Superannuation alert 28.05.15
Financial Services eBulletin - 28 May 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 20 May 2015, the Treasury released a discussion paper entitled "Proposed Financial Industry Levies for 2015 - 2016". The paper was prepared in conjunction with APRA and requests submissions on the proposed supervisory levies for 2015 - 2016. The supervisory levies are proposed to be increased to ensure the Government fully recovers the operational costs of APRA and other specific costs incurred by relevant Commonwealth agencies and departments. Submissions are due by 10 June 2015.
- On 15 May 2015, the Australian Prudential Regulation Authority (confidentiality) determination No. 6 of 2015 was registered on the Federal Register of Legislative Instruments. The determination provides that certain information provided to APRA under the reporting standards, listed in the instrument, will now be considered as non-confidential and therefore may be released by APRA under subsection 56(5C) of the Australian Prudential Regulation Authority Act 1998 (Cth).
- On 19 May 2015, the Royal Commission into Trade Union Governance and Corruption released a discussion paper entitled "Options for Law Reform". Relevantly, the discussion paper invites submissions:
- in relation to possible law reform of section 32C Superannuation Guarantee (Administration) Act 1992 (Cth) which allows a collective agreement, enterprise agreement, State award or State agreement to mandate a superannuation fund in which a relevant employer must contribute to.
- in relation to possible amendments to sections 172 and/or 194 of the Fair Work Act 2009 (Cth) which permit a union to negotiate for a particular default superannuation fund to be included in an enterprise agreement even where the union has financial links to that superannuation fund.
- On 20 May 2015, APRA published a letter to RSE Licensees regarding the publication of superannuation statistics and confidentiality of superannuation data. This letter relates to a discussion paper published by APRA on 14 November 2013, in the letter.
- APRA states that now that they have "made a decision on the confidentiality of almost all data proposed to be determined non-confidential in the November 2013 discussion paper", it will publish all non-confidential superannuation data within the Quarterly Superannuation Performance Statistics publication and Quarterly MySuper Statistics report.
- APRA confirmed that it will undertake further consultation in relation to the disclosure of data reported on SRF 540.0 before deciding on its confidentiality status. This will be included in the draft annual superannuation statistical publication and report due to be released in May 2015.
- The Superannuation Complaints Tribunal (SCT) Determination, D14-15\184, was handed down on 16 January 2015. The matter was in relation to a complainant who complained about excessive fees when his benefit was transferred by successor fund transfer to another super fund without his consent. The SCT determined that where there is no consent, the fees pertaining to the new fund must be equivalent to the old fund. In this matter, this was not the case. The Trustee was ordered to compensate the complainant the excess fees to what he would have been debited had he remained a member of the former fund.
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.