Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 2.10

2.10. (1) The information that the trustee of a fund must be satisfied has
been received by a person before the trustee issues a superannuation interest
in the fund to the person is:

   (a)  in every case-the information specified in subregulation (2); and

   (b)  additionally, in the case of a fund other than an excluded fund-the
        information specified in subregulation (3).

(2) The information referred to in paragraph (1) (a) (applicable to all funds)
is all information that the trustee reasonably believes that a person would
reasonably need for the purpose of:

   (a)  understanding the main features of the relevant sub-plan or, if none,
        of the fund; and

   (b)  making an informed judgment about the management and financial
        condition of the fund and of the relevant sub-plan (if any); and

   (c)  making an informed judgment about the investment performance of the
        relevant sub-plan or, if none, of the fund.

(3) The additional information referred to in paragraph (1) (b) (applicable to
funds other than excluded funds) comprises each of the following items of
information:

   (a)  the contact details of the fund;

   (b)  the name of the trustee;

   (c)  a summary of the main features of the relevant sub-plan or, if none,
        of the fund;

   (d)  a statement of significant benefits (as defined in subregulation (4))
        to which the person becomes, or may become, entitled on joining the
        fund;

   (e)  the circumstances in which those benefits would be payable;

   (f)  the method of working out those benefits;

   (g)  details (in summary form) of arrangements that the fund has to deal
        with inquiries or complaints;

   (h)  details of the existence and (in outline terms) the functions of the
        Superannuation Complaints Tribunal;

   (i)  if Division 6 of Part 19 of the Act (cooling-off-redemption of
        interests) applies to the fund-a summary of any right of an applicant
        to have an interest that has been issued to him or her redeemed in
        accordance with a provision specified in that Division;

   (j)  a copy, or an updated version, of the information required to be given
        under Subdivision 2.4.3, that was most recently given to members of
        the relevant sub-plan or, if none, of the fund;

   (k)  in respect of the relevant sub-plan or, if none, of the fund-a
        statement (in outline terms) of:

        (i)    how fees, charges, expenses and administrative or other
               operational costs are attributed (either directly or
               indirectly) to members (including details of the points at
               which, or occasions on which, they are levied or deducted); and

        (ii)   where the fees, charges, expenses and administrative or other
               operational costs are pre-determined fixed amounts or
               percentages-those amounts or percentages; and

        (iii)  where subparagraph (ii) does not apply-a general statement as
               to the manner in which the fees, charges, expenses and
               administrative or other operational costs are determined.

(4) In this regulation, "significant benefit" means a financial benefit that
the trustee reasonably believes a member would reasonably expect to be told
about.