29TBMySuper products for large employers

29TB MySuper products for large employers

(1) This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if: (a) under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and (b) either: (i) that employer is a large employer in relation to the fund (see subsection (2)); or (ii) APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and (c) under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is: (i) an employee or a former employee of the large employer; or (ii) an employee or a former employee of an associate of the large employer; or (iii) a relative or dependant of an employee or a former employee mentioned in subparagraph (i) or (ii); and (d) under the governing rules of the fund: (i) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of the large employer, any employee of the large employer who is not a defined benefit member of the fund may hold an interest of that class in the fund; and (ii) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of an associate of the large employer, any employee of that associate who is not a defined benefit member of the fund may hold an interest of that class in the fund. (2) An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more members of the fund who are any of the following: (a) a member of the fund: (i) who is an employee of the employer; and (ii) in relation to whom the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund; (b) a member of the fund: (i) who is an employee of an associate of the employer; and (ii) in relation to whom either the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund. (3) In working out under subsection (2) whether an employer is a large employer, disregard defined benefit members of the fund.