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Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

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2019

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

THE SENATE

 

 

Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

 

 

Schedule of the amendments made by the Senate

 

 

 

 

 

(1)     Govt (1) [Sheet TW114]

Schedule 1, item 1, page 3 (line 15), omit “1 July 2019”, substitute “1 November 2019”.

(2)     Govt (2) [Sheet TW114]

Schedule 1, item 1, page 4 (after line 13), at the end of subsection 68AAB(4), add:

               ; or (e)  a member to whom the dangerous occupation exception applies (see section 68AAF).

(3)     Govt (3) [Sheet TW114]

Schedule 1, item 1, page 5 (after line 29), at the end of subsection 68AAC(4), add:

               ; or (e)  a member to whom the dangerous occupation exception applies (see section 68AAF).

(4)     Govt (4) [Sheet TW114]

Schedule 1, page 5 (after line 35), after item 3, insert:

3A  After section 68AAE

Insert:

68AAF   Dangerous occupation exception

             (1)  The dangerous occupation exception applies to a member of a regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if:

                     (a)  the trustee or trustees of the fund make an election under this section that members holding that product will be covered by a dangerous occupation exception if they are employed in an occupation specified in the election; and

                     (b)  the election is in force; and

                     (c)  the member is employed in an occupation specified in the election; and

                     (d)  it is reasonable to expect that some or all of the contributions paid into the product will be paid in respect of that employment.

             (2)  The trustee, or trustees, of a regulated superannuation fund may elect that members holding a choice product or MySuper product specified in the election are covered by a dangerous occupation exception if they are employed in an occupation specified in the election and either:

                     (a)  a Fellow of the Institute of Actuaries of Australia has certified that:

                              (i)  based on rates of death, or death and total and permanent disability; and

                             (ii)  using information from the most recent 5 years in relation to Australian occupations;

                            the occupation is in the riskiest quintile of Australian occupations; or

                     (b)  the occupation is as an emergency services worker (as defined for the purposes of the Work Health and Safety Act 2011 ).

             (3)  The election must be made in writing.

             (4)  The election is in force during the period:

                     (a)  beginning on the day on which a copy of the election is given to APRA; and

                     (b)  ending on the day on which the trustee, or the trustees, of the fund give APRA notice in writing that the election is withdrawn.

             (5)  As soon as practicable after the election is made, a copy of the election must be:

                     (a)  published on the trustee’s, or each trustee’s, website; and

                     (b)  given to APRA.

             (6)  Within 28 days of the dangerous occupation exception applying to a member of the fund, the trustee or trustees must give the member:

                     (a)  a notice in writing stating that the trustee or trustees have elected to treat the member’s occupation as a dangerous occupation, and are providing the benefit under the choice product or MySuper product by taking out or maintaining insurance; and

                     (b)  details of the annual cost to the member of providing the benefit under the choice product or MySuper product by taking out or maintaining insurance; and

                     (c)  details of how the member may elect to have the benefit cease.

             (7)  To avoid doubt, nothing in this section affects the obligations of a trustee under the covenants referred to in section 52, or of a director of a corporate trustee under the covenants referred to in section 52A.

Note:          For example, under paragraph 52(7)(c) each trustee is subject to a covenant to only offer or acquire insurance of a particular kind, or at a particular level, if the cost of the insurance does not inappropriately erode the retirement income of beneficiaries.

(5)     Govt (5) [Sheet TW114] ( As amended by PHON (1) [Sheet 8766] )

Schedule 1, item 8, page 7 (lines 5 and 6), omit “1 October 2019”, substitute “1 April 2020”.

(6)     Govt (6) [Sheet TW114]

Schedule 1, item 8, page 7 (line 7), omit “ 1 July 2019 ”, substitute “ 1 November 2019 ”.

(7)     Govt (7) [Sheet TW114]

Schedule 1, item 8, page 7 (line 11), omit “1 July 2019”, substitute “1 November 2019”.

(8)     Govt (8) [Sheet TW114]

Schedule 1, item 8, page 7 (line 14), omit “1 August 2019”, substitute “1 December 2019”.

(9)     Govt (9) [Sheet TW114] ( As amended by PHON (2) [Sheet 8766] )

Schedule 1, item 8, page 7 (line 18), omit “1 October 2019”, substitute “1 April 2020”.

(10)   Govt (10) [Sheet TW114]

Schedule 1, item 8, page 7 (line 23), omit “1 July 2019”, substitute “1 November 2019”.

(11)   Govt (11) [Sheet TW114]

Schedule 1, item 8, page 8 (line 9), omit “1 July 2019”, substitute “1 November 2019”.

(12)   Govt (12) [Sheet TW114]

Schedule 1, item 8, page 8 (line 20), omit “ 1 July 2019 ”, substitute “ 1 November 2019 ”.

(13)   Govt (13) [Sheet TW114]

Schedule 1, item 8, page 8 (line 24), omit “1 July 2019”, substitute “1 November 2019”.

(14)   Govt (14) [Sheet TW114] ( As amended by PHON (3) [Sheet 8766] )

Schedule 1, item 8, page 8 (line 27), omit “1 October 2019”, substitute “1 April 2020”.

(15)   Govt (15) [Sheet TW114]

Schedule 1, item 8, page 8 (line 30), omit “1 July 2019”, substitute “1 November 2019”.

(16)   Govt (16) [Sheet TW114] ( As amended by PHON (4) [Sheet 8766] )

Schedule 1, item 9, page 9 (line 13), omit “1 October 2019”, substitute “1 April 2020”.

 

 

 

 

 

Richard Pye

Clerk of the Senate

 

 

The Senate

19 September 2019