Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 4   Modern awards and enterprise agreements

Part 1   Amendments

Fair Work Act 2009

6   At the end of Division 3 of Part 2-3

Add:

155A Terms dealing with superannuation

(1) A modern award must not include a term that has the effect of requiring or permitting contributions, for the benefit of an employee covered by the award who is a default fund employee, to be made to a superannuation fund or scheme specified in the modern award, unless one of the following is satisfied in relation to the fund or scheme:

(a) it is a fund that offers a MySuper product;

(b) it is an exempt public sector superannuation scheme.

Note: Contributions may be made to a superannuation fund or scheme for its defined benefit members under section 149A even though the fund or scheme is not specified in a modern award because of this section.

(2) Subsection (3) applies if the Australian Prudential Regulation Authority ( APRA ) gives FWA notice under subsection 29U(4) of the Superannuation Industry (Supervision) Act 1993 that a regulated superannuation fund no longer offers any MySuper product.

(3) FWA must:

(a) ensure that the text of a modern award as published by FWA does not include a term that has the effect of requiring or permitting contributions, for the benefit of an employee covered by the award who is a default fund employee, to be made to the fund; and

(b) do so as soon as is reasonably practicable after receiving the notice.

(4) Subsection (5) applies if APRA gives FWA notice under section 29XC of the Superannuation Industry (Supervision) Act 1993 that a scheme has ceased to be an exempt public sector superannuation scheme and does not offer a MySuper product.

(5) FWA must:

(a) ensure that the text of a modern award as published by FWA does not include a term that has the effect of requiring or permitting contributions, for the benefit of an employee covered by the award who is a default fund employee, to be made to the scheme; and

(b) do so as soon as is reasonably practicable after receiving the notice.