Superannuation And Retirement Applications (SRA) Practice Questions - Superannuation And Retirement Applications (SRA) - Actuaries Institute Fellowship Program Exam

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Under Section 62 of the Superannuation Industry (Supervision) Act 1993 (SIS Act), what is the 'Sole Purpose Test'?
Correct Answer:
The trustee of a regulated superannuation fund must maintain the fund solely for core purposes (providing benefits on a member's retirement from gainful employment, on attaining a prescribed age, or to dependants on the member's death) and for approved ancillary purposes

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