Legislation Update: Superannuation Legislation Amendment (Further Measures) Bill 2012

The Superannuation Legislation Amendment (Further Measures) Bill 2012 is open for consultation and comments in the Federal Parliament as at 18 October. The Bill is the fourth part of legislation implementing the government’s MySuper and governance reforms as part of Stronger Super.

The Bill makes amendments relating to:

• The use of specific service providers;

• Infringement notices;

• Trustees providing reasons for their decisions;

• An increase in the time limit for members to lodge complaints with the Superanuation Complaints Tribunal;

• Restricting voting prohibitions;

• Resource and risk requirements for dual regulated entities;

• Seeking leave from the Court before bringing action against an individual director for a breach of their duties;

• Extending the defence of having acted with reasonable precaution to cover breaches of MySuper obligations;

• Consequential amendments.

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