Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Corporations Regulations 2001

70   Clause 3 of Schedule 10D

Repeal the clause, substitute:

3 Contents of section 1 (About [name of superannuation product])

(1) Section 1 of the Product Disclosure Statement must:

(a) describe, in the form of a summary, the superannuation entity and the MySuper products and other investment options offered by the entity; and

(b) include a statement of where, on the entity’s website, the member can find:

(i) the product dashboard for each MySuper product and choice product in the entity; and

(ii) each trustee and executive remuneration disclosure for the entity, and any other document that must be disclosed for the entity under the SIS Regulations; and

(c) a statement describing the entity’s process for transitioning each member whose interest includes an accrued default amount from an existing default option to a MySuper product by 1 July 2017.

(2) Paragraph (1)(c) applies until the earlier of:

(a) 1 July 2017; and

(b) the day on which the entity has attributed each accrued default amount in the entity to a MySuper product.

Note: Putting the information mentioned in paragraph (1)(b) onto the superannuation fund’s website does not amount to adding the information to the Product Disclosure Statement.