The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 has been introduced by the Government in the House of Representatives.
If passed the Bill will implement key aspects of the Stronger Super reforms relating to MySuper. (Background).
The Bill:
• defines a MySuper product;
• limits a regulated superannuation fund to offering only one MySuper product, except in certain circumstances;
• allows registrable superannuation entity (RSE) licensees to apply to the Australian Prudential Regulation Authority (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 Superannuation Industry Supervision Act 1993 commence on 1 January 2013 or an earlier day fixed by Proclamation. The provision amending the Superannuation Guarantee (Administration) Act 1992 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.
