MySuper is a new, low cost superannuation product introduced by the Australian Labor government. The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was passed by the House of Representatives with support from the Parliament. The bill includes provisions for transitioning to the MySuper products.
Close to $1.3 trillion of hard working Australians' retirement money is managed by the superannuation industry. A joint statement issued by various industry bodies after the passage of the bill said that despite differing views, the industry and the government had managed to negotiate a suitable outcome and laws had been enacted that are amiable to the interests of all parties involved.
Minister for Financial Services and Superannuation, Bill Shorten said that the passage of the new laws was a 'big win' for consumers and praised the industry for its efforts in bringing such a law to fruition.
He said protecting consumers' interests was the government's first priority and he was happy that that industry had worked with the government constructively to achieve the goal.
Speaking on the new developments, a spokesperson from i3 Group said that by the new provisions, superannuation funds will have to publish their portfolio holdings twice every year, on their website. The Australian Prudential Regulation Authority will also publish data concerning fees, costs and returns on MySuper products.
The new laws will ensure transparency in the superannuation industry. They seek to strike a balance between protecting industry interests and respecting investment decisions taken by individuals.
Apart from this, the final tranche involving the Stronger Super laws was also introduced in the form of The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012.
This legislation introduced by Minister Bill Shorten, places an obligation on trustees to enter arrangements which are in their consumers' best interests. i3 Group says that if this bill is passed, consumers can obtain information on decisions that may affect them. The time limit to lodge a complaint with the Superannuation Complaints Tribunal has also been increased.
i3 Group provides superannuation payment services also. Here the company calculates and disburses amounts to superannuation funds. Payments to self managed funds can also be arranged.
About i3 Group
i3 Group is a specialist payroll outsourcing company ( http://www.i3group.com.au/
Phone: (+613) 8340 1600