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Super Reforms Timeline – MySuper

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Super Reforms Timeline

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Super Reforms

Important considerations for trustees in 2012

Cooper Review
Detailed information on the Review and ASFA's submission.

Related External links:

Stronger Super website
Government's response to the Super System Review.

ATO website Q&A
Assists super funds and their administrators prepare for implementation of various super reforms.

Date Development Update
2011
21 Sep 2011 The Government announces its decisions on key design aspects of the Stronger Super reforms. The Stronger Super Information Pack released by the Government can be accessed here.
3 Nov 2011 The first tranche of MySuper legislation was tabled in Parliament. Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was tabled in Parliament on 3 November 2011 and referred to the Parliamentary Joint Committee (PJC) on Corporations & Financial Services. Access the Bill & Explanatory Memorandum here.
12 Dec 2011 The second tranche of MySuper legislation released as exposure draft. Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was released on 12 December 2012 for comment by 13 January 2013. Access the Bill & Explanatory Memorandum here.
2012
13 Jan 2012 Submissions due to Treasury re second tranche of MySuper legislation Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 ASFA's submission on the second tranche of MySuper is available here.
20 Jan 2012 Submissions due to PJC on Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011. (first tranche) ASFA's submission to the PJC on the first tranche of MySuper is available here.
16 Feb 2012 Second tranche of MySuper legislation tabled in Parliament. Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 tabled on 16 February 2012. Access the Bill as tabled here.
29 Feb 2012 Second tranche of MySuper legislation referred to PJC.  
29 Feb 2012 The Productivity Commission publishes issues paper Default Superannuation Funds in Modern Awards. Access the discussion paper here.
2 Mar 2012 Public hearings to PJC. The PJC transcript is available here.
21 Mar 2012 PJC reports on its deliberations. PJC report to Parliament is available here
27 Apr 2012 Third tranche of MySuper released as an exposure draft with comments due 16 May 2012.

Copies of the Bill and Explanatory Memorandum are available here.

ASFA's submission of 24 May 2012 is available here.
3 May 2012 APRA releases draft prudential standard on MySuper transition and draft MySuper authorisation application.

Access the draft prudential standard and authorisation form here.

Comments closed 29 June 2012.

ASFA's submission of 4 July 2012 is available here.
10 Aug 2012 APRA publishes FAQs on MySuper

See APRA website here.
14 Aug 2012 Second tranche of MySuper – Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 – passed by Parliament and awaits Royal Assent.

Access the second tranche here.
22 Aug 2012 First tranche of MySuper – Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 – passed the House of Representatives with amendments successfully moved by the Government and the Greens.

Access the Government and Greens’ amendment and the supplementary memorandums here.
8 Sep 2012 Second tranche of MySuper – Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 receives Royal Assent Access the Bill and EM here.
19 Sep 2012 Third tranche of MySuper – Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 tabled in Parliament.

Access the Bill and the EM here.

20 Sep 2012 Third tranche of MySuper – Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 referred to the PJC on Corporations and Financial Services.

Access the PJC webpage here. Submissions are due 3 October 2012.
3 Oct 2012 ASFA lodges submission to Parliamentary Joint Committee on Corporations and Financial Services re MySuper Tranche 3. Access the submission here.
3 Oct 2012 APRA releases final MySuper authorisation requirements. Access the requirements here.
9 Oct 2012 Parliamentary Joint Committee on Corporations and Financial Services’ final report re MySuper Tranche 3. The report is listed to be tabled in Parliament on 10 October 2012. Access the report here.
28 Nov 2012 Royal Assent for MySuper Tranche 1 Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 Access the bill here.
29 Nov 2012

MySuper Tranche 4 Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 tabled in Parliament. The bill was subsequently referred to the PJC on Corporations and Financial Services – submissions due 17th January for report 4th February.

The bill:

  • Overrides any provisions in a fund’s governing rules that stipulate that the trustee must use a specific service provider or only invest through in or through specified entities
  • Provides powers to APRA to issue infringement notices as an alternative to criminal prosecution
  • Provide a requirement on trustees to give reasons for decisions
  • Provides more time for members and beneficiaries to lodge complaints with the SCT
  • Enhances requirement for dual regulated entities
  • Makes some amendments to Trance 2 re director liability
 Access the bill here.
3 Dec 2012 Royal Assent for MySuper Tranche 3 Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 Access the bill here.
2013
1 Jan 2013 Applications for MySuper can be lodged from 1 January 2013.
5 Feb 2013 Report by the Parliamentary Joint Committee on Corporations and Financial Services is released regarding Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. Access the report here.
6 Feb 2013 APRA issues updated MySuper FAQs
14 Feb 2013 ASIC releases Q & A that addresses various issues regarding disclosure within MySuper.
28 Feb 2013 APRA releases the final Prudential Practice Guide SPG 410 MySuper Transition for the superannuation industry, together with a response to the submissions received during the consultation process.
Mar 2013 APRA issues Eligible Rollover Funds Draft Prudential Standard SPS450 ERF Transition
1 Mar 2013 Superannuation Legislation Amendment Regulation 2013 (No.1) registered 4 March 2013.

The regulations clarifies MySuper requirements regarding significant event notices, provision of insurance and the transfer of default amounts to a MySuper product in another fund.
22 Mar 2013 Tranche 4 of the MySuper legislation Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 is not passed in the Autumn sittings of Parliament.

See ASFA Action 491 for a summary of the proposed amendments to the Bill.
30 Jun 2013 Applications for tailored MySuper products must be lodged if applicants wish to rely on transitional arrangements that provide relief from 1 January 2014 requirements.
1 Jul 2013 Superannuation funds will be able to offer MySuper products from this date.
2014
1 Jan 2014 Employers must make contributions for employees who have not made a choice of fund to a fund that offers a MySuper product.
1 Jan 2014 Trustees must allocate employer contributions to a MySuper account where the member has not directed the trustee to do otherwise.
14 Jul 2014 Full suite of APRA reports required for MySuper and choice options.
2017
1 Jul 2017 Trustees of superannuation funds offering MySuper products will need to transfer the existing balances of default members to a MySuper product.