Document ID: chunk:federal_register_of_legislation:C2025C00134:section:29tb:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 29TB (pt 1/2)
Character Range: 223873–226373

29TB  MySuper products for large employers
 (1) This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if:
 (a) under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and
 (b) either:
 (i) that employer is a large employer in relation to the fund (see subsection (2)); or
 (ii) APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and
 (c) under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is:
 (i) an employee or a former employee of the large employer; or
 (ii) an employee or a former employee of an associate of the large employer; or
 (iii) a relative or dependant of an employee or a former employee mentioned in subparagraph (i) or (ii); and
 (d) under the governing rules of the fund:
 (i) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of the large employer, any employee of the large employer who is not a defined benefit member of the fund may hold an interest of that class in the fund; and
 (ii) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of an associate of the large employer, any employee of that associate who is not a defined benefit member of the fund may hold an interest of that class in the fund.
 (2) An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more members of the fund who are any of the following:
 (a) a member of the fund:
 (i) who is an employee of the employer; and
 (ii) in relation to whom the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund;
 (b) a member of the fund:
 (i) who is an employee of an associate of the employer; and
 (ii) in relation to whom either the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to