operating standards

specific standards which superannuation funds, approved deposit funds (ADFs) and pooled superannuation trusts (PSTs) are required to meet — prescribed in the Superannuation Industry (Supervision) legislation — in their administration and operation. The precise operating standards of PSTs, ADFs and superannuation funds differ:

For a superannuation fund, among other things, the standards regulate contributors to a fund, the amount and circumstances of their contributions, the payment of benefits, member records, disclosure of information to regulators and members, funding and solvency, vesting, preservation and portability of benefits, financial and actuarial standards and reports, investments, and winding up.

For an ADF, the standards include the kinds of amounts that may be deposited, the portability and preservation of amounts deposited, the payment (including the form of payment from the fund), investment of assets and disclosure of information.

For a PST, the standards include ownership and disposal of units, investment of assets, the people who may be trustees, the number of trustees, record keeping, disclosure, funding and solvency.

For trustees and RSE licensees of funds or trusts, the standards currently prescribed relate to the fitness and propriety of trustees, risk management, outsourcing, adequacy of resources and capital requirements.

See also adequacy of resources , approved deposit fund , capital requirements , complying approved deposit fund , complying superannuation fund , fit and proper , net tangible assets , outsourcing , pooled superannuation trust , regulated superannuation fund , risk management plan , risk management strategy