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ARTICLE · 26 JANUARY 2013

MySuper and last minute changes to Tranche 3

Hall & Wilcox
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The end of 2012 saw a number of further developments on the MySuper front.

AustraliaEmployment and HR
Pamela McAlister
Pamela McAlister
John Sudano
John Sudano

The end of 2012 saw a number of further developments on the MySuper front. Some of the last minute changes made to Tranche 3 of the Government's Stronger Super reforms may seem minor on an initial reading but this article discusses how those quick changes can affect a superannuation fund's MySuper offering.

Background

The Superannuation Amendment (Further MySuper and Transparency Measures) Act 2012 (Tranche 3 of the legislation implementing Stronger Super reforms) received Royal Assent on 3 December 2012.

Tranche 3 contains detail around fee charging rules, dashboard and portfolio holding disclosure as well as moving accrued default amounts and the need for superannuation funds to provide MySuper members with permanent incapacity and death benefit insurance cover on an opt-out basis.

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