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Australian Government - Stronger Super website

Exposure Draft – Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011

On 21 September 2011, the Government announced its decisions on key design aspects of its Stronger Super reforms. A key component of these reforms is the creation of a new simple, low cost default superannuation product called MySuper.

The exposure draft provides the legislative detail around core aspects of MySuper, including the changes to superannuation guarantee requirements, the application process for MySuper, the MySuper authorisation process, the characteristics of a MySuper product and the permitted fees and charging rules associated within a MySuper product. The Explanatory Material (EM) explains, in broad terms, how these reforms will apply to superannuation members, industry and employers.

Remaining MySuper provisions will be released in subsequent tranches of legislation.

Consultation Documents

  PDF RTF
Exposure Draft 76KB 5.3MB
Explanatory Memorandum 348KB 519KB

Submissions

Submissions for this consultation closed on Thursday, 13 October 2011.

Twenty submissions were received in response to this consultation. Fourteen of these are public submissions and six are confidential. The public submissions are listed below.

  PDF RTF
Australian Chamber of Commerce and Industry 724KB n/a
Association of Superannuation Funds of Australia Limited (1) 434KB n/a
Association of Superannuation Funds of Australia Limited (2) 43KB n/a
Australian Institute of Superannuation Trustees 608KB 40MB
Corporate Super Association 84KB n/a
Corporate Super Specialist Alliance 201KB 2.8MB
Financial Planning Association of Australia 391KB n/a
Financial Services Council 587KB n/a
Institute of Actuaries of Australia 51KB n/a
Law Council of Australia 309KB n/a
Mercer 294KB 440KB
Northern Territory Superannuation Office 21KB 54KB
Ratakumar, Ratna 76KB 55KB
Russell Investments 34KB 338KB

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or The Treasury.