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ARTICLE · 28 FEBRUARY 2023

Square pegs, round holes: The 90-day MySuper transfer requirement

Holding Redlich
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APRA released a discussion paper, where it proposed several changes to trustee obligations for successor fund transfers.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
Michael O'Connor
Michael O'Connor
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On 10 November 2022, APRA released its discussion paper 'Superannuation transfer planning: Proposed enhancements' (Discussion Paper), proposing several changes to trustee obligations for successor fund transfers (SFTs). APRA is seeking comments by 10 March 2023.

There is a lot to absorb in the Discussion Paper. However, we thought it was a timely reminder that, back in 2012/2013, when trustees were preparing their MySuper authorisations (which was no small feat), trustees were required, under SIS section 29SAB, to give effect to what may be a transfer of MySuper members within a 90-day period, if their MySuper authorisations are cancelled.

SIS section 29SAB

This requirement is somewhat unclear because section 29SAB is ambiguous by virtue of only its heading, stating a MySuper transfer requirement, whilst the section's law refers to a different requirement – being the requirement for trustees, who have their MySuper authorisation cancelled, to take

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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