Rob Kardashian, Emilio Estevez, Luke Hemsworth, Dannii Minogue,
Trevor Chappell. Sometimes it is hard to avoid being overshadowed
by more famous, more glamorous siblings.
The covenant in section 52(12) of the Superannuation
Industry (Supervision) Act 1993 (Cth) (SIS
Act) must be feeling that same sense of bewilderment and
neglect. Ever since 2019, when it was moved from section 29VN where
it held the spotlight as the centrepiece of the enhanced trustee
duties in relation to MySuper products, it has receded from focus
to the point where few people even remember it is
there.1 The covenant in section 52(12) was not
referenced in the recent applications made by the RSEs of
profit-for-members funds to amend their deeds in light of the
amendment to section 56(2) of the SIS Act. Nor has it been
mentioned nor in public discussion about the pressure on RSE
licensees to merge 'uncompetitive' funds. It has all been
about its section 52(2)(c) sibling.
