delete Superannuation Legislation (MySuper Measures) Amendment Regulation 2013
Amendment regulation made under the Superannuation Industry (Supervision) Act 1993 introducing MySuper product governance requirements, transition arrangements for default superannuation funds to MySuper, fee disclosure and transparency obligations, and operational standards for super funds offering MySuper products as part of the Stronger Super reforms implemented 2013-2014.
This regulation exemplifies regulatory layering that adds compliance burden without proportionate benefit. MySuper requirements created significant transition and ongoing compliance costs for superannuation funds—costs ultimately borne by members through fees. The mandated default product approach reduces competition by creating regulatory barriers to entry for alternative default arrangements. Fee disclosure requirements, while seemingly benign, add administrative complexity without demonstrably improving member outcomes. The rationale that Australians need government-mandated basic default products patronisingly assumes fund members cannot make informed choices. Markets would discipline poorly performing funds more efficiently than prescriptive regulation. Instead of deleting this regulation, the underlying Acts should be amended to allow genuine competition in default superannuation.