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THE PENSIONS (SUPERANNUATION FUNDS & RETIREMENT SCHEMES) BILL 2003

Read Bill (347 KB)requres Adobe Acrobat Reader

PART I. Preliminary

1. Short title and commencement.
2. Interpretation.
3. Commission responsible for general administration of Act.
4. Commission may issue directions.

PART II. Licensing of Administrators and Investment Managers and Registration of Trustees, Approved Superannuation Funds and Approved Retirement Schemes, Etc.

5. Prohibition against operating without being licensed or registered.
6. Application to be registered or licensed.
7. Licensing of administrator.
8. Licensing of investment manager.
9. Registration of trustee.
10. Designation of administrator and investment manager.
11. Appointment of responsible officer.
12. Appointment of actuary or auditor.
13. Requirements for approval of superannuation fund.
14. Requirements for approval of retirement scheme.
15. Registration of approved superannuation fund or retirement scheme.
16. Display of certificate of registration and licence.
17. Suspension of registration or licence.
18. Grounds for cancellation of registration or licence.
19. Implementation of proposal to suspend or cancel registration or licence.
20. Summary cancellation of registration or licence.
21. Surrender of cancelled licence or certificate.

PART III. Investigations by Commission

22. Commission may require information.
23. Power to make investigations.
24. Power to obtain information.
25. Entry on premises.
26. Action on completion of investigations.

PART IV. Termination and Winding-up

27. Winding-up.
28. Margin of solvency.
29. Supplemental provisions as to winding-up.
30. Ascertainment of value of liabilities under fund or scheme.
31. Application of contributions.
32. Application of surplus.

PART V. Miscellaneous

33. Retirement age.
34. Keeping of records.
35. Amendment of Trust Deed or Plan Rules.
36. Commission may petition court.
37. Returns and reports to be submitted to Commission.
38. Member may have recourse to Commission.
39. Appeal.

40. Obligation for secrecy.
41. Disclosure of information in certain circumstances.
42. Registers.

PART VI. Offences and Penalties

43. Performing duty as administrator or trustee without being licensed or registered.
44. Operating unregistered pension fund, etc.
45. Failure to make returns.
46. Failure to give information.
47. Failure to keep records.
48. Obstructing search, etc.
49. Contravention of section 40.
50. Filing incorrect returns.
51. Failure to notify Commission.
52. Failure to return licence or certificate.
53. Failure to pay over contributions.
54. General penalty.

PART VII. General

55. Secrecy of Commission's Officials.
56. Extension of time limits.
57. Regulations.
58. Transitional.

SCHEDULE

 

 

 


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