On 21 September 2011, the Assistant Treasurer announced further details of the Government’s Stronger Super reforms. These involved: creating MySuper; the administration of superannuation accounts through SuperStream; standards for Self Managed Super Fund auditors and revised governance arrangements.
A Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.
The Prime Minister granted exemptions from the requirements for regulatory impact analysis in relation to the ability of funds to offer tailored MySuper products to employees with more than 500 employees, and extension to the date by which trustees will be required to have transferred the balance of existing default funds into MySuper products.
A post-implementation review for these measures will be required within one to two years of their implementation.