ARTICLE · 27 FEBRUARY 2011

Superannuation Update

DLA Piper Australia

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On 16 December 2010 the Assistant Treasurer issued a paper entitled 'Stronger Super' in response to the 36 pages of recommendations in the Super System Review Final Report delivered on 30 June 2010. The key recommendation, that there be a separately regulated, simple, low cost product, is to be adopted. Various trustee governance recommendations are to be reviewed, although some have been rejected outright

AustraliaEmployment and HR

Peter Charteris

STRONGER SUPER

On 16 December 2010 the Assistant Treasurer issued a paper entitled 'Stronger Super' in response to the 36 pages of recommendations in the Super System Review Final Report delivered on 30 June 2010. The key recommendation, that there be a separately regulated, simple, low cost product, is to be adopted. Various trustee governance recommendations are to be reviewed, although some have been rejected outright.

There is to be increased reporting.

The key elements of the SuperStream recommendations, dealing with the streamlining of aspects of fund administration, are to be adopted.

There are to be some changes to the regulation of self managed superannuation funds.

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