Coronavirus (COVID-19) updates from the Australian Government

Your Future, Your Super Regulations and associated measures

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft

Key Documents

The Government’s Your Future, Your Super (YFYS) package – announced in the 2020-21 Budget – is a comprehensive package of reforms designed to make sure the superannuation system delivers better outcomes for members.

The Government has released the Exposure Draft Regulations and Explanatory Statement for YFYS and associated measures for public consultation. To implement the YFYS package, Treasury Laws Amendment (Your Future, Your Super) Regulations 2021 will:

  • Outline the methodology for the annual performance test and re-opening test, as well as requirements for notifications to members.
  • Prescribe the definition of a ‘stapled fund’, including tie-breaker rules for determining which fund is to be an employee’s stapled fund where they have multiple existing funds.
  • Specify the formulas as a basis for ranking products on the YourSuper comparison tool.
  • Set out the manner in which the portfolio holdings disclosures are organised.
  • Prescribe the information that must be included with the notice of an Annual Members’ Meeting.
  • Further strengthen the prohibition on funds offering inducements to employers.

Submissions for this consultation are welcome at superannuation@treasury.gov.au.

Submissions

44 submissions were received for this consultation, including 5 confidential submissions.

Actuaries Institute - pdf 175.27 KB
AIA Australia - pdf 219.16 KB
AMP - pdf 245.3 KB
Australian Super - pdf 208.83 KB
Aware Super - pdf 328.48 KB
Cbus - pdf 285.19 KB
Chant West - pdf 215.94 KB
CPA - pdf 181.13 KB
Credi Consulting - pdf 194.56 KB
Deloitte - pdf 210.84 KB
EDHECinfra - pdf 1.52 MB
Finance Sector Union - docx 677.87 KB
Frontier - pdf 242.65 KB
Future Super - pdf 234.74 KB
Griffith University - pdf 1.35 MB
HESTA - pdf 157.48 KB
IFM Investors - pdf 611.38 KB
Law Council of Australia - pdf 369.23 KB
Mercer - pdf 656.98 KB
Palisade Investment - pdf 80.1 KB
Prime Super - pdf 596.54 KB
Property Council - pdf 222.72 KB
QIC - pdf 319.1 KB
QSuper - docx 112.67 KB
Rest - pdf 123.81 KB
The Conexus Institute - pdf 673.57 KB
Willis Tower Watson - pdf 149.23 KB