Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i), the trustee of a public offer superannuation fund who is an employer - sponsor of the fund will be an independent trustee of the fund:
(a) if the trustee satisfies all the requirements of the definition of independent trustee in section 10; or
(i) the trustee together with any other employer - sponsors of the fund who are associates of the trustee are employer - sponsors of not more than the allowable percentage of the members of the fund; and
(ii) the value of the accrued benefits of those members of the fund who have as an employer - sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and
(iii) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10.
(2) The allowable percentage of the members of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.
(3) The allowable percentage of the value of the assets of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee.
(4) If APRA approves a higher percentage under subsection (2) or (3), the approval may be subject to such conditions (if any) as are specified in the notice.
(5) An approval, including any conditions to which the approval is subject, may be varied at any time by APRA by notice in writing given to the trustee.
(6) APRA may only exercise the power conferred under subsection (2) or (3) after considering:
(a) the effect that the approval of a higher percentage will have on the likelihood of the trustee performing its functions independently and impartially; and
(b) all other relevant circumstances.