Treasury has released draft legislation for MySuper, the mandated default super option which will be introduced in July 2013.
The legislation sets out the definition for the products, the fee structure to which it must comply and the licensing regime for responsible entities.
It proposes changes to the existing Superannuation Industry (Supervision) Act 1993 and the Superannuation Guarantee (Administration) Act 1992.
The amendments are open for consultation and submissions should be made to Treasury by close of business on Thursday 13 October 2011.
