Last minute changes to MySuper legislation proceeded its passing through the House of Representatives yesterday.
Responding to industry pressure, the Government has included lifecycle investment options as eligible MySuper products and pushed back the start date on compulsory MySuper contributions for employers.
Minister for Financial Services and Superannuation Bill Shorten said the legislation made good on the Gillard Government's commitment to Australia's retirement savings.
"It reflects the Gillard Government's commitment to improving the efficiency, competition, transparency and governance arrangements for the superannuation industry," he said.
ASFA said changes were in response to suggestions the industry body had made.
While ASFA lobbied for the compulsory MySuper start date to be moved from 1 October 2013 to 1 July 2014, employers will begin making the contributions on 1 January 2014.
ASFA president Pauline Vamos said changing the implementation date would assist employers and funds to adapt to the new MySuper environment.
She likened MySuper to the Heart Foundation tick awarded to foods that pass a number of nutrition standards.
"It is an indication to consumers that the product meets a host of demanding requirements set by government for default superannuation," Vamos said.
