Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 2.29

2.29. (1) Subject to subregulations (2) and (3), the trustee of a fund must
give to each member of the fund the following items of information and
documents, so far as they are applicable:

   (a)  in respect of the relevant sub-plan or, if none, of the fund-the names
        of investment managers appointed by the trustee;

   (b)  in the case of a standard employer-sponsored fund that is not a public
        offer superannuation fund and does not have a trustee approved under
        subsection 92 (10) of the Act:

        (i)    if the trustee of the fund is a body corporate, the name of
               that body corporate and the names of all its directors during
               the whole or any part of the reporting period and, in respect
               of each of those directors, details of how and by whom they
               were appointed;

        (ii)   if the trustees of the fund are individuals, the names of the
               trustees of the fund during the whole or any part of the
               relevant reporting period and, in respect of each of those
               trustees, details of how and by whom they were appointed;

   (c)  in the case of a fund other than a fund mentioned in paragraph (b):

        (i)    the name of each corporate trustee of the fund during the
               relevant reporting period; and

        (ii)   in respect of the relevant policy committee (if any), details
               of the committee (including the names of the committee members
               as at the end of that reporting period and, in respect of each
               of the members, details of how and by whom they were
               appointed);

   (d)  a statement as to whether any indemnity insurance has been taken out
        by the trustee;

   (e)  either:

        (i)    the audited fund accounts, the auditor's report and, if there
               is a relevant sub-plan, abridged financial information relating
               to that sub-plan; or

        (ii)   each of the following:

                (A)  abridged financial information relating to the relevant
                     sub-plan or, if none, to the fund;

                (B)  information as to when the audited fund accounts and the
                     auditor's report will be sent to members or will be
                     available to members on request, as the case may be;

   (f)  in respect of the relevant sub-plan or, if none, of the fund-a
        statement of assets as at the end of:

        (i)    the relevant reporting period; and

        (ii)   the immediately preceding reporting period; that includes all
               information that the trustee reasonably believes a member would
               reasonably need to understand the asset allocation at those
               times;

   (g)  details of:

        (i)    each investment that has a value in excess of 5% of the total
               assets of the relevant sub-plan or, if none, of the fund; and

        (ii)   each combination of investments that the trustee knows or ought
               reasonably to know are invested in, directly or indirectly, a
               single enterprise or single group of associated enterprises and
               that have a combined value in excess of 5% of the total assets
               of the relevant sub-plan or, if none, of the fund;

   (h)  in respect of the relevant sub-plan or, if none, of the fund-the
        actual or notional rate of net earnings in the most recent reporting
        periods that, in total, constitute a period of at least 3 years;

   (i)  if the fund is an accumulation fund or an approved deposit fund and
        the fund maintains reserves-then in respect of the relevant sub-plan
        or, if none, of the fund, details of movements of reserves during the
        most recent reporting periods that, in total, constitute at least 3
        years; and

   (j)  if the net earnings of the fund are allotted to members' accounts-in
        respect of the relevant sub-plan or, if none, of the fund, the manner
        in which the allotment is made; and

   (k)  if the fund maintains reserves-in respect of the relevant sub-plan or,
        if none, of the fund, a description of the management strategy of the
        fund trustee in relation to the reserves, having regard to the
        requirements of paragraph 52 (2) (g) of the Act;

   (l)  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;

   (m)  details of any penalties imposed under the Act on the trustee;

   (n)  if the fund is:

        (i)    a defined benefit fund; and

        (ii)   the contributions paid by the employer-sponsor in the reporting
               period are less than the amount that an actuary has approved as
               sufficient contributions in that period; and

        (iii)  the difference is material; in respect of the relevant sub-plan
               or, if none, of the fund-a statement to the effect that the
               matters stated in subparagraphs (ii) and (iii) apply, and
               statements of

        (iv)   the consequences for the fund of the shortfall; and

        (v)    any action that the trustee has taken, or proposes to take, in
               relation to the matter.

(2) A nil amount need not be disclosed.

(3) For the purposes of subparagraph (1) (g) (ii), investments in a trust are
taken not to be invested in the trustee of the trust.

(4) In this regulation:

"abridged financial information", in relation to a reporting period of a fund
or a sub-plan, means information derived from the fund's accounts or records
that gives a reasonable summary of either:

   (a)  both:

        (i)    changes in the financial position of the fund or sub-plan
               during the reporting period; and

        (ii)   the financial position of the fund or sub-plan at the end of
               the reporting period; or

   (b)  both:

        (i)    changes in the net assets of the fund or sub-plan during the
               reporting period; and

        (ii)   the net assets of the fund or the sub-plan at the end of the
               reporting period.