In media release No 2011/131, issued 21 September 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of the final details of the Government's Stronger Super reforms.
The key elements of the Stronger Super reforms are:
- Creating MySuper, a new simple, low cost default superannuation product from 1 July 2013;
- Providing APRA, ASIC and the ATO with the tools they need to improve their oversight of superannuation; and
- Improving the administration and management of super accounts through the SuperStream reforms, making the processing of everyday transactions easier, cheaper and faster for members and employers.
Given the breadth of the Stronger Super reforms, Mr Shorten said that legislation will be introduced in several tranches, over the coming months and in the first half of 2012. Consultation with stakeholders will be undertaken on each tranche of legislation.
"I expect the exposure draft legislation on the core elements of MySuper will be released in the next few weeks," Mr Shorten said.
Further details on key design issues for Stronger Super can be found in the media release and in the Stronger Super information pack