SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 2C - MYSUPER  

Division 1 - Object of this Part  

SECTION 29R   OBJECT OF THIS PART  

29R(1)  
It is intended that all MySuper products will be simple products sharing common characteristics.

29R(2)  
The object of this Part is to ensure that a class of beneficial interest in a regulated superannuation fund is not offered as a MySuper product unless it has those characteristics.

29R(3)  
This is done by requiring the RSE licensee of a regulated superannuation fund to obtain authority from APRA before offering a class of beneficial interest in the fund as a MySuper product.

29R(4)  
The ability of an RSE licensee to offer a MySuper product is significant for the purposes of the Superannuation Guarantee (Administration) Act 1992 . Under that Act, employers will need to pay contributions for an employee who has no chosen fund into a fund that offers a MySuper product, in order to meet the choice of fund requirements and so avoid an increased individual superannuation guarantee shortfall for the employee.




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