SMSF – Trustee Obligations and Prudential Standards

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012

– C2012A00117

Schedule 1—Trustee obligations

Superannuation Industry (Supervision) Act 1993

1  Subsection 10(1)

Insert:

enhanced director obligations, for MySuper products, means the obligations imposed by:

(a)  section 29VO; and

(b)  covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations.

2  Subsection 10(1)

Insert:

enhanced trustee obligations, for MySuper products, means the obligations imposed by:

(a)  covenants referred to in section 52, as enhanced by the obligations imposed under section 29VN; and

(b)  covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations.

To read more click here