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Australian Government - Stronger Super website

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012

On 8 September 2012, the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was granted Royal Assent. The Act expands the covenants for registrable superannuation entity (RSE) licensees, applies new trustee duties to trustees of an RSE that offers a MySuper product and applies personal duties to the directors of corporate trustees in their own right. It also introduces the power for APRA to make prudential standards in relation to superannuation.

The Explanatory Memorandum is available.

Schedule 1 – Trustee obligations commences on 1 July 2013.

Schedule 2 – Prudential standards commenced on 9 September 2012.