Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:10a_1013l:p5
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 10A cl 1013L (pt 5/17)
Character Range: 2230373–2233195

of a person more than once unless, after an occasion on which the RSA provider does so but before the next occasion, the person ceases to be the holder of the RSA and subsequently becomes the holder of an RSA provided by the same RSA provider.
 (17) In this section:
mandated employer‑financed benefits has the same meaning as in the Retirement Savings Accounts Regulations 1997.
protected member has the same meaning as in the Retirement Savings Accounts Regulations 1997.
RSA holder‑protection standards has the same meaning as in the Retirement Savings Accounts Regulations 1997.

Part 9—Modifications relating to periodic statements for superannuation entities and RSA providers

9.1  After subsection 1017C(7)
insert
 (7A) If:
 (a) a concerned person requests information under subsection (2) or (3) in relation to a facility, under the concerned person's existing holding of a superannuation product, to modify:
 (i) an investment strategy; or
 (ii) a contribution level; or
 (iii) insurance coverage; and
 (b) the information has not already been given in a periodic statement or in accordance with other periodic reporting requirements under Division 3;
it is sufficient compliance with a requirement imposed by this section if the responsible person provides an up to date Product Disclosure Statement that includes information on the ability and effect of making the modification.

Part 10—Modifications relating to ongoing disclosure of material changes and significant events in relation to superannuation products and RSAs

10.1  After subsection 1017B(5)
insert

Provision of advice before event
 (5A) For a superannuation product or an RSA, if a product holder would reasonably be expected to be informed of:
 (a) a decision of the issuer; or
 (b) the winding‑up or termination of the superannuation entity;
before it occurs, the issuer must give the product holder information about the event as soon as practicable after it becomes reasonable for the issuer to expect that the event will happen (except that the information does not need to be given more than 3 months before the expected date of the event).

Changes to governing rules or terms and conditions
 (5B) For subsections 1017B(5), (6) and (7) a reference to an event includes the following:
 (a) a change to the governing rules of a superannuation entity (other than a change that gives effect to a payment split) of a kind that has an adverse effect on:
 (i) the amount of the relevant financial product; or
 (ii) the benefits to which the holder of the relevant financial product may become entitled; or
 (iii) the circumstances in which the benefits to which the holder of the relevant financial product may become entitled would become payable;
 (b) a change to the terms and conditions of an RSA (other than a change that gives effect