11ZBMembers to be informed about proposed changes to Investment Divisions

11ZB Members to be informed about proposed changes to Investment Divisions

(1) If it is proposed to make a change to the Investment Divisions of the Fund under subrule 11C(2) or rule 11E or 11L, CSC must, not less than one month before the day of the proposed change, give each unitised member a notice that includes: (a) general information; and (b) information about the proposed change; and (c) information about the effect of the change on the unitised member. (2) The general information for paragraph (1)(a) is information about: (a) the unitisation of the Fund and Investment Divisions; and (b) the range of investment options available to unitised members; and (c) the terms on which investments may be made; and (d) the operation of the default Investment Division; and (e) how to make an investment nomination under this Division; and (f) how to make a transfer application; and (g) the operation of Division 5. (3) The information about the proposed changes for paragraph (1)(b) is information about: (a) the Investment Divisions and their investment strategies before and after the change; and (b) when the change will be made; and (c) how the change will operate by dividing, merging, creating or winding up Investment Divisions, or closing Investment Divisions to further contributions; and (d) if the change includes a change in the default Investment Division, how that will affect unitised members. (4) The information about the effect of the change on the unitised member for paragraph (1)(c) is information about: (a) any units held in an account of the member that are affected by the change; and (b) how the units will be dealt with by CSC after the change if CSC does not receive a transfer application in relation to them; and (c) any current investment nomination by the member that is affected by the change; and (d) how CSC will allocate contributions of the member if CSC does not receive a new investment nomination.