Further to our recent article about the review being undertaken by the Fair Work Commission (FWC) into default superannuation terms in modern awards, the FWC has now issued a form for a superannuation fund with an authorised MySuper product to apply for selection as a default fund in a modern award. The application must be lodged with the FWC by 28 April 2014.
The FWC has also issued a similar form for an application concerning a tailored or corporate MySuper product. This application can be made by the fund or the relevant employer and must be made by 28 April 2014.
Interested persons have until 10 June 2014 to lodge submissions about the applications (which will be published on the FWC website).
The FWC will decide after 10 June 2014 whether to allow reply submissions from applicant funds and hearings.
Holding Redlich is assisting a number of applicant funds to prepare their applications for selection as a default fund.
A link to our previous article is here http://www.holdingredlich.com/superannuation-funds-management/superannuation-funds-need-to-prepare-for-fair-work-commission-review and more information about the Review can be found here http://www.fwc.gov.au/index.cfm?pagename=superreview&page=introduction.