Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)Occupational Superannuation Standards Act 1987
Summary of proposed amendments
Section 18 of the Occupational Superannuation Standards Act 1987 (OSS Act) contains provisions relating to secrecy. Subsection 18(2) of the OSS Act contains provisions which restrict the unauthorised communication by superannuation standards officers of any protected information acquired in the course of their duties as a superannuation standards officer. The amendment to section 18 to insert subsection 18(2A) will allow the Insurance and Superannuation Commissioner (the Commissioner) to publish a list of complying superannuation fund names and business addresses so members of the public may contact superannuation funds.
Explanation of proposed amendments
Subsection 18(2) currently prohibits unauthorised communication by superannuation standards officers of any protected information acquired in the course of their duties as a superannuation standards officer. The amendment to insert subsection 18(2A) will state that nothing in subsection 18(2) will prevent the Commissioner from publishing a list containing the names of complying superannuation funds and their business addresses so members of the public may contact such funds direct.
It is envisaged that the Commissioner will develop an Electronic Register of complying superannuation funds which may be accessed by the community at large.
This amendment will allow those employers and members of the public who wish to contribute to complying superannuation funds for purposes of the Superannuation Guarantee (Administration) Bill 1992 to have access to relevant details regarding a particular fund to enable such persons to contact the fund direct.
Commencement date
The amendments to the Occupational Superannuation Standards Act 1987 apply from 1 July 1992.