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03 Nov 11 MySuper Core Provisions Bill introduced

On 3 November 2011, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was introduced into the House of Representatives.

The following is extracted from the Explanatory Memorandum to the Bill.

"...MySuper, a new, simple and cost-effective superannuation product that will replace existing default products. MySuper products will have a simple set of product features, irrespective of who provides them. This will enable members, employers and market analysts to compare funds more easily based on a few key differences. It will also ensure members do not pay for any unnecessary 'bells and whistles' they do not need or use...

The Bill:

  • defines a MySuper product;
  • limits a regulated superannuation fund to offering only one MySuper product, except in certain circumstances;
  • allows registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product;
  • sets out rules on the payment of contributions and account transfers for MySuper products; and
  • sets out the fees that can be charged and the basis on which those fees can be charged to members of a MySuper product.

The provisions amending the Superannuation Industry Supervision Act 1993 commence on 1 January 2013 or an earlier day fixed by Proclamation. The provision amending the Superannuation Guarantee (Administration) Act 1992 commences on 1 October 2013, from which date employers must make contributions for employees that do not have a chosen fund to a fund that offers a MySuper product."

 


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