On 3 November 2011, the House of Representatives referred the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 to the Parliamentary Joint Committee on Corporations and Financial Services for inquiry and report.
The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 forms part of the Government’s proposed Stronger Super reforms. The reforms include the establishment of the ‘My Super’ default superannuation product, which is intended to replace existing default products. As outlined in the Explanatory Memorandum to the Bill, the Bill:
- defines ‘MySuper’ products;
- limits regulated superannuation funds to offering only one MySuper products, except in certain circumstances;
- establishes the requirements by which registrable superannuation entity licensees may apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product;
- determines the rules on the payment of contributions and account transfers for MySuper products; and
- governs the fees that mat be charged to members of a MySuper product.
Submissions should be made by 20 January 2012. It is preferred that submissions be made in electronic form online but they can also be made by email to corporations.joint@aph.gov.au as an attached Adobe PDF or MS Word format document with full postal address and contact details, or written submissions may be posted in hard copy to the Committee’s address below.
Parliamentary Joint Committee on Corporations and Financial Services
Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
The committee has resolved to report by 21 March 2012.
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