Commonwealth Consolidated Acts

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Making applications to include employer MySuper products on schedule

             (1)  The following may apply to the FWC to have an employer MySuper product included on the schedule:

                     (a)  a superannuation fund that offers the product;

                     (b)  an employer to which the product relates.

             (2)  The application must be made:

                     (a)  in the period (the standard application period ) specified in the notice under section 156M; or

                     (b)  in the period (the interim application period ) that:

                              (i)  starts immediately after the schedule is made under paragraph 156L(1)(a); and

                             (ii)  ends immediately before the next 4th anniversary of the commencement of this Part.

Note:          Paragraph (2)(a) deals with applications that are made in a 4 yearly review of default fund terms, and paragraph (2)(b) deals with applications that are made outside a 4 yearly review.

             (3)  The application must also:

                     (a)  be accompanied by any fees that are prescribed by the regulations; and

                     (b)  provide information relating to the first stage criteria.

             (4)  The FWC must publish any application made under subsection (1).

             (5)  However, if an application includes information that is claimed by the applicant to be confidential or commercially sensitive, and the FWC is satisfied that the information is confidential or commercially sensitive:

                     (a)  the FWC may decide not to publish the information; and

                     (b)  if it does so, it must instead publish a summary of the information which contains sufficient detail to allow a reasonable understanding of the substance of the information (without disclosing anything that is confidential or commercially sensitive).

             (6)  A reference in this Act (other than in this section) in relation to an application made under subsection (1) includes a reference to a summary referred to in paragraph (5)(b).

             (7)  Only one application in relation to an employer MySuper product may be made under subsection (1) in the period that:

                     (a)  starts at the start of the standard application period; and

                     (b)  ends at the end of the interim application period.

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