On 14 August 2012, Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was passed by the Senate without amendment.
The Bill is the second tranche of legislation implementing the Government's MySuper and governance reforms as part of Stronger Super. The first tranche of legislation was introduced to the Parliament on 3 November 2011 as the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012.
This Bill implements the next stage of the reforms. The Bill introduces the power for the Australian Prudential Regulation Authority (APRA) to make prudential standards, amends s 52 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to expand the duties for registrable superannuation entity (RSE) licensees, applies new trustee duties to RSE licensees of an RSE that offers a MySuper product and applies duties to the directors of corporate trustees.
The provisions introducing the prudential standards-making power will apply from the day after Royal Assent. Duties for trustees and directors of RSEs, and trustees and directors of RSEs offering MySuper products will apply from 1 July 2013.
The Bill awaits Royal Assent.
In media release No 2012/049, issued 15 August 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, commented on the passage of the Bill.