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

34   Item 1 of Schedule 11 (after new clause 2)

Insert:

2A Transitional provision - when first variations of default fund term take effect

(1) This clause applies to the first 4 yearly review of default fund terms of modern awards under Division 4A of Part 2-3 (as inserted by Schedule 1 to the amending Act).

(2) In the review, determinations under that Division (whether made under section 156H or 156J) varying the default fund term of a modern award:

(a) must take effect at the same time; and

(b) must not take effect before 1 January 2015.

2B Transitional provision - modern awards made on or after 1 January 2014

If a modern award is made in the period that starts on 1 January 2014 and ends on 31 December 2017, then, until the default fund term of the award is varied after that period under Division 4A of Part 2-3 (as inserted by Schedule 1 to the amending Act), this Act has effect in relation to the award as if subsection 149D(1A) (as inserted by that Schedule) were as follows:

Superannuation funds offering employer MySuper products

(1A) A default fund term of a modern award must permit an employer covered by the award to make contributions, for the benefit of a default fund employee, to a superannuation fund that offers an employer MySuper product that relates to the employer.