Recommendation 3.1 – Trustees of RSENo other role or office for trustees of Registrable Superannuation Entities (RSE) Recommendation 3.2 –Advice Fees – My SuperNo deducting advice fees from My Super accounts Recommendation 3.3 – Advice Fees – Choice SuperLimitations on Read More …
Tag: trustee
3.7 — Civil penalties for breach of covenants and like obligations
Breach of the trustee’s covenants set out in section 52 or obligations set out in section 29VN, or the director’s covenants set out in section 52A or obligations set out in section 29VO of the SIS Act should be enforceable Read More …
3.6 — No treating of employers
Section 68A of the SIS Act should be amended to prohibit trustees of a regulated superannuation fund, and associates of a trustee, doing any of the acts specified in section 68A(1)(a), (b) or (c) where the act may reasonably be Read More …
3.1 — No other role or office
The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a superannuation fund. Government Response The Government agrees to Read More …
Regulation
Recommendation 3.7 – Civil penalties for breach of covenants and like obligations Breach of the trustee’s covenants set out in section 52 or obligations set out in section 29VN, or the director’s covenants set out in section 52A or obligations Read More …
Nominating default funds
Recommendation 3.5 – One default account A person should have only one default account. To that end, machinery should be developed for ‘stapling’ a person to a single default account. Recommendation 3.6 – No treating of employers Section 68A of Read More …
Trustees’ obligations
Recommendation 3.1 – No other role or office The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a Read More …
6.1 Background
This case study concerned group life insurance offered to members of the superannuation funds of AMP Superannuation Limited (AMP Super) and NM Superannuation Proprietary Limited (NM Super), the AMP Group’s superannuation trustees. AMP Life Limited (AMP Life) is the group Read More …
5.3 What the case study showed
The case study demonstrated the complexities faced by the administration of a group life insurance scheme within a large superannuation fund. It also demonstrated the profound effects for individual members from policy wording negotiated by superannuation trustees and group life Read More …
15.2 APRA
APRA is Australia’s prudential regulator, with responsibility for banking, insurance and superannuation.[1] Among other things, it regulates RSE licensees and has the general administration of important parts of the SIS Act.[2] Helen Rowell, Deputy Chairman of APRA, told that Commission Read More …