04 Oct 11 Exposure Draft - Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011
On 21 September 2011, the Government announced its decisions on key design aspects of its Stronger Super reforms. A key component of these reforms is the creation of a new simple, low cost default superannuation product called MySuper.
The Government has now released an exposure draft of Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011.
The exposure draft provides the legislative detail around core aspects of MySuper, including the changes to superannuation guarantee requirements, the application process for MySuper, the MySuper authorisation process, the characteristics of a MySuper product and the permitted fees and charging rules associated within a MySuper product. The Explanatory Material (EM) explains, in broad terms, how these reforms will apply to superannuation members, industry and employers.
The closing date for submissions is Thursday 13 October 2011.