Stronger Super – MySuper draft legislation released

On 12 December 2011, the government released the second tranche of legislation for its Stronger Super (MySuper and governance) reforms, entitled 'Exposure Draft – Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2011'.

The Exposure Draft includes proposals 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. The draft legislation also provides details of the power for the Australian Prudential Regulatory Authority (APRA) to issue prudential standards in relation to superannuation.

The Exposure Draft and Explanatory Material are available on Treasury’s Stronger Super website.

Comments are invited on the exposure draft legislation and explanatory material. If you wish to contribute to the Institute’s submission, please forward comments to superannuation@charteredaccountants.com.au by Friday 6 January 2012.

Article last updated 23 December 2011