Shorten introduces final tranche of MySuper
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.
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