Commonwealth Consolidated Acts

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Applications to list a standard MySuper product

  (1)   Before making the Default Superannuation List, the FWC must publish a notice that invites superannuation funds that offer a standard MySuper product to apply to the FWC to have the product included on the list.

  (2)   The notice must specify the period in which an application may be made.

  (3)   After the notice is published, a superannuation fund that offers a standard MySuper product may make a written application to have the product included on the list.

  (4)   The application must:

  (a)   be made in the period specified in the notice; and

  (b)   be accompanied by any fees that are prescribed by the regulations; and

  (c)   provide information relating to the first stage criteria.

  (5)   The FWC must publish any application made under subsection   (3).

  (6)   However, if an application includes information that is claimed by the superannuation fund to be confidential or commercially sensitive, and the FWC is satisfied that the information is confidential or commercially sensitive:

  (a)   the FWC may decide not to publish the information; and

  (b)   if it does so, it must instead publish a summary of the information which contains sufficient detail to allow a reasonable understanding of the substance of the information (without disclosing anything that is confidential or commercially sensitive).

  (7)   A reference in this Act (other than in this section) in relation to an application made under subsection   (3) includes a reference to a summary referred to in paragraph   (6)(b).

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