Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 (89 of 2013)

Schedule 3   Default superannuation

Fair Work Amendment Act 2012

32   Item 39 of Schedule 2

Repeal the item, substitute:

39 At the end of section 617

Add:

Expert Panel for 4 yearly review of default fund terms

(4) In a 4 yearly review of default fund terms of modern awards, the following must be made by an Expert Panel constituted for the purposes of the review:

(a) the Default Superannuation List;

(b) a determination under section 156E on an application to have a standard MySuper product included on the Default Superannuation List;

(c) the Schedule of Approved Employer MySuper Products;

(d) a determination under section 156P on an application made in the standard application period to have an employer MySuper product included on the Schedule of Approved Employer MySuper Products.

Note: For the constitution of an Expert Panel for those purposes, see subsection 620(1A).

Expert Panel for amending the Schedule of Approved Employer MySuper Products

(5) If an application is made in the interim application period to have an employer MySuper product included on the Schedule of Approved Employer MySuper Products, the following must be made by an Expert Panel constituted for the purposes of determining the application:

(a) a determination under section 156P on the application;

(b) if the determination is to include the product on the schedule - an amendment of the schedule to specify the product.

Note: For the constitution of an Expert Panel for those purposes, see subsection 620(1A).