Commonwealth legislation

Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

5/10 complexity

This declaration tightens when an employer-linked trustee of a public offer super fund can be treated as “independent.” It replaces the prior rule with a new test requiring limited employer representation among members, caps on the share of fund assets tied to those employees, and compliance with statutory governance/conflict standards.

It affects employer-appointed trustees and protects members by curbing employer influence over fund decisions.

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Current sections

Direct links to the current provisions in Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002).

Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002)

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Superannuation Industry (Supervision) Act 1993

MODIFICATION DECLARATION No 24

I, Keith David Chapman, a delegate of the Australian Prudential Regulation Authority, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the “Act”), DECLARE that section 93A of the Act is to have effect in relation to public offer superannuation funds and their trustees as if it were modified by omitting subsection 93A(1) and substituting:

“93A(1) For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i), the trustee of a public offer superannuation fund who is an employer-sponsor of the fund or an associate of an employer-sponsor of the fund will be an independent trustee of the fund if:

(a) the trustee together with any employer-sponsors of the fund who are associates of the trustee are not employer-sponsors of more than the allowable percentage of the members of the fund; and

(b) the value of the accrued benefits of those members of the fund who have as an employer-sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and

(c) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10.”

This declaration shall commence on 1 July 2002

Dated 21 June 2002

[signed]

…………………………

Keith Chapman

A/g Executive General Manager

Diversified Institutions Division

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation Industry (Supervision) Act 1993 - Modification Declaration No. 24 (21/06/2002)