Superannuation Industry (Supervision) Act 1993

This section applies to a standard employer‑sponsored fund with 200 or more members, where:

the fund is a private sector fund established on or after 16 December 1985; or

the fund is a public sector fund established on or after 25 May 1988; or

if there are 2 or more standard employer‑sponsors of the fund—any one of those employer‑sponsors is not an associate of any other of those employer‑sponsors.

This section does not apply on or after 1 July 1995.

If the fund is a public offer superannuation fund:

either:

the trustee of the fund must be an independent trustee; or

the fund must comply with the basic equal representation rules; and

if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees (prescribed policy committees)—the fund must comply with those rules; and

each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.

If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.

If, at a particular time, the number of members of a fund increases from a number less than 200 to 200 or more:

the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and

the fund does not have to comply with this section during the period:

beginning at that time; and

ending at whichever is the earlier of the following times:

the time at which such arrangements are made;

the end of 90 days.