- Originating house
- House of Representatives
- Parliament no
- Establishes a framework for the introduction of a default superannuation product (MySuper) to replace existing default products by amending the:
Superannuation Industry (Supervision) Act 1993 to: define MySuper superannuation products; limit regulated superannuation funds to offering only one MySuper product, except in certain circumstances; allow registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product; set out rules on the payment of contributions and account transfers for MySuper products; and set out fees that can be charged to members of a MySuper product; and
Superannuation Guarantee (Administration) Act 1992 to provide that employers make superannuation guarantee contributions on behalf of employees who do not have a chosen fund to a fund that offers a MySuper product.
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