King & Wood Mallesons

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New bill to require merger of multiple superannuation accounts

A new bill before Parliament would require trustees of superannuation funds to merge multiple superannuation accounts held by the same member. The obligation would apply from 1 July 2013.

The Bill is the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013. If passed it will amend the Superannuation Industry Supervision Act 1993 (SIS Act) to require trustees to establish rules about when and how multiple superannuation accounts must be merged. The amendment does not specify how the trustee must establish the rules, and there is no requirement that the rules be contained in the fund’s governing rules.

The Bill includes several improvements on the exposure draft, including the replacement of the obligation to merge multiple “superannuation interests” with an obligation to merge “superannuation accounts”. It is possible that a member will have multiple accounts while having only one interest…

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