Australian Institute of Superannuation Trustees
Government moves to repeal member protection
MySuper fee rules and recent changes to Lost Super effectively make the member protection standards redundant.
The Government has today released details of proposed regulation
amendments to remove member protection
standards from the SIS Regulations, commencing 1 July 2013.
Currently under these standards, a member with an account balance
of less than $1000 generally cannot have their balance reduced by
administrative fees that are greater than the earnings accruing to
their account. MySuper fee rules and recent changes to Lost Super
effectively make the member protection standards redundant.
AIST will be making a submission, which is due on February 13
and welcomes member feedback to AIST's executive policy and
research manager, Tom Garcia on 8677 3804 or firstname.lastname@example.org