The trustee of a superannuation entity must comply with a request to give information, or a copy of a document, as soon as practicable, and in any event the trustee must make reasonable efforts to comply with the request within 1 month after receiving the request.
2.33 Specific requirements
(1) In this regulation:
concerned person has the same meaning as in section 1017C of the Corporations Act 2001.
(2) The trustee of a superannuation entity (other than a self managed superannuation fund) must give to a person (other than a concerned person), on request in writing by the person, a copy of any of the following documents (to the extent the trustee has access to the documents) specified in the request:
(a) the most recent fund information provided under regulation 7.9.32 of the Corporations Regulations 2001 to holders of interests in the entity;
(b) the reports (if any) the entity is required to provide to members under subsection 314AA(1) of the Corporations Act 2001 at the time of the request.
Division 2.5A—Information about superannuation interest subject to payment split
2.36B Application
(1) This Division applies to:
(a) a regulated superannuation fund; and
(b) an approved deposit fund.
(2) For subsections 31(1) and 32(1) of the Act, a requirement of this Division is a standard applicable to the operation of the fund.
2.36C Information to be provided by trustee when interest becomes subject to payment split
(1) If an interest in a fund becomes subject to a payment split, the trustee of the fund must give to the non‑member spouse in relation to the interest a written notice stating the following information:
(a) the contact details for the fund;
(b) if the interest is not a percentage‑only interest and the payment split is a base amount split:
(i) the base amount allocated to the non‑member spouse under the relevant superannuation agreement, flag lifting agreement or splitting order; and
(ii) the method by which the base amount will be adjusted on an ongoing basis; and
(iii) whether the governing rules of the fund would allow the non‑member spouse to become a member of the fund, and information about the options available to the non‑member spouse in relation to the interest under Part 7A;
(c) if the interest is not a percentage‑only interest and the payment split is a percentage payment split:
(i) the percentage that is to apply to all splittable payments in respect of the interest; and
(ii) whether the governing rules of the fund would allow the non‑member spouse to become a member of the fund, and information about the options available to the non‑member spouse in relation to the interest under Part 7A;
(d) if the interest is a percentage‑only interest:
(i) the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order; and
(ii) if the payment split is under a superannuation agreement or flag lifting agreement, whether the percentage is to apply for the purposes of subparagraph 90XJ(1)(b)(i) or 90YN(b)(i) (as the case may be) of the Family Law Act 1975; and
(iii) if the payment split is under a splitting order, whether the order is made under paragraph 90XT(1)(c) or 90YY(1)(c) (as the case may be) of the Family Law Act 1975;
(e) the circumstances in which the entitlement of the non‑member spouse will become payable;
(g) if the governing rules of the fund would allow the non‑member spouse to become a member of the fund, information that the non‑member spouse would reasonably need to understand the management and financial condition of the fund and of any relevant sub‑plan (for example, the fund’s product disclosure statement);
(h) details of the AFCA scheme;
(i) details (in summary form) of the fund’s internal dispute resolution procedures;
(j) details of any fee payable by the non‑member spouse in respect of the payment split, and arrangements for the payment of any such fee.
(2) The information must be given when the trustee gives the payment split notice to the non‑member spouse.
Note: See regulation 7A.03 for the payment split notice requirements.
2.36E Other information to be given by trustee—adverse effects on benefits
(1) This regulation applies if:
(a) an interest in a fund is subject to a base amount payment split or a percentage payment split; and
(b) the interest is not a percentage‑only interest; and
(c) the interest is in the growth phase; and
(d) none of the following has occurred in respect of a payment split:
(i) a new interest was created for the non‑member spouse;
(ii) the transferable benefits of the non‑member spouse were transferred or rolled out of the fund;
(iii) the amount to which the non‑member spouse is entitled under the payment split was paid, as a lump sum, to the non‑member spouse.
(2) The trustee of the fund must give to the non‑member spouse information about an event if the trustee reasonably believes that:
(a) the event is likely to have a material effect on the interest in the fund; and
(b) the effect may be adverse (whether the adverse effect would occur at the time of the event or a later time).
(2A) If:
(a) the member spouse lodges a notice, or makes a request of a trustee, which would bind the trustee to pay death benefits to a particular beneficiary or beneficiaries; and
(b) a payment made in accordance with the notice or request would not be a splittable payment because of the identity or characteristics of that beneficiary or those beneficiaries;
the trustee must inform the non‑member spouse that the member spouse has lodged the notice or made the request.
(3) The information required under subregulation (2) or (2A) must be given before, or as soon as practicable after, the occurrence of the event.
Part 3—Matters prescribed or specified in relation to public offer entities
3.01 Public offer superannuation fund—member of a prescribed class
For the purposes of sub‑subparagraph 18(1)(a)(ii)(B) of the Act, a prescribed class is a class of persons, each of whom is:
(a) a former standard employer‑sponsored member of the fund concerned who, since ceasing to be a standard employer‑sponsored member of the fund, has remained a member of the fund at all times; or
(b) a spouse, or former spouse, of a standard employer‑sponsored member of the fund concerned in relation to whom the fund has accepted eligible spouse contributions from the standard employer‑sponsored member; or
(c) both:
(i) a spouse, or former spouse, of a person who is a former standard employer‑sponsored member (the other person) of the fund concerned; and
(ii) a person in relation to whom the fund concerned accepted eligible spouse contributions from the other person while the other person was a member of the fund; or
(d) both:
(i) a spouse, or former spouse, of a standard employer‑sponsored member (the other person) of a fund that has the same standard employer‑sponsor as the fund concerned; and
(ii) a person in relation to whom the fund concerned has accepted eligible spouse contributions from the other person; or
(e) both:
(i) a spouse, or former spouse, of a person who is a former standard employer‑sponsored member (the other person) of a fund (the other fund) that, at all times relevant to subparagraph (ii), had the same standard employer‑sponsor as the fund concerned; and
(ii) a person in relation to whom the fund concerned accepted eligible spouse contributions from the other person while the other person was a member of the other fund; or
(f) a non‑member spouse for whom an interest has been created in the fund, if the original interest of the member spouse was an interest in that fund; or
(g) a person in relation to whom the fund concerned has accepted child contributions:
(i) made by a standard employer‑sponsored member; or
(ii) made by a person who is a former standard‑employer sponsored member while the person was a member; or
(h) a person in relation to whom the fund concerned has accepted child contributions:
(i) made by a standard employer‑sponsored member of a fund that has the same standard employer‑sponsor as the fund concerned; or
(ii) made by a person who is a former standard‑employer sponsored member of a fund that has the same standard employer‑sponsor as the fund concerned:
(A) while the person was a member of the fund; and
(B) while the fund had the same standard employer‑sponsor as the fund concerned; or
(i) a spouse or former spouse of a current or former standard employer‑sponsored member for whom an interest has been created in the fund under Division 6.7.
3.04 Section 54 of the Act—prescribed percentages
For the purposes of section 54 of the Act (prerequisites to variation of repayment period), the following percentages are prescribed:
(a) in the case of paragraph (1)(c) of the section—25%; and
(b) in the case of paragraph (1)(d) of the section—at least 75%.
3.04A Removal of trustee of public offer entity—s 60A(2) of the Act
For the purposes of subsection 60A(2) of the Act, the following kinds of removal are specified:
(a) a removal that will have the immediate effect that the fund complies with the basic equal representation rules set out in section 89 of the Act;
(b) a removal that satisfies all of the following conditions:
(i) the questions of whether the trustee should be removed, and who should replace the trustee if the removal is agreed to, have been voted on at a meeting of beneficiaries;
(ii) the beneficiaries who vote (in person or by proxy) on each question mentioned in subparagraph (i) at the meeting referred to in that subparagraph hold interests that are in total at least 25% of the total value of all beneficiaries’ interests in the fund;
(iii) at least 75% by number of the beneficiaries who vote (in person or by proxy) at the meeting on whether to remove the trustee vote in favour of removing the trustee;
(iv) at least 75% by number of the beneficiaries who vote (in person or by proxy) at the meeting on who the new trustee should be vote in favour of a particular person as trustee;
(v) that person will become the trustee immediately after the removal takes effect.
3.05 Policy committees—sections 91, 92 and 93 of the Act
Pre‑1 July 1995—funds with 200 or more members (paragraph 91(3)(b) of the Act)
(1) For the purposes of paragraph 91(3)(b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 91 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that, if there are at least 200 of its members (a group), each of whom:
(a) is a standard employer‑sponsored member; and
(b) has a standard employer‑sponsor who is the, or is an associate of a, standard employer‑sponsor of each other member of that group;
there is at least 1 policy committee established for that group.
Post‑30 June 1995—funds with more than 6, but fewer than 50, members (paragraph 92(3)(b) of the Act)
(2) For the purposes of paragraph 92(3)(b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 92 of the Act applies is subject to the following rule, namely, that the trustee of the fund must take all reasonable steps to ensure that if:
(a) there are more than 6 of its members (a group) each of whom:
(i) is a standard employer‑sponsored member; and
(ii) has a standard employer‑sponsor who is the, or is an associate of a, standard employer‑sponsor of each other member of that group; and
(b) a written request is made to the trustee on behalf of at least 5 members of the group to establish a policy committee;
there is at least 1 policy committee established for that group.
Post‑30 June 1995—funds with more than 49 members (paragraph 93(3)(b) of the Act)
(3) For the purposes of paragraph 93(3)(b) of the Act, subject to subregulation (4), a public offer superannuation fund to which section 93 of the Act applies is subject to the following rules, namely:
(a) the trustee of the fund must take all reasonable steps to ensure that, if there are more than 49 of its members (a group), each of whom:
(i) is a standard employer‑sponsored member; and
(ii) has a standard employer‑sponsor who is the, or is an associate of a, standard employer‑sponsor of each other member of that group;
there is at least 1 policy committee established for that group; and
(b) the trustee of the fund must take all reasonable steps to ensure that, if:
(i) there are more than 6 but fewer than 50 of its members (a group), each of whom:
(A) is a standard employer‑sponsored member; and
(B) has a standard employer‑sponsor who is the, or is an associate of a, standard employer‑sponsor of each other member of that group; and
(ii) a written request is made to the trustee on behalf of at least 5 members of that group to establish a policy committee;
there is at least 1 policy committee established for that group.
Rules do not apply to certain funds
(4) If a public offer superannuation fund complies with the basic equal representation rules stated in section 89 of the Act, the fund is not subject to the rules set out in subregulations (1), (2) and (3).
Equal representation of employers and members on policy committees—effect of vacancy
(5) If a vacancy occurs in the membership of a policy committee of a public offer superannuation fund the policy committee is taken to consist of equal numbers of employer representatives and member representatives during the period of the vacancy, in accordance with paragraph 91(3)(c), 92(3)(c) or 93(3)(c) of the Act (whichever is applicable) if:
(a) immediately before the vacancy occurred, the policy committee consisted of equal numbers of employer representatives and member representatives; and
(b) the vacancy is filled within 90 days after it occurred; and
(c) immediately after the vacancy is filled, the policy committee consists of equal numbers of employer representatives and member representatives.
3.06 Policy committees—functions (paragraphs 91(3)(b), 92(3)(b) and 93(3)(b) of the Act)
(1) For the purposes of paragraphs 91(3)(b), 92(3)(b) and 93(3)(b) of the Act, a public offer superannuation fund to which section 91, 92 or 93 of the Act applies is subject to the following rule, namely, that the functions that a policy committee of a fund may undertake include the following:
(a) providing an avenue:
(i) for members of the fund to inquire about the investment strategy and performance of the fund; and
(ii) for the trustee of the fund to obtain the views of members of the fund concerning that strategy and performance;
(b) providing an avenue for members of the fund to inquire about the fund’s operation or performance;
(c) providing an avenue for the trustee of the fund to obtain the views of members of the fund concerning the fund’s operation or performance;
(d) providing an avenue for the trustee of the fund to obtain the views of members of the fund on their information needs;
(e) assisting the trustee of the fund in dealing with complaints or inquiries about the operation or management of the fund.
(2) Subregulation (1) is not to be taken as limiting by implication the functions and responsibilities of the trustee.
3.07 Definition of policy committee in section 10 of the Act—matters specified for purposes of paragraph (a)
Issues relating to the fund that a member of the fund, or the employer‑sponsor of a member of the fund, has raised with the committee as a matter of concern, are specified for the purposes of paragraph (a) of the definition of policy committee in section 10 of the Act.
3.08 Policy committees—duties of trustee
(1) In relation to each policy committee of a public offer superannuation fund, the trustee of the fund must:
(a) ensure, so far as practicable, that the committee meets at least once in any 12‑month period; and
(b) provide facilities that are reasonably necessary to enable the committee to meet and to function effectively.
(2) A meeting may be held wholly or in part by means of a telephone conference connection among the committee members and, if a representative of the trustee is to attend, the representative.
(3) The trustee must arrange for a representative of the trustee to attend each meeting of the committee that the committee requests the trustee to do so.
(4) The trustee may recoup from the fund:
(a) the costs of providing facilities for the committee to meet; and
(b) the costs incurred by the trustee in attending a meeting of the committee; and
(c) the costs incurred by the trustee in providing information to the committee.
Note: The amount of costs recouped is determined in accordance with regulation 5.02
3.09 Dissolution of policy committees
(1) A policy committee of a public offer superannuation fund may dissolve itself, and if it does so the trustee of the fund is taken to have complied with the trustee’s duties under regulation 3.05.
(2) If a policy committee dissolves itself and at least 5 members of the fund, being members in respect of whom the committee functioned, request the trustee of the fund in writing to form a replacement committee, the trustee must take all reasonable steps to do so.
(3) The provisions of regulations 3.06, 3.07 and 3.08, and this regulation, apply to a replacement committee.
3.10 Commission and brokerage
(1) For the purposes of subsection 154(1) of the Act, the requirements set out in this regulation apply in relation to a payment by the trustee of a public offer entity of commission or brokerage (including commission or brokerage in the form of remuneration or other benefits) of a kind mentioned in that subsection.
(2) The trustee of a public offer entity may make a payment of commission or brokerage to a person in consideration of the person:
(a) applying or agreeing to apply for the issue of an interest in the entity; or
(b) procuring or agreeing to procure applications for the issue of an interest in the entity;