Contents of section 2 (How super works)
4 Contents of section 2 (How super works)
Section 2 of the Product Disclosure Statement must include statements to the effect that:
superannuation is a means of saving for retirement which is, in part, compulsory; and
there are different types of contributions available to a person (for example, employer contributions, voluntary contributions, government co‑contributions); and
there are limitations on contributions to, and withdrawals from, superannuation; and
tax savings are provided by the Government; and
most people have the right to choose into which superannuation entity the employer should direct their superannuation guarantee contributions.
The superannuation trustee may provide more detailed information on the matters set out in subclause (1) by:
applying, adopting or incorporating a matter in writing; or
providing a reference to a website, operated by or on behalf of the Commonwealth, that contains the information.
This Act’s bill:Explanatory statement
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