Title Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
Database Amendments
Date 18-06-2020 10:41 AM
Source Senate
System Id legislation/amend/r6447_amend_e40a8500-7e7d-4369-b894-4f4fb6ebef82


Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019

 

8871 revised 2

2019‑2020

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019

 

 

(1)     Schedule 1, page 3 (before line 5), before the heading specifying Superannuation Guarantee (Administration) Act 1992, insert:

Fair Work Act 2009

1A  At the end of section 187

Add:

Requirement relating to restrictions of choice of superannuation fund

             (7)  If the agreement includes a restriction on the choice of superannuation fund or funds available to employees, the FWC must be satisfied that the restriction is in the interests of the employees who will be covered by the agreement.

             (8)  For the purposes of considering whether the restriction is in the interests of the employees, the FWC must consider:

                     (a)  the extent to which the employers who will be covered by the agreement have complied, or are likely to comply, with the requirements of the Superannuation Guarantee (Administration) Act 1992; and

                     (b)  the features of the proposed default superannuation fund or funds, including matters such as insurance; and

                     (c)  any other relevant matters.

[choice of fund]

(2)     Schedule 1, item 6, page 4 (lines 3 and 4), omit the item, substitute:

6  Paragraph 32C(6)(h)

Repeal the paragraph, substitute:

                     (h)  an enterprise agreement:

                              (i)  made before 1 July 2020; or

                             (ii)  if the agreement includes a restriction on the choice of superannuation funds—made on or after 1 July 2020; or

                            (iii)  to which subsection (6AAA) applies; or

[choice of fund]

(3)     Schedule 1, item 7, page 4 (before line 7), before subsection 32C(6AA), insert:

    (6AAA)  For the purposes of subparagraph (6)(h)(iii), this subsection applies to an enterprise agreement that provides for an employee to join a fund in relation to which:

                     (a)  the employee is eligible to become a defined benefit member; and

                     (b)  either or both of the following are satisfied:

                              (i)  the governing rules of the fund permit the employee, within a period specified within those rules, to choose not to remain a defined benefit member;

                             (ii)  the employee may choose another fund.

[choice of fund]

 (4)    Schedule 1, page 4 (after line 16), at the end of the Schedule, add:

8  At the end of section 32F

Add:

             (4)  A fund (the selected fund) cannot become a chosen fund for an employee or a person who will become an employee under this section if the person has become or is eligible to become a defined benefit member pursuant to an arrangement of the kind referred to in subsection 32C(6).

9  Subsection 32NA(2)

After “An employer is not required under section 32N to give an employee”, insert “or a person who is eligible to become an employee”.

10  Paragraph 32NA(2)(a)

After “the employer is making”, insert “or will make”.

11  Paragraph 32NA(2)(b)

After “the contributions are made”, insert “or will be made”.

12  Subsection 32NA(9)

After “An employer is not required under section 32N to give an employee”, insert “or a person who is eligible to become an employee”.

13  Paragraph 32NA(9)(a)

After “the employee is”, insert “or will become”.

[choice of fund]