Australia’s ”Your Future, Your Super” final regulations were registered on 5 Aug 2021. The regulations focus on the single default account/stapled fund system starting 1 Nov 2021, the performance test applicable to MySuper products effective July 2021, and “trustee-directed products” effective July 2022 — along with information to be included in notices of annual members’ meetings. An accompanying government announcement highlighted a change to the administration fee component in the annual performance test methodology. Now, the administration fee component of the test will be based on the administration fee charged by the product over the most recent financial year, benchmarked against peer products. Final Portfolio Holdings Disclosure Regulations were not included, and will be published in the “coming weeks following further consultation.”

Related resources

Non-Mercer resources

• Finalisation of Your Future, Your Super Regulations (Government, 5 Aug 2021)
• Treasury Laws Amendment (Your Future, Your Super — Single Default Account) Regulations 2021 (Federal Register of Legislation, 5 Aug 2021)
• Treasury Laws Amendment (Your Future, Your Super — Addressing Underperformance in Superannuation) Regulations 2021 (Federal Register of Legislation, 5 Aug 2021)
• Superannuation Industry (Supervision) Amendment (Your Future, Your Super — Improving Accountability and Member Outcomes) Regulations 2021 (Federal Register of Legislation, 5 Aug 2021)
• Treasury Laws Amendment (Your Future, Your Super) Act 2021 (Federal Register of Legislation, 22 Jun 2021)

Mercer Law & Policy resource

• Your Future, Your Super bill enacted (1 Jul 2021)