Treasury Laws Amendment (Your Future, Your Super) Act 2021 (46 of 2021)

Schedule 2   Addressing underperformance in superannuation

Part 1   Main amendments

Superannuation Industry (Supervision) Act 1993

8   At the end of section 52

Add:

Covenants relating to regulated superannuation funds - failing annual performance assessments

(14) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with fewer than 5 members), the covenants referred to in subsection (1) include the following covenants by each trustee of the entity:

(a) to comply with subsection 60E(2) (notifying beneficiaries);

(b) to comply with subsection 60F(2) (consequences of 2 consecutive fail assessments).