The Government has released an exposure draft of the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011.

MySuper will be 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.

The Bill:
• defines a MySuper product;
• limits a regulated superannuation fund to offering only one MySuper product, except in certain circumstances;
• allows trustees to apply to APRA 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 SIS Act commence on 1 January 2013 or an earlier day fixed by Proclamation. The provision amending the SG Act 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.

Remaining MySuper provisions will be released in subsequent tranches of legislation.