Document ID: chunk:federal_register_of_legislation:F2024L00940:body:0:p8
Version: federal_register_of_legislation:F2024L00940
Segment Type: other
Provision Reference: 
Character Range: 19851–22517

as required; and
(c)          transfer the MySuper product assets to the receiving MySuper product.
42.         An RSE licensee must provide all reasonable assistance to the receiving RSE licensee to ensure that the transfer of MySuper product assets to the receiving MySuper product is completed in accordance with this Prudential Standard.
43.         An RSE licensee must notify APRA within 10 business days once the transfer of MySuper product assets has been completed.
[1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
[2]  Under section 29E(6B) of the SIS Act, it is a condition of all RSE licensees to give effect to elections made in accordance with section 29SAB of the SIS Act. For the purposes of this Prudential Standard, 'MySuper product' and 'choice product' have the meanings given in section 10(1) of the SIS Act.
[3]  For the purposes of this Prudential Standard, pooled superannuation trust has the meaning given in section 10(1) of the SIS Act.
[4]  A reference to 'a transfer of beneficiaries' is a reference to a decision by an RSE licensee to transfer member benefits to a 'successor fund' (as defined in subregulation 1.03(1)) without the consent of a member, or to receive member benefits as a successor fund from another RSE. Refer to Prudential Standard CPS 190 Recovery and Exit Planning, which is effective from 1 January 2025, for requirements relating to recovery and exit planning for an RSE licensee, including paragraph 15 of CPS 190.
    [5]  For the purposes of this Prudential Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the purposes of this Prudential Standard, a reference to the 'Board' is to be read as a reference to the Board of directors (Board) or group of individual trustees of an RSE licensee and a reference to 'a director' is a reference to a director of an RSE licensee which has a Board of directors or, in the case of a group of individual trustees, an individual trustee and 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act.
[6]  A reference to 'retirement income strategy' means a strategy required under section 52(8A) of the SIS Act.
[7]  For the purposes of this Prudential Standard, a reference to 'demonstrate' includes being able to prove or show both in written form and in practice.
[8]  Refer to section 52(2)(i) of the SIS Act for the