Superannuation Alert - 8.11.12
Financial Services eBulletin - 8 November 2012
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- The 2011-2012 annual report of the Superannuation Complaints Tribunal was tabled in Parliament on 29 October 2012. Among other things, the report highlights that complaints increased by 6.5% during the year, with a majority of those complaints regarding administration of accounts.
- On 30 October 2012 the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 was introduced into the Federal Parliament. The Bill is intended to implement the proposals put forward in the 2012-2013 Mid-Year Economic and Fiscal Outlook. The accompanying explanatory memorandum notes that "[the] Bill will bring forward the time at which money is recognised under the relevant law as lost or unclaimed, helping to reunite people with their money earlier, and will protect superannuation account balances transferred to the Australian Taxation Office (ATO) from erosion by fees and charges."
- On 31 October 2012 the Fair Work Amendment Bill 2012 was passed without amendment by the House of Representatives. The Bill is significant in that it contains changes relating to default superannuation funds in modern awards, proposing a review of default fund terms every 4 years by the Fair Work Commission and the establishment of an Expert Panel to assess default funds. The explanatory memorandum for the Bill can be found here. On 1 November the Bill was referred to the Senate Education, Employment and Workplace Relations Legislation Committee for report by 26 November 2012.
- On 31 October 2012 ASIC's Annual Report 2011-2012 was tabled in Parliament. Among other things, the report states that "ASIC undertook a key surveillance project in the superannuation industry, involving onsite visits to superannuation trustees and responsible entities. Concerns were identified for three entities ASIC visited as a part of this project, and remedial action is being reviewed."
- On 2 November 2012, Minister Shorten issued a media release announcing the Government was contributing $150,000 towards the Australian Institute of Superannuation Trustees' Super Springboard program, which is aimed at increasing the representation of women on superannuation sector boards.
- The ATO has recently published information on its website regarding:
- protection measures for lost superannuation (24 October 2012);
- tax file number notification (26 October 2012); and
- revised reporting obligations for superannuation providers (2 November 2012).
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.