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Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

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7415

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

 

 

(1)     Clause 2, page 5 (table item 24), omit the table item, substitute:

24.  Schedule 1, items 72 and 73

1 July 2013.

1 July 2013

24A.  Schedule 1, items 73A to 73E

1 July 2015.

1 July 2015

24B. Schedule 1, items 74 to 110

1 July 2013.

1 July 2013

[independence rule]

(2)     Clause 2, page 5 (after table item 29), insert:

29AA.  Schedule 1, items 119D to 119F

1 July 2015.

1 July 2015

[independence rule]

(3)     Clause 3, page 6 (lines 7 to 12), omit the clause, substitute:

3   Schedule(s)

             (1)  Each Act, and each set of regulations, that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

             (2)  The amendment of any regulation under subsection (1) does not prevent the regulation, as so amended, from being amended or repealed by the Governor-General.

[independence rule]

(4)     Schedule 1, page 35 (after line 31), after item 73, insert:

73A  After section 89

Insert:

89A   Public offer fund independence rule

Basic rule

             (1)  For the purposes of this Part, a fund complies with the public offer fund independence rule if:

                     (a)  both:

                              (i)  the fund has a group of individual trustees;

                             (ii)  at least one third of the group of trustees are independent directors or independent trustees, or a combination of both; or

                     (b)  both:

                              (i)  the fund has a single corporate trustee;

                             (ii)  at least one third of the board of the corporate trustee are independent directors or independent trustees, or a combination of both.

Note:          Independent director and independent trustee are defined in subsection 10(1) of this Act.

Vacancy

             (2)  For the purposes of the application of the public offer fund independence rule, if:

                     (a)  a vacancy occurs in the membership of a group of trustees or of the board of a corporate trustee; and

                     (b)  immediately before the vacancy occurred, the fund complied with the public offer fund independence rule; and

                     (c)  the vacancy is filled within 90 days after it occurred; and

                     (d)  immediately after the vacancy is filled, the fund complies with the public offer fund independence rule;

the fund is taken to have complied with the public offer fund independence rule at all times during the period of the vacancy.

[independence rule]

(5)     Schedule 1, page 35 (after line 31), after item 73, insert:

73B  Subparagraph 92(3)(a)(ii)

Omit “basic equal representation rules”, substitute “public offer fund independence rule”.

73C  Paragraph 92(3)(c)

Repeal the paragraph, substitute:

                     (c)  each prescribed policy committee must consist of equal numbers of employer representatives, independent representatives and member representatives.

[independence rule]

(6)     Schedule 1, page 35 (after line 31), after item 73, insert:

73D  Subparagraph 93(3)(a)(ii)

Omit “basic equal representation rules”, substitute “public offer fund independence rule”.

73E  Paragraph 93(3)(c)

Repeal the paragraph, substitute:

                     (c)  each prescribed policy committee must consist of equal numbers of employer representatives, independent representatives and member representatives.

[independence rule]

(7)     Schedule 1, page 52 (after line 15), after item 119, insert:

Superannuation Industry (Supervision) Regulations 1994

119D  Subregulation 3.05(4)

Omit “basic equal representation rules stated in section 89”, substitute “public offer fund independence rule stated in section 89A”.

119E  Subregulation 3.05(5) (heading)

Note:       The heading to subregulation 3.05(5) is replaced by the heading “ Equal representation of employers, independent representatives and members on policy committees—effect of vacancy ”.

119F  Subregulation 3.05(5)

Repeal the subregulation, substitute:

             (5)  If a vacancy occurs in the membership of a policy committee of a public offer superannuation fund the policy committee is taken to consist of equal numbers of employer representatives, independent representatives and member representatives during the period of the vacancy, in accordance with paragraph 91(3)(c), 92(3)(c) or 93(3)(c) of the Act (whichever is applicable) if:

                     (a)  immediately before the vacancy occurred, the policy committee consisted of equal numbers of employer representatives, independent representatives and member representatives; and

                     (b)  the vacancy is filled within 90 days after it occurred; and

                     (c)  immediately after the vacancy is filled, the policy committee consists of equal numbers of employer representatives, independent representatives and member representatives.

[independence rule]