Document ID: chunk:federal_register_of_legislation:C2019A00079:clause:1_8:p2
Version: federal_register_of_legislation:C2019A00079
Segment Type: clause
Provision Reference: sch 1 cl 8 (pt 2/2)
Character Range: 13525–15156

benefits provided to the member under the product or products held by the member by taking out or maintaining insurance are covered by the election.
The notice mentioned in paragraph (a) has effect on and after the commencement day as if it were an election made under subsection 68AAB(2) of the Superannuation Industry (Supervision) Act 1993.

Notice to members who begin to hold product after 1 November 2019
(6) Each trustee of a regulated superannuation fund that offers a choice product or MySuper product under which a benefit may be provided by taking out or maintaining insurance must ensure that each person who acquires an interest in the product after 1 November 2019 and before the commencement day is given notice in writing:
 (a) stating that the benefit will not be provided on and after 1 April 2020 if:
 (i) the member has an account balance with the fund that relates to the product that is less than $6,000; and
 (ii) on or after 1 November 2019, the member has not had an account balance with the fund that relates to the product that was equal to or greater than $6,000; and
 (iii) the member has not elected that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the account balance with the fund that relates to the product is less than $6,000; and
 (b) setting out the method by which the member can make such an election in writing.
(7) An election under paragraph (6)(b) has effect on and after the commencement day as if it were an election made under subsection 68AAB(2) of the Superannuation Industry (Supervision) Act 1993.