Footnotes

Chapter 1 - Introduction

[1]        Journals of the Senate, 2010–13, no. 148 (18 June 2013), pp. 4048–50.

[2]        Human Rights (Parliamentary Scrutiny) Act 2011, paragraph 7(a).

[3]        Parliamentary Joint Committee on Human Rights, Examination of legislation in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011, eighth report of 2013, p. 16.

Chapter 2 - Key issues

[1]        The Super System Review Panel, chaired by Mr Jeremy Cooper, was tasked with developing options to improve the regulation of the superannuation system, to promote the best interests of members and maximise retirement incomes for Australians, while reducing business costs. Its final report was provided to the government in June 2010.

[2]        Revised explanatory memorandum, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012, paragraph 2.3.

[3]        Explanatory memorandum, paragraph 1.8.

[4]        Explanatory memorandum, paragraph 1.10.

[5]        Explanatory memorandum, paragraph 1.9.

[6]        The explanatory memorandum notes that the inclusion of life insurance companies and pooled superannuation trusts 'recognises the commercial reality that a significant amount of superannuation is invested by acquiring units in [pooled superannuation trusts] and insurance policies in life insurance companies rather than being directly invested by the fund'; Explanatory memorandum, paragraph 1.22.

[7]        This is defined as the balance of a member's account where an investment choice has not been exercised or if the account is held in a default investment option of the fund (i.e. the amount which must be moved to a MySuper product by 1 July 2017). Explanatory memorandum, paragraph 1.24.

[8]        Explanatory memorandum, paragraph 1.28.

[9]        However, if the entity accessing the relief is a life insurance company or a [pooled superannuation trust], the assets also 'must be reflected in the value of the fund's interest in the life insurance policy or the units in the [pooled superannuation trust]'. Explanatory memorandum, paragraph 1.38.

[10]      Explanatory memorandum, paragraph 1.40.

[11]      See explanatory memorandum, paragraphs 1.44–1.46.

[12]      Explanatory memorandum, paragraph 1.26.

[13]      Explanatory memorandum, paragraphs 1.59–1.62.

[14]      Australian Institute of Superannuation Trustees and Industry Super Network, Submission 6, p. 2.

[15]      Mercer, Submission 5, p. 2.

[16]      Mercer, Submission 5, pp. 2–3.

[17]      Superannuation contributions splitting is where members split certain contributions with their spouse.

[18]      Association of Superannuation Funds of Australia, Submission 3, p. 2. ASFA noted a precedent that was introduced in 2006.

[19]      Association of Superannuation Funds of Australia, Submission 3, p. 2.

[20]      Association of Superannuation Funds of Australia, Submission 3, p. 2.

[21]      Financial Services Council, Submission 2, p. 3.

[22]      Financial Services Council, Submission 2, p. 3.

[23]      ANZ, Submission 7, p. 1.

[24]      Financial Services Council, Submission 2, p. 5.

[25]      Treasury, Submission 1, p. 1.

[26]      Namely, schedule 3 to the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 and the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013.

[27]      Explanatory memorandum, Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 and the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013, paragraph 3.4.

[28]      The Hon Bill Shorten MP, Minister for Financial Services and Superannuation, Proof House of Representatives Hansard, 29 May 2013, p. 15.

[29]      The FW Amendment Act amends the Fair Work Act 2009 to introduce new requirements in relation to terms in modern awards that nominate default superannuation funds for employees who have not chosen a fund ('default fund terms'), and a process under which the FWC will review such terms every four years. Schedule 1 to the FW Amendment Act, which is the schedule relevant to this bill, will commence on 1 January 2014.

[30]      Supplementary explanatory memorandum, p. 3.

[31]      Members of the expert panel will include both full-time members of the FWC and experts in finance, investment management or superannuation. Supplementary explanatory memorandum, p. 3.

[32]      Supplementary explanatory memorandum, pp. 3–4.

[33]      Department of Education, Employment and Workplace Relations, Submission 4, p. 1.

[34]      Department of Education, Employment and Workplace Relations, Submission 4, p. 2.

[35]      Department of Education, Employment and Workplace Relations, Submission 4, p. 2.