Governing rules do not prevent transfer from pre‑MySuper default option to MySuper product
55C Governing rules do not prevent transfer from pre‑MySuper default option to MySuper product
A provision of the governing rules of a regulated superannuation fund is void to the extent that it would prevent a trustee or trustees of the fund from attributing an amount to a MySuper product for a member, instead of attributing the amount to a pre‑MySuper default option.
A pre‑MySuper default option, in relation to an amount attributed to a member of a regulated superannuation fund, is an investment option under which an asset (or assets) of the fund attributed to the member in relation to the amount would be invested, under the governing rules of the fund, if the member gave no direction in relation to the amount.
This Act’s bill:Second reading speech
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