On 22 November 2012, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 was passed by the Senate with two Government amendments relating to the commencement of the Act.
On 26 November 2012, the House of Representatives agreed with the Senate's amendments.
The Bill establishes a framework for the introduction of a default superannuation product (MySuper) to replace existing default products by amending:
- Superannuation Industry (Supervision) Act 1993 to define MySuper superannuation products; limit regulated superannuation funds to offering only one MySuper product, except in certain circumstances; allow registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product; set out rules on the payment of contributions and account transfers for MySuper products; and set out fees that can be charged to members of a MySuper product; and
- Superannuation Guarantee (Administration) Act 1992 to provide that employers make superannuation guarantee contributions on behalf of employees who do not have a chosen fund to a fund that offers a MySuper product.
The Bill now awaits Royal Assent.