Almost all private sector superannuation funds are regulated by the Superannuation Industry (Supervision) A written law made by parliament. Also called an ‘Act of parliament’, ‘statute’ or legislation. 1993 (Cth) (‘SIS Act’). These are called regulated funds. Funds operated by Commonwealth, state and local government bodies, and by public sector bodies established by A law made by parliament, either state or Commonwealth. Also called an Act, and Act of parliament or legislation., are often not regulated. Funds with less than five members (exempt funds) are exempt from many of the regulatory requirements.
The SIS Act (and many statutes controlling public sector bodies) controls the way in which trustees exercise their power. For example, it ensures that each regulated fund trustee must A formal, written agreement that creates a legal obligation, in a deed or on a certificate of title. For example, a property developer might add a covenant to every block of land in a subdivision to stop anyone building a house there unless it is made of brick. to perform the trustee’s duties and exercise the trustee’s powers in the best interests of the beneficiaries.