Summary

Amends the: Superannuation Industry (Supervision) Act 1993 to: require registrable superannuation entities to elect not to charge commissions in respect of amounts held in a MySuper product; make rules governing the charging for financial advice including intrafund advice and the general fee rules to apply to regulated superannuation funds and approved deposit funds; require trustees to transfer certain existing balances of members to MySuper; and require trustees to obtain authorisation from the Australian Prudential Regulation Authority (APRA) to operate an eligible rollover fund; Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to: require trustees to provide minimum levels of life and total and permanent disability insurance to members on an opt-out basis; and allow exceptions from MySuper for members of defined benefit funds; Australian Prudential Regulation Authority Act 1998, Corporations Act 2001, Financial Sector (Collection of Data) Act 2001 and Superannuation Industry (Supervision) Act 1993 to: expand the coverage of APRA’s data collection; enable the publication of MySuper product data; and require certain information to be published; Fair Work Act 2009, Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to allow only funds that offer a MySuper product and exempt public sector superannuation schemes to be eligible as default funds in modern awards and enterprise agreements; and Retirement Savings Accounts Act 1997, Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to make consequential amendments.