New Bill Raises the Standard for those Managing Australians’ Superannuation

New Bill

New Bill Raises the Standard


From the minister’s announcement – Minister for Financial Services and Superannuation, Bill Shorten, welcomed the passage of legislation through the Parliament last night that raises the standard for those managing Australians’ superannuation savings, as well as closing a regulatory gap by giving APRA the same powers over superannuation funds that it has over banks and insurance companies.

The Bill:

  • Requires a trustee to put the interests of members of funds first at all times;
  • Clearly identifies the duties that apply to directors of superannuation funds, including acting honestly and in the best interests of members; and
  • Includes a power for APRA to make prudential standards for superannuation.

The measures contained in the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 implement changes recommended by the Cooper review into the governance, efficiency, structure and operation of Australia’s superannuation system.

This important legislation passed, despite the Coalition voting against it.

“I am disappointed that the Coalition voted against legislation that raises the bar for superannuation trustees including those overseeing industry funds, corporate funds and retail funds,” Mr Shorten said.

“The Coalition is all talk and no walk when it comes to superannuation governance.”

“The changes demonstrate the Government’s determination to improve trust and transparency in superannuation as we increase universal superannuation from 9 to 12 per cent.”

The prudential standards provisions, which will provide APRA with greater flexibility to adapt to industry developments, will apply from the day after Royal Assent. The enhancements to trustee obligations will apply from 1 July 2013.


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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