The Government on Thur 18.10.2012, released the Exposure Draft – Superannuation Legislation Amendment (Further Measures) Bill 2012 containing the 4th tranche of the MySuper and governance reforms.
The Draft 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. However, if the costs of changing from the current service provider outweigh potential benefits to members, then it will be possible for trustees to conclude that the arrangement is in the best interests of members and no change will be required.
The Draft Bill will also make various 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; the defence covering breaches of MySuper obligations; and consequential amendments.
DATE OF EFFECT: The amendments will generally commence on 1 July 2013 (except for the changes relating to dual regulated entities which will begin on 1 July 2014).
SUBMISSIONS are due by 2 November 2012.
[LTN 202, 18/10]