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Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

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8765

2019

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

 

 

(1)     Schedule 1, item 1, page 4 (line 13), at the end of subsection 68AAB(4), add:

               ; or (e)  a member to whom the occupation or industry exception applies (see section 68AAF).

[occupation or industry exception]

(2)     Schedule 1, item 1, page 5 (line 29), at the end of subsection 68AAC(4), add:

               ; or (e)  a member to whom the occupation or industry exception applies (see section 68AAF).

[occupation or industry exception]

(3)     Schedule 1, page 5 (after line 35), after item 3, insert:

3A  After section 68AAE

Insert:

68AAF   Occupation or industry exception

             (1)  The occupation or industry exception applies to a member of a regulated superannuation fund who holds a choice product or MySuper product in the fund if, at the time the member first holds the product, the member is working in an occupation or industry covered by an election referred to in subsection (2).

             (2)  For the purposes of subsection (1), the trustees of a regulated superannuation fund may elect an occupation or industry if the trustees are satisfied that the election of the occupation or industry is appropriate having regard to either or both of the following:

                     (a)  evidence of risk and insurance claims in the industry or occupation;

                     (b)  the availability of insurance for people working in that industry or occupation that, if taken out on behalf of members of the fund working in that industry or occupation, would represent exceptionally good value for those members.

             (3)  However, the trustees of a regulated superannuation fund must not elect an industry or occupation unless the trustees are satisfied that applying the occupation or industry exception to members of the fund working in that industry or occupation would not inappropriately erode those members’ superannuation interests in the fund.

             (4)  The election must be made by giving APRA a writt en notice that:

                     (a)  is in the approved form ; and

                     (b)  is signed by each trustee of the fund; and

                     (c)  includes the outcomes of an actuarial investigation of the matters mentioned in subsections (2) and (3); and

                     (d)  includes data about risks in that occupation or industry and past insurance claims for that occupation or industry.

             (5)  An election under subsection (2) is not a legislative instrument .

[occupation or industry exception]