14 Dec 11 Exposure Draft: Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012
On 3 November 2011, the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was introduced. That Bill provided 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 - see 2011 TAXVINE No 43 (4 November 2011).
The Government has now released for public consultation an exposure draft containing the second tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms, including expanding the covenants for registrable superannuation entity (RSE) licensees, applying new trustee duties to trustees of an RSE that offers a MySuper product and applying personal duties to the directors of corporate trustees in their own right. It also provides details of the power for APRA to issue prudential standards in relation to superannuation.
The closing date for submissions is Friday, 13 January 2012.