Skip to content
Skip to main menu
Australian Government - Stronger Super website

Exposure Draft – Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012

On 3 November 2011, the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was introduced. That Bill provided 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.

This exposure draft contains the second tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms, including expanding the covenants for registrable superannuation entity (RSE) licensees, applying new trustee duties to trustees of an RSE that offers a MySuper product and applying personal duties to the directors of corporate trustees in their own right.  It also provides details of the power for APRA to issue prudential standards in relation to superannuation.

Further Stronger Super changes will be released in subsequent tranches of legislation.

Consultation Documents

  PDF RTF
Exposure Draft 85KB 4.8MB
Explanatory Memorandum 257KB 627KB

Submissions

Submissions for this consultation closed on Friday, 13 January 2012.

Fifteen submissions were received in response to this consultation. Eleven of these are public submissions and four are confidential. The public submissions are listed below.

  PDF RTF
Australian Institute of Company Directors 4.2MB n/a
Australian Institute of Superannuation Trustees 333KB 40MB
AMP 286KB n/a
Association of Superannuation Funds of Australia 76KB n/a
Corporate Super Association 61KB 256KB
Financial Services Council 284KB 1.5MB
Law Council of Australia 131KB 195KB
Mallesons Stephen Jaques 112KB 2.7MB
Mercer 193KB 311KB
Professional Financial Solutions 135KB 23MB
Superannuation Complaints Tribunal 36KB 211KB

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