Superannuation Industry (Supervision) Regulations 1994

This regulation is made for subsection 29SAA(3) of the Act.

An RSE licensee of a regulated superannuation fund that has made an election in accordance with section 29SAA of the Act must give a member of the fund mentioned in paragraph 29SAA(3)(a) or (b) of the Act a notice in writing.

The notice must mention the following:

the RSE licensee’s obligation to:

move the accrued default amount by 30 June 2017; and

promote the financial interests of the member in relation to a MySuper product held by the member; and

the accrued default amount; and

either:

if the RSE licensee has identified a MySuper product, either within the fund or in another regulated superannuation fund, to which the RSE licensee proposes to move the accrued default amount—the name of the MySuper product, and when the proposed move will occur; or

if the RSE licensee has not identified such a MySuper product—why the RSE licensee has not done so, and what the RSE licensee has done, and will do, to do so.

The notice must be given to the member with:

the first periodic statement sent to the member after the RSE licensee has identified the accrued default amount; and

each subsequent periodic statement sent to the member until the accrued default amount is moved to a MySuper product.