The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 was introduced into the House of Reps on Thur 29.11.2012.
The Bill contains what the Minister for Superannuation said was the 4th and final tranche of the MySuper and governance measures as part of the Stronger Super reforms.
- The Bill proposes to make amendments to over-ride a superannuation fund’s governing rules to the extent they require a trustee to use a specified service provider.
- The Bill will also subtly amend the test which will restrict trustees from applying contributions to choice products (instead of MySuper products).
- In addition, the Bill will make amendments relating to: infringement notices;
- trustees providing reasons for their decisions;
- an increase in the time limit to lodge complaints with the Superannuation Complaints Tribunal (SCT);
- restricting voting prohibitions;
- dual regulated entities;
- seeking leave to bring actions for breaches of directors’ duties and the defence covering breaches of MySuper obligations.
DATE OF EFFECT: The amendments will generally commence on 1 July 2013 (or 1 July 2015 for those relating to dual regulated entities).
[LTN 232, 29/11]
Bill referred to Joint Committee for report
The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 has been referred to the Parliamentary Joint Committee on Corporations and Financial Services for report.
[LTN 233, 30/11]