Superannuation update – regulator updates, legislation and cases - Employment and HR
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,...
Source: mondaq.com