20Default fund

20 Default fund

(1)  The Minister, by notice in the Gazette, may nominate a superannuation fund to be adefault fund on and from the date on which the notice takes effect.

(2)  The Minister, as soon as practicable after the commencement of this section, must issue a notice under subsection (1) .

(3)  The Minister may issue more than one notice under subsection (1) .

(4)  The Minister may only nominate under subsection (1) a superannuation fund to be a default fund (other than the initial default fund) with the approval in writing of the Tasmanian Trades and Labor Council.

(5)  A notice under subsection (1) takes effect on a date, on or after the date on which the notice appears in the Gazette, that is specified in the notice as the date on which the notice is to take effect.

(6)  The Minister may only nominate under subsection (1) a superannuation fund to be a default fund that will be the initial default fund if the Minister is satisfied that the fund will be a successor fund in relation to a transfer of members to the superannuation fund from the Tasmanian Accumulation Scheme.

(7)  A notice under subsection (1) may include any provision necessary or convenient for consistency with the SIS Act.

(8)  The Minister may enter into a contract, agreement, or arrangement, with a superannuation fund, under which –

(a) the Crown is required to nominate the superannuation fund to be a default fund in a notice under subsection (1) ; or

(b) the Crown agrees, for a period specified in the contract, agreement or arrangement, not to nominate, in a notice under subsection (1) , another superannuation fund to be a default fund.