Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Superannuation Industry (Supervision) Act 1993
  to: require registrable superannuation entities to elect not to charge commissions in respect of amounts held in a MySuper product; make rules governing the charging for financial advice including intrafund advice and the general fee rules to apply to regulated superannuation funds and approved deposit funds; require trustees to transfer certain existing balances of members to MySuper; and require trustees to obtain authorisation from the Australian Prudential Regulation Authority (APRA) to operate an eligible rollover fund;
Superannuation Guarantee (Administration) Act 1992
  and
Superannuation Industry (Supervision) Act 1993
  to: require trustees to provide minimum levels of life and total and permanent disability insurance to members on an opt-out basis; and allow exceptions from MySuper for members of defined benefit funds;
Australian Prudential Regulation Authority Act 1998
,
Corporations Act 2001
,
Financial Sector (Collection of Data) Act 2001
  and
Superannuation Industry (Supervision) Act 1993
  to: expand the coverage of APRA’s data collection; enable the publication of MySuper product data; and require certain information to be published;
Fair Work Act 2009
,
Superannuation Guarantee (Administration) Act 1992
  and
Superannuation Industry (Supervision) Act 1993
  to allow only funds that offer a MySuper product and exempt public sector superannuation schemes to be eligible as default funds in modern awards and enterprise agreements; and
Retirement Savings Accounts Act 1997
,
Superannuation Guarantee (Administration) Act 1992
  and
Superannuation Industry (Supervision) Act 1993
  to make consequential amendments. 

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Progress

House of Representatives
19 Sep 2012Introduced and read a first time
19 Sep 2012Second reading moved
26 Nov 2012Second reading debate
28 Nov 2012Second reading debate
28 Nov 2012Second reading agreed to
28 Nov 2012Consideration in detail debate

Amendment details: 17 Government agreed to
28 Nov 2012Third reading agreed to
Senate
29 Nov 2012Introduced and read a first time
29 Nov 2012Second reading moved
29 Nov 2012Second reading debate
29 Nov 2012Second reading agreed to
29 Nov 2012Third reading agreed to


29 Nov 2012Text of bill as passed both Houses
03 Dec 2012Assent

Act no.: 171

Year: 2012

Documents and transcripts

Text of bill

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Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
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House of Representatives
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Schedules of amendments

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Committee Information

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Bills Digest

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Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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