APRA has also published a Superannuation Circular No. III.A.6. – Winding-up a Superannuation Fund. At paragraph 20 the following is stated:
“Trustees should take appropriate care to support any decision made in connection with the wind-up process (to reduce the level of risk inherent in the process). For example, equal representation should be maintained during the decision making process.”
APRA has published a Superannuation Circular No. III.A.3. – Trustee Arrangements – Public Offer Funds, which states at paragraph :
“Where a policy committee is required or requested (refer to paragraphs 15 to 27), the trustee must take all reasonable steps to establish the committee within 90 days and should be able to provide evidence of such measures to an auditor or APRA. The policy committee must be established by or under the governing rules of the fund.”
The functions of the Policy Committee are prescribed by SIS Regulation 3.06.
Details of SIS Regulation 3.06. can be found here.
Sub-regulations 3.06(d) and 3.06(e) provide:,
Since there were no member-elected representatives during the period of the successor fund transfer to represent the interests of the members and beneficiaries, it is now appropriate for the newly appointed member-elected representatives to conduct an audit of the beneficial interest that was transferred.
Note this is not an audit of the financial statements at the time of the transfer, but an audit of the beneficial interest of persons who have a beneficial interest in the scheme established on 23 December 1913.
Evidence confirming the lack of member representation is provided in the following document.
Copies of the audit templates can be found as follows:
This tab updated on 3 January 2016