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03 Dec 12 MySuper Bill awaits Royal Assent

On 28 November 2012, Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was passed by the House of Representatives with 17 Government amendments.

On 29 November 2012, the Bill was passed by the Senate without amendment.

A Supplementary explanatory memorandum and a Revised explanatory memorandum were issued.

The Bill is the third tranche of legislation implementing the Government’s MySuper and governance reforms, as part of Stronger Super.

In media release No 2012/089, issued 29 November 2012, the Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, Bill Shorten, commented on the passage of the legislation.

"The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 defines those member balances that trustees must move to the new simple and low cost MySuper product by 1 July 2017. 

The Government moved amendments to define these accrued default amounts as member balances where the member has either not provided any investment direction to the fund at all or where the member's entire balance is invested in the fund's default investment option," Mr Shorten said.

The Bill now awaits Royal Assent.

 


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