Superannuation Industry (Supervision) Act 1993

This section applies to a standard employer‑sponsored fund with more than 49 members.

This section applies on and 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 7 to 50 or more; or

from a number greater than 6, but less than 50, to 50 or more (a paragraph (b) fund);

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 the time at which such arrangements are made; or

90 days after that time;

for a paragraph (b) fund—despite subsection 92(1), the fund must comply with subsection 92(3) or (4) during the period of time referred to in paragraph (d).