Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I table a supplementary explanatory memorandum relating to government amendments to be moved to this bill. I also seek leave to move government amendments (1) and (2) on sheet BG 245 together.

Leave granted.

I move government amendments (1) and (2) on sheet BG 245 together:

(1) Clause 2, page 2 (after table item 1), insert:

(2) Clause 2, page 2 (table item 3), omit "However, if the provision(s) do not commence before 1 January 2013, they commence on that day.".

These amendments relate to the provisions which enable trustees to apply to APRA for authorisation to offer a MySuper product. Currently these provisions will commence on 1 January 2013, allowing applications to offer a MySuper product to commence from this day. However, a key requirement for the application to offer a MySuper product are contained in the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, which is the tranche 3 bill. Importantly, this bill includes elections to charge commissions and to move members' existing balances to MySuper that a trustee will have to make with their application to offer MySuper products. This tranche 3 bill is currently in the House of Representatives and applications to offer a MySuper product shall not commence until that bill is passed. Accordingly, the amendment from the government changes the day on which the provisions of the bill commence to a day fixed by proclamation to ensure that applications for a MySuper product will not commence until those key requirements in the bill to which I have referred have also come into effect.