Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)
Schedule 1 Annual outcomes assessment
Superannuation Industry (Supervision) Act 1993
10 After section 55C
Insert:
55D Governing rules void to the extent that they are inconsistent with obligations in relation to annual outcomes assessments and MySuper products
A provision of the governing rules of a regulated superannuation fund is void to the extent that it is inconsistent with:
(a) a covenant referred to in subsection 52(9), (12) or (13) that is contained, or taken to be contained, in the governing rules of the fund; or
(b) if the trustee of the fund is a body corporate - a covenant referred to in paragraph 52A(2)(f) that is contained, or taken to be contained, in the governing rules of the fund, to the extent that the covenant relates to a covenant referred to in subsection 52(9), (12) or (13).
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