Superannuation Schemes Amendment Act 2001

1: Title
1: This Act is the Superannuation Schemes Amendment Act 2001.
2: In this Act, the Superannuation Schemes Act 1989 the principal Act
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Implied provision as to transfer of members, etc
Section 9B subsection (2)
2: The trustees of each registered superannuation scheme affected must notify the persons described in subsection (2A) subsection (2B)
a: from a registered superannuation scheme to any other superannuation scheme; or
b: from a superannuation scheme to a registered superannuation scheme.
2A: The persons referred to in subsection (2)
a: all members and beneficiaries of each registered superannuation scheme (other than those members and beneficiaries that, in the opinion of the Government Actuary, are not likely to be materially affected by the proposed transfer referred to in that subsection); and
b: the Government Actuary.
2B: At least 1 month before the date by which the written consent of members and beneficiaries to a proposed transfer referred to in subsection (2)
a: the trustees must notify the members and beneficiaries described in subsection (2A)(a)
i: the proposed transfer and its implications for members and beneficiaries; and
ii: the date on which the proposed transfer is to occur; and
iii: the date by which the written consent of members and beneficiaries to the proposed transfer must be received by the trustees; and
iv: the fact that a copy of the notice has been forwarded to the Government Actuary; and
b: the trustees must notify the Government Actuary in writing of—
i: the proposed transfer and its implications for members and beneficiaries; and
ii: the date on which the proposed transfer is to occur; and
iii: the date by which the written consent of members and beneficiaries to the proposed transfer must be received by the trustees.
4: New
section 9BA The principal Act is amended by inserting, after section 9B
9BA: Government Actuary may exempt trustees from requirement to obtain written consent of all members and beneficiaries
1: The Government Actuary may exempt trustees of a registered superannuation scheme from the requirement to obtain the written consent of all members and beneficiaries of the scheme under sections 9 and 9B
a: the trustees have not been able to contact all members or beneficiaries of the scheme despite having taken all reasonable steps to do so; and
b: the proposed action is not unreasonable in relation to the best interests of any member or beneficiary who has not been contacted.
2: To avoid doubt, any exemption given by the Government Actuary under this section is subject to section 23
5: Accounts
1: Section 13(1) paragraph (b)
b: annual accounts in respect of the scheme are prepared in accordance with generally accepted accounting practice (as defined in section 3 of the Financial Reporting Act 1993 .
2: Section 13(2) paragraph (b)
b: that administration manager has prepared annual accounts in respect of the scheme that comply with generally accepted accounting practice (as defined in section 3 of the Financial Reporting Act 1993 .
6: Annual reports
1: Section 14(1) 6 months 5 months
2: Section 14 subsection (3)
3: The trustees must send a copy of the completed report to the Government Actuary within 28 days after its completion.
7: Actuarial examination
1: Section 15(2) 9 months 7 months
2: Section 15 subsection (3)
3: The trustees must send a copy of the report of the actuary to the Government Actuary within 28 days after the date of its receipt by the trustees.