Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p30
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 30/41)
Character Range: 707718–710439

effective for the purposes of this regulation unless, before the consent is given:
 (a) the trustee of the fund has given to the beneficiary a notice that:
 (i) informs the beneficiary that it is proposed that the beneficiary's right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
 (ii) explains the effect of the alteration on the beneficiary's rights or claims to accrued benefits and the amount of those benefits; and
 (iii) provides any other information that the trustee reasonably believes a beneficiary would expect to be told about the proposed alteration; and
 (ab) if the benefits are subject to a payment split, the trustee has given a copy of the notice to the non‑member spouse; and
 (b) the beneficiary, and the non‑member spouse (if any), have been allowed adequate time to consider the proposed alteration and its effect on the beneficiary's rights or claims to accrued benefits and the amount of those benefits.
 (4) For the purposes of sub‑subparagraph (2)(a)(ii)(A), the procedures to be followed in obtaining the approval of beneficiaries are as follows:
 (a) the trustee of the fund must send to each beneficiary of the fund who would be adversely affected by the alteration a notice that:
 (i) informs the beneficiary that it is proposed that the beneficiary's right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
 (ii) explains the effect of the alteration on the beneficiary's rights or claims to accrued benefits and the amount of those benefits; and
 (iii) explains that the alteration requires:
 (A) the approval of at least two‑thirds of all of the beneficiaries of the fund who are affected by it, obtained by ballot in accordance with this subregulation; and
 (B) the consent of the Regulator; and
 (iv) explains the manner in which the beneficiary can cast his or her vote in relation to the ballot; and
 (v) provides any other information that the trustee reasonably believes a beneficiary would expect to be told about the proposed alteration;
 (b) the ballot must be conducted in a manner that ensures that each beneficiary is given not less than 21 days to consider the notice and the proposed alteration before voting.
 (5) An approval referred to in sub‑subparagraph (2)(a)(ii)(B) is not effective for the purposes of this regulation unless, at least 21 days before the giving of that approval, the trustee of the fund has given to each beneficiary of the fund who would be adversely affected by the alteration a notice that:
 (a) informs the beneficiary that it is proposed that the beneficiary's right or claim to accrued benefits, or the amount of those benefits, be affected adversely; and
 (b)