Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 4   Modern awards and enterprise agreements

Part 2   Transitional

13   Section 29WA of SIS Act not apply to contributions made under certain enterprise agreements

(1) This item applies if:

(a) an enterprise agreement is approved by FWA before 1 January 2014; and

(b) at the time the agreement is approved by FWA, the agreement includes a term that has the effect of requiring or permitting contributions, for the benefit of an employee (the relevant employee ) covered by the agreement who is a default fund employee, to be made to a superannuation fund or scheme that is specified in the agreement but does not satisfy one of the following:

(i) it is a fund that offers a MySuper product;

(ii) it is a fund or scheme of which the relevant employee, and each other default fund employee in relation to whom contributions are made to the fund or scheme by the same employer as the relevant employee, is a defined benefit member;

(iii) it is an exempt public sector superannuation scheme; and

(c) on or after 1 January 2014, one or more contributions (the relevant contributions ) are made to the fund or scheme under, or in accordance with, the agreement.

(2) Section 29WA of the SIS Act does not apply to the relevant contributions.

(3) In this item:

default fund employee has the same meaning as in the Fair Work Act 2009.

defined benefit member has the same meaning as in the Superannuation Guarantee (Administration) Act 1992.

enterprise agreement has the same meaning as in the Fair Work Act 2009.

exempt public sector superannuation scheme has the same meaning as in the SIS Act.

FWA has the same meaning as in the Fair Work Act 2009.

MySuper product has the same meaning as in the SIS Act.

SIS Act means the Superannuation Industry (Supervision) Act 1993.