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…
If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The New Companies Ordinance (NCO) will come into effect on 3 March 2014. It includes changes that affect the way documents may be executed.
Analysis from The Lawyer
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast
All-encompassing change is now a reality for the UK’s top 200 firms. How are they coping with the unprecedented upheaval? The Lawyer finds out