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

Schedule 6   Moving accrued default amounts

Superannuation Industry (Supervision) Act 1993

10   After section 55A

Insert:

55B Governing rules do not prevent giving effect to certain elections

A provision in the governing rules of a regulated superannuation fund is void to the extent that it would prevent a trustee or trustees of the fund from giving effect to:

(a) an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or

(b) an election made in accordance with section 29SAB (election to transfer assets attributed to a MySuper product if authorisation cancelled); or

(c) a requirement in regulations made for the purposes of subsection 29SAA(3).

55C Governing rules do not prevent transfer from pre-MySuper default option to MySuper product

(1) A provision of the governing rules of a regulated superannuation fund is void to the extent that it would prevent a trustee or trustees of the fund from attributing an amount to a MySuper product for a member, instead of attributing the amount to a pre-MySuper default option.

(2) A pre-MySuper default option , in relation to an amount attributed to a member of a regulated superannuation fund, is an investment option under which an asset (or assets) of the fund attributed to the member in relation to the amount would be invested, under the governing rules of the fund, if the member gave no direction in relation to the amount.