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 email@example.com.