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Introduced into the House of
Representatives on 19 September 2012
Portfolio: Treasury
Committee view
1.2
The committee seeks an explanation from the Treasurer for the absence
of a statement of compatibility for this bill.
1.3
To assist the committee to form a view on the compatibility of the
bill with human rights, the committee also requests that the Treasurer provide
the committee with a written assessment of the human rights implications of the
bill.
Purpose of the bill
1.4
This bill is the third tranche of legislation implementing the
government’s MySuper and governance reforms as part of Stronger Super. The bill
amends a range of related Acts to:
- ban entry fees and set criteria for the charging of other fees in
superannuation, including rules for the charging of financial advice;
- require all superannuation funds to provide life and total
permanent disability insurance to members (excluding defined benefit members)
on an opt-out basis;
- enable the Australian Prudential Regulation Authority to collect
information on a look-through basis;
- require the disclosure and publication of information in relation
to superannuation funds;
- 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;
- allow exceptions from MySuper for members of defined benefit
funds;
-
require trustees to transfer certain existing balances of members
to MySuper; and
- provide rules in relation to eligible rollover funds.
1.5
The committee notes that the bill enables the collection, disclosure and
publication of information and is therefore likely to engage the right to
privacy in article 17 of the International Covenant on Civil and Political
Rights (ICCPR). The bill also contains several reverse burden and strict
liability offences which engage the presumption of innocence in article 14(2)
of ICCPR.
1.6
A statement of compatibility was not provided for this bill.
1.7
Before forming a view on whether the bill is compatible with human
rights, the committee proposes to write to the Treasurer to seek his views on
the compatibility of the bill with human rights and an explanation for the
absence of a statement of compatibility.
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