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RSE trustee application checklist
The deadline for superannuation trustees’ (RSE) licence applications has now expired and there is only four months to go until the new licensing regime takes effect. Time is running out for those trustees who have not applied for a RSE licence and are required to make alternative arrangements. These trustees need to make a decision on the future direction of their fund and implement their decision by June 30, 2006.
To assist superannuation trustees in choosing the best option for the future of their fund , general manager of superannuation at , has developed a checklist. The checklist weighs important questions trustees need to consider against the two main options now available: outsource trusteeship or wind-up the fund and transfer to a master trust.
Answering the following questions is a simple method to help guide you in your decision. Simply tick “Yes” or “No”.
Is it important that your fund retains its identity as a stand-alone fund?
Yes n No n
Do you want to maintain control over sensitive areas?
Yes n No n
Are you keen to continue to operate the fund on a ‘business as usual’ basis?
Yes n No n
Do you want to have a say in any or all aspects of your fund’s investments, insurance or administration going forward?
Yes n No n
Are you looking for a true independent solution?
Yes n No n
Is your fund defined benefit with a unique category of membership, which you are keen to retain?
Yes n No n
Do you want to free up your time to allow you to concentrate on the more important aspects of your business?
Yes n No n
Do you feel you have a responsibility to your members to retain the existing structure and arrangements?
Yes n No n
Do you find the legislative requirements all too hard but you would continue the fund if the legislative burdens and compliance responsibilities were taken over?
Yes n No n
Do you need more time to make an informed decision that will impact on the future direction of your fund forever?
Yes n No n
If you have answered “Yes” more than five times then you should consider the outsourced trustee solution, such as , which is a RSE licensed trustee and whose core competency is superannuation. This solution may help you meet your requirements identified in the above checklist.
If you have answered “Yes” less than five times then you should consider a master trust as a solution because again it may provide you with options to satisfy issues identified in the above checklist.
This checklist is a guide only. Time is of the essence whichever option is chosen. For example, trustees who wish to consider the outsource trustee solution need to be mindful that an appointment needs to be made by May 31, 2006, so that the fund is registered and able to accept contributions after July 1, 2006.
Trustees that plan to terminate their fund need to allow ample time to ensure all issues are appropriately addressed including notifying their members and the employer if the fund is a default fund for superannuation guarantee purposes.
It will be an offence to act as a trustee of a registrable superannuation entity without an RSE licence or to accept contributions to a fund from July 1, 2006.
AUTHOR
Mike Taylor
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