Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29TB

  (1)   This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if:

  (a)   under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and

  (b)   either:

  (i)   that employer is a large employer in relation to the fund (see subsection   (2)); or

  (ii)   APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and

  (c)   under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is:

  (i)   an employee or a former employee of the large employer; or

  (ii)   an employee or a former employee of an associate of the large employer; or

  (iii)   a relative or dependant of an employee or a former employee mentioned in subparagraph   (i) or (ii); and

  (d)   under the governing rules of the fund:

  (i)   where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of the large employer, any employee of the large employer who is not a defined benefit member of the fund may hold an interest of that class in the fund; and

  (ii)   where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of an associate of the large employer, any employee of that associate who is not a defined benefit member of the fund may hold an interest of that class in the fund.

  (2)   An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more members of the fund who are any of the following:

  (a)   a member of the fund:

  (i)   who is an employee of the employer; and

  (ii)   in relation to whom the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund;

  (b)   a member of the fund:

  (i)   who is an employee of an associate of the employer; and

  (ii)   in relation to whom either the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund.

  (3)   In working out under subsection   (2) whether an employer is a large employer , disregard defined benefit members of the fund.