On 19 September 2012, Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum.
This Bill is the third tranche of legislation implementing the Government’s MySuper and governance reforms as part of Stronger Super. The Bill:
- bans entry fees and sets criteria for the charging of other fees in superannuation, including rules for the charging of financial advice;
- requires all superannuation funds to provide life and TPD insurance to members (excluding defined benefit members) on an opt-out basis;
- enables APRA to collect information on a look-through basis;
- requires the disclosure and publication of key information in relation to superannuation funds;
- allows only funds that offer a MySuper product and exempt public sector superannuation schemes to be eligible as default funds in modern awards and enterprise agreements;
- allows exceptions from MySuper for members of defined benefit funds;
- requires trustees to transfer certain existing balances of members to MySuper; and
- provides rules in relation to Eligible Rollover Funds.