The final tranche of legislation implementing MySuper and governance elements of the Stronger Super reforms has been introduced by the Minister for Financial Services and Superannuation, Bill Shorten.
The 'Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012' overrides "any provisions in a fund's governing rules that stipulate that the trustee must use specified service providers or only invest in or through specified entities," Shorten said.
The legislation implements the remaining Stronger Super governance changes including increasing time limits for lodging complaints with the Superannuation Complaints Tribunal and providing super members with better access to information in relation to decisions that affect them.
"This legislation will ensure a trustee is obliged to enter into arrangements which are in the best interests of members," he said.
The bill also responds to concerns raised in relation to director liability, including better balancing the rights of super fund members and protecting directors and trustees from "frivolous and vexatious litigation", Shorten said.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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