The Government has released for public consultation an exposure draft for the intra fund consolidation of superannuation interests and the accompanying explanatory materials.
This measure will expand the duties of superannuation trustees in the Superannuation Industry (Supervision) Act, broadly requiring trustees to merge multiple interests within their fund where this is in their members’ interests. It is designed to stop members from paying multiple fees and charges, and paying for multiple insurance policies, in cases where these are not necessary.
Note that this consultation is a follow on to the exposure draft "Intra fund consolidation of superannuation interests" from March 2012.
The closing date for submissions is Thursday 16 August 2012.