Employee details may be passed through default fund
7.07EA Employee details may be passed through default fund
An employer may comply with regulation 7.07E by giving to a default fund for the employer information that would otherwise be required by that regulation to be given to any other regulated superannuation fund.
If the employer gives information as mentioned in subregulation (1), the employer:
must give the information on the same day that the information would otherwise be required to be given to the other regulated superannuation fund; and
in doing so, must comply with any applicable Standards made under subsection 34K(3) of the Act.
The default fund must pass the information on to the other regulated superannuation fund and, in doing so, comply with any applicable Standards made under subsection 34K(3) of the Act.
In this regulation:
default fund, in relation to an employer, means an RSE licensee:
authorised to offer a MySuper product under section 29T of the Act; and
to which the employer mentioned in subregulation (1) makes contributions for the benefit of any of its employees in compliance with subsection 32C(2) of the Superannuation Guarantee (Administration) Act 1992.
This Act’s bill:Explanatory statement
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