Information for new Members, Board to give
221 Information for new Members, Board to give
As soon as practicable after a person becomes a Member the Board is to give the person all the information that the Board reasonably believes a person would reasonably need for the purpose of understanding —
the main features of the scheme of which the person has become a Member; and
the management of the relevant scheme and financial condition of the Fund; and
the investment performance of the Fund.
The information given under subregulation (1) is to include —
the Board’s contact details; and
a summary of the main features of the relevant scheme; and
a summary of the benefits provided under the relevant scheme and the method by which they are calculated; and
for a Member of an accumulation scheme —
details of the investment options available to Members of the scheme; and
an outline of the fees and charges that are attributed to Members of the scheme;
and
a copy of the latest information given under regulation 224 to Members of the relevant scheme; and
a summary of —
the arrangements that the Board has to deal with inquiries or complaints; and
the operation of the AFCA scheme.
[Regulation 221 inserted: Gazette 29 Jun 2001 p. 3093‑4; amended: Gazette 13 Apr 2007 p. 1603-4; 12 Oct 2018 p. 4064.]
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.