Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 31

  (1)   The regulations may prescribe standards applicable to the operation of regulated superannuation funds ( funds ) and to trustees and RSE licensees of those funds.

  (2)   The standards that may be prescribed include, but are not limited to, standards relating to the following matters:

  (a)   the persons who may contribute to funds;

  (b)   the vesting in beneficiaries in funds of benefits arising directly or indirectly from amounts contributed to the funds;

  (c)   the amount of contributions that a fund may accept;

  (d)   the circumstances in which a fund may accept contributions;

  (da)   the charging of fees (including the calculation of the amount of fees) to:

  (i)   members of a fund; and

  (ii)   members who hold a particular class of beneficial interest in a fund;

  (db)   the attribution of costs between classes of beneficial interest in a fund;

  (dc)   the calculation of a member's account balance with the fund on a particular day, or a member's account balance with the fund on a particular day that relates to a choice product or MySuper product;

  (e)   the form in which benefits may be provided by funds;

  (ea)   the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind;

  (eb)   the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind;

  (f)   the actuarial standards that will apply to funds;

  (g)   the preservation of benefits arising directly or indirectly from amounts contributed to funds;

  (h)   the payment by funds of benefits arising directly or indirectly from amounts contributed to the funds;

  (i)   the portability of benefits arising directly or indirectly from amounts contributed to funds;

  (j)   the levels of benefits that may be provided by funds and the levels of assets that may be held by funds;

  (k)   the application by funds of money no longer required to meet payments of benefits to beneficiaries because the beneficiaries have ceased to be entitled to receive those benefits;

  (l)   the investment of assets of funds and the management of the investment;

  (m)   the number of trustees, and the composition of boards or committees of trustees, of funds;

  (ma)   the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds;

  (n)   the keeping and retention of records in relation to funds;

  (o)   the financial and actuarial reports to be prepared in relation to funds;

  (p)   the disclosure of information to beneficiaries in funds;

  (pa)   the disclosure of information by a trustee of a fund who is a member of a group of individual trustees to the other trustees in that group;

  (q)   the disclosure of information about funds to the Regulator;

  (r)   the disclosure of information about funds to persons other than beneficiaries or the Regulator;

  (s)   the financial position of funds;

  (sa)   the outsourcing arrangements relating to the operation of funds;

  (sb)   the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds;

  (t)   the funding and solvency of funds;

  (u)   the winding - up of funds.