Superannuation choice update

Prior to Parliament being prorogued the Government introduced two bills into Parliament dealing with superannuation fund choice and disclosure. Background.

While both Bills have lapsed they may still be passed in the next session of Parliament, before the anticipated election.

Superannuation Legislation Amendment (Choice of Fund) Bill 2016

If the Superannuation Legislation Amendment (Choice of Fund) Bill 2016 is passed, it will amend the Superannuation Guarantee (Administration) Act 1992 to ensure employees under new workplace determinations or enterprise agreements that are made from 1 July 2016 have an opportunity to separately choose their superannuation fund.

Superannuation Legislation Amendment (Transparency Measures) Bill 2016

The Superannuation Legislation Amendment (Transparency Measures) Bill 2016 makes amendments to the Corporations Act 2001 to increase the information available to superannuation fund members and employers through choice product dashboards and portfolio holdings disclosure.

It is intended to commence from 1 July 2017.

UPDATE 16 May 2016
ASIC Class Order [CO 14/443]
This instrument provides relief to defer the operation of the product dashboard requirements for choice products and the portfolio holdings disclosure requirements. The commencement date of the choice product dashboard regime has been extended by 12 months to 1 July 2017 and the first reporting date for portfolio holdings disclosure to 31 December 2017.

ASIC Class Order [CO 14/509]
This class order clarifies the requirement under section 29QB of the Act that superannuation websites must be kept up to date at all times. The start date has been deferred until 1 July 2017 for certain disclosures required under subsection 29QB(1) of the SIS Act for standard employer-sponsored sub-plans, giving RSE licensees enough time to comply with the full requirements of s 29QB.

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