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 firstname.lastname@example.org.
You can submit responses to this consultation up until 25 May 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Retirement Income Policy Division
Parkes ACT 2600
Phone: Lachlan Alvey +61 2 6263 3663