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Single default accounts
On or after 1 July 2021, in the absence of a new employee
choosing a superannuation fund, an employer must determine whether
that new employee has a stapled fund and, if a stapled
fund exists, contributions should be paid into that stapled fund
instead of paying into the employer s chosen default
superannuation fund.
Underperformance in superannuation
The Bill proposes a new Annual Performance Assessment ,
requiring APRA to action annual performance tests each year for
MySuper products and other products set out by the yet to be
drafted regulations. Under the rules, if a fund fails the annual
performance assessment, the trustee must notify all members and if
This edition of the
Update covers:
Recent legal and regulatory developments, including the release of APRA s policy and supervision priorities for 2021, the launch of APRA s Cyber Security Strategy 2020 – 2024, Australian regulatory support for the ISDA IBOR Fallbacks Protocol and Supplement, and Australia s renewed focus on sanctions;
Two recent Federal Court decisions which support ASIC s position on obligations to comply with ASIC notices and to substantiate any claims for legal professional privilege;
The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA appear to remain committed to taking enforcement action in relation to matters referred by the Commissioner;
The three-page script is described as a "light-hearted dialogue" between the concerned parents of the Corporations Act, who chastise the adolescent document for getting fat, hiding legislative documents under the bed and using obscure definitions like "simple corporate bonds depository nominee".