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Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012

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2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011

 

 

(1)     Schedule 1, item 6, page 4 (line 4), after “29T”, insert “or satisfies the provisions of section 29TB”.

[definition of MySuper product]

(2)     Schedule 1, item 9, page 9 (line 14), omit “or 29TB”.

[authority to offer MySuper product]

(3)     Schedule 1, item 9, page 9 (line 19), omit “or 29TB”.

[authority to offer MySuper product]

(4)     Schedule 1, item 9, page 10 (line 33) to page 11 (line 5), omit paragraph 29TB(1)(b), substitute:

                     (b)  that employer is a large employer in relation to the fund (see subsection (2)); and

[MySuper products for large employers]

(5)     Schedule 1, item 9, page 11 (line 28) to page 12 (line 4), omit subsection 29TB(2), substitute:

             (2)  An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more employees of the employer, or an associate of the employer, at the time the beneficial interest in that class is first issued and at the end of each annual reporting period.

[MySuper products for large employers]

(6)     Schedule 1, item 9, page 12 (after line 4), at the end of section 29TB, add:

             (3)  An RSE licensee with a MySuper authorisation must report the details of MySuper products for large employers to APRA on an annual basis. APRA may disallow a large employer MySuper product at any time where it does not comply with subsection 29TB(2).

[MySuper products for large employers]

(7)     Schedule 1, item 9, page 14 (line 25) to page 15 (line 3), omit paragraph 29U(2)(b).

[cancelling authority to offer MySuper product]

(8)     Schedule 1, item 9, page 18 (after line 24), after subsection 29VA(2), insert:

          (2A)  An administration fee must not include any fee for personal advice (as defined by subsection 766B(3) of the Corporations Act 2001 ) except for personal advice solely in relation to a member’s beneficial interest in the fund.

[charging rules]

(9)     Schedule 1, item 9, page 21 (line 10), omit “sections 29TB and”, substitute “section”.

[authority to offer MySuper product]

(10)   Schedule 1, item 12, page 25 (line 12) to page 26 (line 15), omit the item.

[applications for authority to offer a MySuper product for a large employer]