information for prospective members and employer sponsors of public offer superannuation funds and certain approved deposit funds
  - 2.08 Application
  - 2.09 Subdivision 3A of Part 19 of the Act
  - 2.10 Information to prospective members
  - 2.11 Information by public offer superannuation funds to prospective standard employer sponsors
  - 2.11A Information by eligible rollover funds to trustees of transferor funds and to RSA providers
- Division 2.3—Information for new members of certain regulated superannuation funds
  - 2.12 Application
  - 2.13 Time for compliance
  - 2.14 Requirement taken to have been met
  - 2.14A Compliance by trustee of capital guaranteed fund
  - 2.15 General requirement
  - 2.16 Specific requirements in all cases
  - 2.16A Specific requirement in relation to capital guaranteed funds
- Division 2.4—Information to be given for each reporting period
  - Subdivision 2.4.1—Preliminary
  - Subdivision 2.4.2—Member information
  - 2.22 General requirement
  - 2.23 Specific requirements in all cases
  - 2.24 Specific requirements in particular cases
  - 2.24A Specific requirements in relation to capital guaranteed funds
  - 2.24B Information if benefits in capital guaranteed fund reaches $10,000
  - 2.25 Exception—pensioners
  - 2.26 Exception—certain cases of members leaving fund
  - 2.26A Exception—members subject to compulsory protection of small amounts
  - 2.26B Exception—members with small amounts that are expected to grow quickly
  - Subdivision 2.4.3—Fund information
  - 2.27 General requirement
  - 2.28 Specific requirements in all cases
  - 2.29 Specific requirements in particular cases
  - 2.30 Excluded funds—special provision
  - 2.31 Exception—benefits determined by life policies
- Division 2.5—Information concerning significant events
- 2.32 Application
- 2.33 Time for compliance
- 2.34 Contact details to accompany information
- 2.35 General requirement
- 2.36 Specific requirements
- 2.36A Specific requirements—benefit to be paid to eligible rollover fund
- Division 2.6—Information on request
- 2.37 Application
- 2.38 Documents may be made available for inspection
- 2.39 Time for compliance
- 2.40 General requirement
- 2.41 Specific requirements
- Division 2.6A—Information about complaints
- 2.41A Application
- 2.41B Information about complaints
- Division 2.7—Information when a member leaves a fund
- 2.42 Application
- 2.43 Time for compliance
- 2.44 Exit reporting period
- 2.45 General requirement
- 2.46 Specific requirements in all cases
- 2.47 Specific requirements in particular cases
- 2.48 Exceptions to exit reporting period provisions
- 2.48A Exception—members subject to compulsory protection of small amounts
- Division 2.7A—Information to be given to other entities on transfer of lost members
- 2.48B Application of Division
- 2.48C Information to be given on transfer of lost members
- Division 2.8—Pooled superannuation trusts
- Subdivision 2.8.1—Preliminary
  - 2.49 Application
  - 2.50 Operating standards
  - 2.51 Statement of particulars must accompany information
- Subdivision 2.8.2—Information for prospective unit holders
  - 2.52 Subdivision 3A of Part 19 of the Act
  - 2.53 Information by a trustee of a PST for prospective unit holders
- Subdivision 2.8.3—Information in respect of reporting periods
  - 2.54 Interpretation
  - 2.55 Reporting periods
  - 2.56 Application in relation to reporting period
  - 2.57 Time for Compliance
  - 2.58 Exemption from giving information
  - 2.59 General requirement
  - 2.60 Specific requirements in all cases
  - 2.61 Specific requirements in particular cases
- Subdivision 2.8.4—Significant events
  - 2.62 Time for compliance
  - 2.63 Information concerning significant events
  - 2.64 Information about notice of non compliance
- Subdivision 2.8.5—Information on leaving
  - 2.65 Information when a person ceases to be a unit holder
  - 2.66 Persons ceasing to be unit holders
  - 2.67 Exceptions to reporting requirement where person ceases to be unit holder
Part 3—Matters prescribed or specified in relation to public offer entities
- 3.01 Public offer superannuation fund—member of a prescribed class
- 3.02 Deciding an application for approval
- 3.03 Deciding an application for approval
- 3.04 Section 54 of the Act—prescribed percentages
- 3.04A Removal of trustee of public offer entity—s. 60A(2) of the Act
- 3.05 Policy committees—sections 91, 92 and 93 of the Act
- 3.06 Policy committees—functions (paragraphs 91(3)(b), 92(3)(b) and 93(3)(b) of the Act)
- 3.07 Definition of policy committee in section 10 of the Act—matters specified for purposes of paragraph (a)
- 3.08 Policy committees—duties of trustee
- 3.09 Dissolution of policy committees
- 3.09A Circumstances in which superannuation interest may be issued without application (Act, s 153(1)(d))
- 3.09B Circumstances in which a person may become a standard employer sponsor (Act, s 153(2)(b))
- 3.10 Commission and brokerage
- 3.11 Statements by experts—keeping of written consents
- 3.12 Requirements concerning application money held on trust
- 3.13 When cooling off does not apply (Act, s.170(e))
Part 4—Management and trusteeship of superannuation entities
- Division 4.1—Prescribed matters
- Division 4.2—Operating standards
Part 5—Benefit protection standards
- Division 5.1—Preliminary
- Division 5.2—Minimum benefits
- Division 5.3—Treatment of minimum benefits
  - 5.08 How minimum benefits are to be treated
- Division 5.4—Restrictions on exit fees on the rollover or transfer of benefits in certain cases
- Division 5.5—Member protection standards
- Division 5.6—Existing personal superannuation members
Part 6—Payment standards
- Division 6.1—Introductory
- Division 6.2—Payment of benefits
  - 6.17 Restriction on payment
- Division 6.3—Cashing of benefits
  - Subdivision 6.3.1—Regulated superannuation funds
  - Subdivision 6.3.2—Approved deposit funds
- Division 6.4—Rollover and transfer of benefits in regulated superannuation funds and approved deposit funds
- Division 6.4A—Certain beneficiaries at 30 June 1995
  - 6.29A Interpretation
  - 6.29B Trustee of fund may apply on beneficiary’s behalf to eligible rollover fund—certain beneficiaries of funds on 30 June 1995
- Division 6.5—Additional standards for eligible rollover funds
  - 6.30 Obligations of trustees
Part 7—Contribution and benefit accrual standards (regulated superannuation funds)
- 7.01 Interpretation
- 7.02 Application
- 7.03 Restriction on accepting contributions or granting benefit accruals
- 7.04 Acceptance of contributions—regulated superannuation funds
- 7.05 Accrual of benefits—defined benefit funds
Part 8—Financial reporting
- 8.01 Accounts—statement of financial position and financial statement
- 8.01A Statement of cash flows
- 8.02 Accounts and statements that must be prepared
- 8.03 Period within which audit report must be given
Part 9—Financial management of funds
- Division 9.1—Introductory
  - 9.01 Interpretation
- Division 9.2—Financial position of funds
- Division 9.3—Funding and solvency of defined benefit funds
- Division 9.4—Winding up of defined benefit funds
- Division 9.5—Actuarial standards relating to defined benefit funds
- Division 9.6—Solvency of accumulation funds
- Division 9.7—Winding up of accumulation funds
Part 10—Eligible rollover funds
- Division 10.1—Introductory
  - 10.01 Definition of eligible rollover fund (Act, s 242)
- Division 10.2—Prescribed matters
  - 10.02 Interpretation
  - 10.03 Payment of benefit to eligible rollover fund
- Division 10.3—Additional operating standards applicable to eligible rollover funds
  - 10.06 Operating standards—eligible rollover funds
Part 11—Information to be given to the Regulator and related matters
- 11.01 Definition
- 11.02 Lodgment of annual returns by superannuation entities
- 11.03 Period for giving information to APRA, Act, s 254 (1)
- 11.04 Prescribed information (subsection 254(1))—regulated superannuation funds
- 11.05 Prescribed information (subsection 254(1))—approved deposit funds
- 11.06 Prescribed information (subsection 254(1))—PSTs
- 11.07 Operating standard—disclosure of certain information
- 11.08 Information regarding lost members to be provided to ASIC
Part 12—Pre 1 July 1988 funding credits and debits
- 12.01 Definitions
- 12.02 Pre 1 July 88 funding amounts
- 12.03 Shortfall in assets amount—calculation
- 12.04 Estimation of net market value of fund assets
- 12.05 Value A of accrued benefits
- 12.06 Value B of accrued benefits
- 12.07 Calculation of value A or B of accrued benefits
- 12.08 Date before which applications to be made
- 12.09 Application fees
- 12.10 Prescribed events for the purposes of paragraph 342(4)(a) of the Act
- 12.11 When and how APRA to be notified of prescribed events
- 12.12 Transfer of PJFCs—trustees of transferor funds
- 12.13 Transfer of PJFCs—trustees of transferee funds
- 12.14 Transfer of PJFCs—revocation of approval
- 12.15 Transfer of PJFCs—requirements to be satisfied
- 12.19 Actuaries to certify in relation to determinations
- 12.20 Substituted accounting periods
Part 13—Miscellaneous
- Division 13.1—Transitional provisions
- Division 13.2—Various operating standards
- Division 13.3—Various prescribed matters
- Division 13.4—Repeal
  - 13.23 Superannuation Industry (Supervision) (Approval of Trustees) Regulations
- Division 13.5—Reconsideration and review of decisions
Schedule 1AAA—Approved auditors—Professional Organisations
Schedule 1AA
- Part 1—Exempt public sector superannuation schemes (1994 95 and 1995 96 years of income)
- Part 2—Exempt public sector superannuation schemes (1996 97 year of income)
- Part 3—Exempt public sector superannuation schemes (1997 98 year of income and subsequent years of income)
Schedule 1A—Payment limits
Schedule 1B—Pension valuation factors
Schedule 1—Conditions of release and cashing restrictions—preserved benefits and restricted non preserved benefits
- Part 1—Regulated superannuation funds
- Part 2—Approved deposit funds
Schedule 2—Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds
- Part 1—Modifications of the Occupational Superannuation Standards Act 1987
- Part 2—Modifications of the Occupational Superannuation Standards Regulations
Schedule 3—Prescribed form of advertisement of scheme for winding up or dissolution
- Endnotes

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Superannuation Industry (Supervision) Regulations

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Superannuation Industry (Supervision) Regulations