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 tgarcia@aist.asn.au