Superannuation Industry (Supervision) Act 1993

The regulations may prescribe standards applicable to the operation of regulated superannuation funds (funds) and to trustees and RSE licensees of those funds.

The standards that may be prescribed include, but are not limited to, standards relating to the following matters:

the persons who may contribute to funds;

the vesting in beneficiaries in funds of benefits arising directly or indirectly from amounts contributed to the funds;

the amount of contributions that a fund may accept;

the circumstances in which a fund may accept contributions;

the charging of fees (including the calculation of the amount of fees) to:

members of a fund; and

members who hold a particular class of beneficial interest in a fund;

the attribution of costs between classes of beneficial interest in a fund;

the calculation of a member’s account balance with the fund on a particular day, or a member’s account balance with the fund on a particular day that relates to a choice product or MySuper product;

the form in which benefits may be provided by funds;

the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind;

the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind;

the actuarial standards that will apply to funds;

the preservation of benefits arising directly or indirectly from amounts contributed to funds;

the payment by funds of benefits arising directly or indirectly from amounts contributed to the funds;

the portability of benefits arising directly or indirectly from amounts contributed to funds;

the levels of benefits that may be provided by funds and the levels of assets that may be held by funds;

the application by funds of money no longer required to meet payments of benefits to beneficiaries because the beneficiaries have ceased to be entitled to receive those benefits;

the investment of assets of funds and the management of the investment;

the number of trustees, and the composition of boards or committees of trustees, of funds;

the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds;

the keeping and retention of records in relation to funds;

the financial and actuarial reports to be prepared in relation to funds;

the disclosure of information to beneficiaries in funds;

the disclosure of information by a trustee of a fund who is a member of a group of individual trustees to the other trustees in that group;

the disclosure of information about funds to the Regulator;

the disclosure of information about funds to persons other than beneficiaries or the Regulator;

the financial position of funds;

the outsourcing arrangements relating to the operation of funds;

the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds;

the funding and solvency of funds;

the winding‑up of funds.