Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:7_394
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 7 cl 394
Character Range: 137715–138901

394  Moving amounts held in existing ERFs
 (1) If:
 (a) immediately before 1 January 2014, an amount is held in an existing ERF; and
 (b) on that day, the RSE licensee of the existing ERF is not authorised to operate the existing ERF as an eligible rollover fund;
the RSE licensee of the existing ERF must take the action required under the prudential standards in relation to the amount before the end of a period of 90 days beginning on 1 January 2014.
 (2) A prudential standard determined under section 34C may include provisions:
 (a) requiring an RSE licensee of an existing ERF to, in the circumstances mentioned in subsection (1), transfer the amount held in the existing ERF to a regulated superannuation fund that:
 (i) is an eligible rollover fund; or
 (ii) offers a MySuper product; and
 (b) setting out the requirements that must be met in relation to the transfer of such an amount; and
 (c) dealing with other matters relating to such an amount.
 (3) A trustee of a regulated superannuation fund is not subject to any liability to any member of the fund for an action taken in accordance with this section.

Part 2—Other amendments

Retirement Savings Accounts Act 1997