Document ID: chunk:federal_register_of_legislation:F2016L00205:body:0:p2
Version: federal_register_of_legislation:F2016L00205
Segment Type: other
Provision Reference: 
Character Range: 2715–5604

issue of a superannuation product in the course of:
            (a) an attribution or transfer of an accrued default amount to a MySuper product, irrespective of whether the attribution or transfer is an intra-fund transfer; or
            (b) any other kind of intra-fund transfer within a regulated superannuation fund in the circumstances specified in subsection (1B).
         (1B) For the purposes of paragraph (1A)(b), the circumstances are:
            (a) the trustee of the fund holds an RSE licence that is subject to conditions to the following effect:
                (i) the governing rules of the fund must contain a provision to the effect that the benefits of a member of the fund must not be transferred by way of an intra-fund transfer without the member's consent unless:
                   (A) the transfer is to a section, division or plan of the fund which confers on the member equivalent rights to the rights that the member had under the original section, division or plan in respect of the benefits; or
                   (B) the transfer could, in the absence of any condition on the RSE licence, have lawfully been made without the member's consent; and
                (ii) the trustee must not transfer the benefits of a member of the fund by way of an intra-fund transfer unless the member consents to the transfer or the transfer is of one of the types referred to in sub-subparagraph (i)(A) or (i)(B);
            (b) the governing rules of the fund contain the provision referred to in subparagraph (a)(i);
            (c) the trustee has not obtained the member's consent for the intra-fund transfer; and
            (d) the trustee has taken all reasonable steps to ensure that:
                (i) the condition on its RSE licence referred to in subparagraph (a)(ii) has been satisfied in relation to the intra-fund transfer; and
                (ii) one of the following applies:
                   (A) each interest in the fund that is, immediately before the disposal, in the same class as the interest disposed of in the course of the intra-fund transfer, is also disposed of and substituted at substantially the same time and no further interests in that class are issued;
                   (B) where the intra-fund transfer is otherwise than by way of the disposal of and substitution of an interest—each person who has a membership of the fund in relation to a financial product (the original product) of the same class or the same sub-plan (the original sub-plan) to which the intra-fund transfer relates changes to membership of the fund in relation to another financial product or another sub-plan at substantially the same time and no person subsequently becomes a member of the fund in relation to the original product or original sub‑plan; and
                (iii) at least 30 days before the superannuation product is issued to a person