August 23, 2021

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.”

Paul Shallue
by Paul Shallue

Principal, Mercer Wealth

Fiona Webster
by Fiona Webster

Principal, Mercer’s Law & Policy Group

Stephanie Rosseau
by Stephanie Rosseau

Principal, Mercer’s Law & Policy Group

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