SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29R Object of this Part
SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29R
Object of this Part(1) It is intended that all MySuper products will be simple products sharing common characteristics.
(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.
(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.
(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.