24 May 12 Super Trustee Obligations and Prudential Standards Bill passed by House
On 23 May 2012, Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was passed by the House of Representatives without amendment.
- requires a trustee to put the interests of members of funds first at all times;
- clearly identifies the duties that apply to directors of superannuation funds, including acting honestly and in the best interests of members; and
- includes a power for APRA to make prudential standards for superannuation.
The prudential standards provisions, which will provide APRA with greater flexibility to adapt to industry developments, will apply from the day after Royal Assent. The enhancements to trustee obligations will apply from 1 July 2013.
In media release No 2012/026, issued 23 May 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, commented on the passage of the Bill.
The Bill now proceeds to the Senate.