Treasury has released an exposure draft of proposed Superannuation Legislation Amendment (Further Measures) Bill 2012.
This exposure draft contains the fourth tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms.
The Bill makes amendments relating to: the use of specific service providers; infringement notices; trustees providing reasons for their decisions; an increase in the time limit for members to lodge complaints with the Superannuation Complaints Tribunal; restricting voting prohibitions; resource and risk requirements for dual regulated entities; seeking leave from the Court before bringing action against an individual director for a breach of their duties; extending the defence of having acted with reasonable precaution to cover breaches of MySuper obligations; and consequential amendments.
Except for the changes relating to dual regulated entities, and some of the consequential changes, the majority of the provisions take effect from 1 July 2013.
The closing date for submissions is Friday 2 November 2012.