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ARTICLE · 05 MAY 2013

Draft Regulations Released For MySuper And Governance Measures

Corrs Chambers Westgarth
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The draft regulations provide details to effect changes contained in the 4 tranches of the Stronger Super legislation.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

On 30 April 2013, the Government released exposure draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 to prescribe details supporting the measures contained in the 4 tranches of the Stronger Super legislation.

BACKGROUND

As part of the Government's Stronger Super reforms, the Government introduced a new low-cost default superannuation product called 'MySuper' which will be offered from 1 July 2013 and announced governance measures intended to heighten the obligations of superannuation trustees in managing superannuation fund assets.

The reforms relating to MySuper and governance measures were divided into four tranches of legislation, three of which have received Royal Assent and are now law and as at the date of this Corrs In Brief, the fourth and final tranche is still before Parliament.

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