The Government on Thur 17.1.2013, issued for comment draft amending regulations proposing to remove the member protection standards from the SIS regs. The Government said the changes will implement a recommendation of the Super System Review. It said that MySuper fees rules, which are to commence on 1 July 2013, will help protect members from unnecessary fees and charges. The rules will require that all MySuper members be charged fees on the same basis with respect to their MySuper interest. However, it said this requirement cannot be met at the same time as the member protection standards, which require fees for small balances to not exceed the investment earnings on the overall account. The draft regs when finalised are proposed to commence on 1 July 2013.
COMMENTS are due by 13 February 2013.
[LTN 11, 17/1/13]