Document ID: chunk:federal_register_of_legislation:C2019C00093:clause:1_29tb
Version: federal_register_of_legislation:C2019C00093
Segment Type: clause
Provision Reference: sch 1 cl 29TB
Character Range: 16736–19152

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 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 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 the fund.