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ARTICLE · 07 MARCH 2014

Superannuation funds need to prepare for Fair Work Commission Review

Holding Redlich
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Superannuation funds must offer a MySuper product to be eligible for selection as a default fund in a modern award.

AustraliaFinance and Banking
Jenny Willcocks
Jenny Willcocks
Charles Power
Charles Power
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Most participants in the Australian superannuation sector will be aware the Fair Work Commission (FWC) is undertaking a review (Review) of default superannuation funds under the Fair Work Act 2009 (Cth) (FW Act) which will result in the FWC selecting default funds in modern awards. Superannuation funds must be authorised by APRA to offer a MySuper product to be eligible to apply for selection as a default fund in a modern award. Superannuation funds wanting to retain their existing status, or become a default fund should be considering their position concerning the Review. Although the Federal Government is considering changes to this new process as indicated in the Discussion Paper, Better regulation and governance, enhanced transparency and improved competition in superannuation, at this stage funds cannot afford to assume the process will not proceed at least in part. A timetable has as yet not been released by the FWC.

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