Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:6_388
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 6 cl 388
Character Range: 115345–116078

388  Transfer to MySuper products
 (1) If:
 (a) an RSE licensee of a regulated superannuation fund holds an accrued default amount for a member of the fund immediately before 1 July 2017; and
 (b) no application is made before 1 July 2017 by the RSE licensee, in relation to any of the RSE licensee's regulated superannuation funds, for authority to offer a class of beneficial interest in the fund as a MySuper product;
the RSE licensee must take the action required under the prudential standards in relation to the amount before 1 July 2017.
 (2) A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund for an action taken in accordance with subsection (1).

Division 2—Miscellaneous