15CCorporate Trustee to maintain trust deed and governing rules

15C Corporate Trustee to maintain trust deed and governing rules

15C Corporate Trustee to maintain trust deed and governing rules

(1) On the dissolution of the Coal and Oil Shale Mine Workers’ Superannuation Tribunal—

(a) the COALSUPER Trust Deed (including the COALSUPER Rules) takes effect as the trust deed and rules of the Corporate Trustee as if it had been executed by the parties named in the Deed, and

(b) the occupational superannuation schemes established by this Act and by the COSAF Trust Deed are reconstituted under the COALSUPER Trust Deed for the benefit of—

(i) mine workers and dormant members, and

(ii) the members of the COSAF Fund, and

(iii) the dependants of mine workers, dormant members and members of the COSAF Fund, and

(iv) persons who, immediately before the dissolution of the Tribunal, were receiving or entitled to receive pensions under this Act.

Note.

The COALSUPER Trust Deed (including the COALSUPER Rules) has been renamed the AUSCOAL Superannuation Fund Trust Deed (including the AUSCOAL Superannuation Fund Rules) by amendment of the Trust Deed and Rules.

(2) The Corporate Trustee must at all times ensure—

(a) that the AUSCOAL Trust Deed (including the AUSCOAL Rules) is consistent with the requirements of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth for a regulated superannuation fund within the meaning of that Act, and

(b) that that Deed is consistent with the requirements of that Act relating to a corporate trustee of such a fund.

(3) The Corporate Trustee must also ensure that the AUSCOAL Trust Deed, if amended or substituted, continues to comply with this section.

(4) The AUSCOAL Trust Deed must—

(a) prescribe the functions of the Corporate Trustee in relation to the reconstituted superannuation schemes, and

(b) provide for the operation, management and investment of the Amalgamated Fund, and

(c) include the AUSCOAL Rules, and

(d) provide for such other matters as may be necessary for the effective and efficient operation of those schemes.