Operating standard—disclosure of successor fund transfer
11.08 Operating standard—disclosure of successor fund transfer
For subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of a superannuation entity, other than a pooled superannuation trust or a self managed superannuation fund, that the trustee must give notice in writing to the Regulator, in accordance with subregulation (2), of a decision to transfer a member’s benefits from the fund, without the member’s consent.
Notice under subregulation (1) must be given:
as soon as practicable after the making of the decision to transfer the member’s benefits from the fund; or
if the fund is being wound up—before the winding up is commenced.
This Act’s bill:Explanatory statement
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