Unallocated contributions account - establishment
- This resolution may be used to establish an unallocated contributions account.
- The purpose of the Account is to facilitate the allocation of contributions.
- The creation and operation of the account is subject to the Minimum Benefit Standards of the Superannuation Industry (Supervision) Regulations, 1994;
- Generally contributions must be allocated to a particular member within 28 days of the end of the month in which the contribution was received. For example contributions received in June 2012 must be allocated by 28 July 2012. (refer SIS Reg 7.08(2)).
- This resolution can be used by both corporate and individual trustees.
- All trustees/directors must sign the resolution.
- The resolution must be dated.
- The trustee must (by reason of s52(2)(g) of the SIS Act) formulate and give effect to a strategy for the prudential management of the Account. The prudential management strategy must be consistent with the investment strategy of the fund and also consistent with the cashflow requirements of the fund.