Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.

The majority voted in favour of Opposition amendments ↗︎ to a Government amendment ↗︎, meaning that the Opposition amendment was successful.

Amendment text

AMENDMENTS TO GOVERNMENT AMENDMENTS [SHEET GZ227]

(1) Amendment (2), before item 1, insert: > >> 1A Subsection 10 (1) (after the definition of authorised person) >> >>> Insert: >>> >>> benchmark means a benchmark mentioned in, or specified in regulations made for the purposes of, subparagraphs 52 (9) (a) (i) and (ii) and paragraph 52 (9) (aa). >> >> 1AA Subsection 10 (1) (after the definition of Commissioner) >> >>> Insert: >>> >>> comparable choice products, in relation to a choice product, means a class of choice product specified in regulations made for the purposes of this definition that the choice product is to be compared with.

(2) Amendment (2), item 6, subparagraph 52 (9) (a) (i), omit “set under the prudential standards”, substitute “specified in regulations made for the purposes of this subparagraph”.

(3) Amendment (2), item 6, subparagraph 52 (9) (a) (ii), omit the subparagraph, substitute: > >> (ii) if the product is a choice product—a comparison of the choice product with the comparable choice products in relation to the choice product, based on factors mentioned in subsection (10A), and a comparison of the choice product with any other benchmarks specified in regulations made for the purposes of this subparagraph; and

(4) Amendment (2), item 6, after paragraph 52 (9) (a), insert: > >> *(aa) to determine, in writi ng, on an annual basis, whether each trustee of the entity is promoting the financial interests of the beneficiaries of the fund, as assessed against benchmarks specified in regulations made for the