Supplementary Explanatory Memorandum(Circulated by authority of Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy)
Chapter 2 - Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Amendment to the Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020
2.1 The Senate amendments to the Bill are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
2.2 The amendments to the Bill do the following:
- provide trustees of eligible rollover funds additional time to exit the market; and
- provide that a superannuation provider may pay to the Commissioner any amount it holds on behalf of a member, former member, or non-member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse; and
- provide for the reunification by the Commissioner of those amounts with the member, former member or non-member spouse's active superannuation account, or to the person directly where that person has reached the eligibility age or the amount is less than $200.
Human rights implications
2.3 The Senate amendments do not engage any of the applicable rights or freedoms.
2.4 The Senate amendments are compatible with human rights as they do not raise any human rights issues.