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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 31

Operating standards for regulated superannuation funds

             (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.



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