The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was passed by the House of Reps on Wed 28.11.2012, with 17 Government amendments and now moves to the Senate.

The Bill is the third tranche of MySuper legislation and proposes measures relating to the transition of accrued default balances to MySuper by 1 July 2017, default funds in modern awards, superannuation fees, providing intra-fund advice, insurance, and the disclosure of executive pay and investments.

The Government amendments made to the Bill:

  • amend the definition of accrued default amounts;
  • exclude the provision of risk insurance from the general requirement of a MySuper product that members are provided with equal access to options, benefits and facilities;
  • clarify that intra-fund advice can only be provided in relation to cash management facilities within the fund;
  • permit funds to require members to opt-out of TPD insurance if they opt-out of life insurance;
  • amend the requirements in relation to the product dashboard that must be published on a fund’s website.

[LTN 232, 29/11]

Bill passed and awaits Royal Assent

The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was passed by the Senate without amendment on Thur 29.11.2012 and now awaits Royal Assent.

[LTN 233, 30/11]