King & Wood Mallesons

Asia-Pacific 100 position: 3

Draft MySuper regulations released

The exposure draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 sets out the proposed requirements for ‘product dashboards’ for MySuper products; disclosing information relating to superannuation fund investments (portfolio holdings); and disclosing information about executive officer remuneration and the fund.

Amendments will also be made to PDS content requirements for superannuation products. There are also amendments to requirements relating to actuarial standards and defined benefit funds and other minor amendments including some changes to periodic statements, and additional information that trustees must give to APRA. This includes written notice of a trustee’s decision to transfer a member’s benefits from the fund, without the member’s consent. While this is intended to capture a decision to effect a successor fund transfer, it could also capture a decision to transfer a member’s accrued default amount to another fund or to transfer a member’s benefit to an eligible rollover fund…

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