Fair Work Amendment Act 2012 (174 of 2012)

Schedule 1   Default superannuation

Fair Work Act 2009

9   At the end of Division 4 of Part 1-2

Add:

23A Terms relating to superannuation

(1) A generic MySuper product is a MySuper product that is not a tailored MySuper product or a corporate MySuper product.

(2) A tailored MySuper product is a MySuper product in relation to which section 29TB of the Superannuation Industry (Supervision) Act 1993 is satisfied.

(3) A corporate MySuper product is a MySuper product that is offered by a superannuation fund that:

(a) is a standard employer-sponsored fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); and

(b) is not a public offer superannuation fund (within the meaning of that Act); and

(c) has:

(i) one standard employer-sponsor (within the meaning of that Act); or

(ii) 2 or more standard employer-sponsors (within the meaning of that Act) that are associates of each other for the purposes of that Act.

(4) A reference in this Act to a superannuation fund doing a thing in relation to a matter (for example, offering a MySuper product or making an application or submission) is a reference to the RSE licensee (within the meaning of the Superannuation Industry (Supervision) Act 1993) of the fund doing that thing.