The Government has released an Exposure Draft – Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 for consultation.

The 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.