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FAIR WORK ACT 2009 - SECT 159A

Variation of default fund term of modern award

             (1)  The FWC may make a determination varying the default fund term of a modern award in relation to a superannuation fund specified in the term in relation to a standard MySuper product (the specified product ) in the following circumstances:

                     (a)  to reflect a change in the name of the fund or the specified product;

                     (b)  if the fund has ceased to exist--to omit the name of the fund and the specified product;

                     (c)  if the specified product has ceased to exist and no other MySuper product is specified in relation to the fund--to omit the name of the fund and the specified product;

                     (d)  if the specified product has ceased to exist and another MySuper product is specified in relation to the fund--to omit the name of the specified product;

                     (e)  if the Australian Prudential Regulation Authority gives the FWC notice under subsection 29U(4) of the Superannuation Industry (Supervision) Act 1993 that the fund no longer offers the specified product and no other MySuper product is specified in relation to the fund--to omit the name of the fund and the specified product;

                      (f)  if the Australian Prudential Regulation Authority gives the FWC notice under subsection 29U(4) of the Superannuation Industry (Supervision) Act 1993 that the fund no longer offers the specified product and another MySuper product is specified in relation to the fund--to omit the name of the specified product.

             (2)  The FWC may make a determination under this section:

                     (a)  in any case--on its own initiative; or

                     (b)  on application by an employee, employer, organisation or outworker entity covered by the modern award.



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