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In media release No 2012/044, issued 13 July 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced that the Government will introduce penalties to deter promoters of illegal early release superannuation schemes

"This measure is an important part of the Government's Stronger Super reforms and will provide penalties for those who promote schemes which undermine the Government's retirement policy" Mr Shorten said.

Legislation giving effect to this measure is being progressed and will commence on Royal Assent.


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