Commonwealth legislation

Superannuation Industry (Supervision) modification declaration No. 2 of 2009

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legislative instrument

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This instrument amends section 93A of the Superannuation Industry (Supervision) Act 1993 so that a trustee who is an employer‑sponsor (or an associate) of a public‑offer superannuation fund can be treated as an “independent trustee” if numeric limits on the proportion of members and on the value of accrued benefits are met and the trustee satisfies parts (a), (c), (d) and (e) of the independent trustee definition in section 10 (s93A(1)).

It applies to public‑offer funds and their trustees; trustees must measure and document member proportions and benefit values, decide whether they meet the tests, and retain records to show compliance. The declaration takes effect 20 October 2009.

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Current sections

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Superannuation Industry (Supervision) modification declaration No. 2 of 2009

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Superannuation Industry (Supervision)

modification declaration No. 2 of 2009

View image in the official sourceSuperannuation Industry (Supervision) Act 1993

I, Keith David Chapman, a delegate of APRA, under section 332 of the Superannuation Industry (Supervision) Act 1993 (the Act), DECLARE that section 93A of the Act has effect in relation to the class of persons described in the attached Schedule, as if it were modified in the manner specified in the attached Schedule.

This declaration comes into force on 20 October 2009. Dated 7 October 2009

[Signed]

Keith David Chapman Executive General Manager Supervisory Support Division

Interpretation Document ID: 174869

In this instrument

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Note 1

This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003

(the LIA) (see section 5 and Item 15 of section 7 of the LIA).

Schedule - the class of persons to whom this declaration applies

Public offer superannuation funds and their trustees.

Schedule - the manner in which the specified modifiable provisions are modified

Omit subsection 93A(1) and substitute:

“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.”

Source text

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

1 Superannuation Industry (Supervision) modification declaration No. 2 of 2009