Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 91

Application

  (1)   This section applies to a standard employer - sponsored fund with 200 or more members, where:

  (a)   the fund is a private sector fund established on or after 16   December 1985; or

  (b)   the fund is a public sector fund established on or after 25   May 1988; or

  (c)   if there are 2 or more standard employer - sponsors of the fund--any one of those employer - sponsors is not an associate of any other of those employer - sponsors.

Pre - 1   July 1995

  (2)   This section does not apply on or after 1   July 1995.

Public offer funds

  (3)   If the fund is a public offer superannuation fund:

  (a)   either:

  (i)   the trustee of the fund must be an independent trustee; or

  (ii)   the fund must comply with the basic equal representation rules; and

  (b)   if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees )--the fund must comply with those rules; and

  (c)   each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.

Non - public offer funds

  (4)   If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.

Transitional

  (5)   If, at a particular time, the number of members of a fund increases from a number less than 200 to 200 or more:

  (a)   the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and

  (b)   the fund does not have to comply with this section during the period:

  (i)   beginning at that time; and

  (ii)   ending at whichever is the earlier of the following times:

  (A)   the time at which such arrangements are made;

  (B)   the end of 90 days.