Superannuation Alert 7.10.15
Financial Services eBulletin - 7 October 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 29 September 2015, Treasury released an exposure draft of the Superannuation Laws Amendment (Unclaimed Superannuation Money) Regulation 2015. According to the Explanatory Statement the purpose of the instrument is to:
- amend the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to recognise online and electronic interactions between superannuation providers and members or RSA holders; and to remove the outdated requirement that members be 'employer-sponsored' for the purposes of identifying lost members; and
- amend the Superannuation Industry (Supervision) Regulations 1994 to allow trustees of eligible rollover funds to transfer member account balances to active accounts in other superannuation funds without a member's consent and include an exemption for this type of transfer to the significant event disclosure requirements in the Corporations Regulations 2001.
- On 28 September 2015, judgement in the case Beck v Colonial Staff Super Pty Ltd & Ors (No 2)  NSWSC 1360 was delivered. This was the second judgement in the proceedings, with the principal judgement being made in Beck v Colonial Staff Super Pty Ltd & Ors  NSWSC 723, in which the plaintiff was successful in challenging the validity of a trustee's decision to amend the rules of a superannuation fund to remove a clause under which the plaintiff was seeking benefits. The plaintiff also succeeded in the proceedings on an associated estoppel case. The second judgement concerns the declarations and orders to be made in favour of the plaintiff following the determination of the substantive issues in favour of the plaintiff in the principal judgement.
- On 6 October 2015, the ATO released the minutes of the Superannuation Industry Advisory Group meeting held on 19 June 2015. Key topics included adequacy and sustainability of the superannuation system, current government reviews and work being undertaken in the ATO to improve the superannuation client experience with the ATO.
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