(1) After reviewing the default fund term of a modern award, the FWC must make a determination varying the term:
(a) to remove every superannuation fund that is specified in the term; and
(b) to specify at least 2, but no more than 15, superannuation funds in relation to standard MySuper products that satisfy the second stage test.
Note: See subsection (3) for when the default fund term may specify more than 15 superannuation funds.
(2) A standard MySuper product satisfies the second stage test if:
(a) it is on the Default Superannuation List; and
(b) the FWC is satisfied that specifying a superannuation fund in relation to the product in the default fund term of the modern award would be in the best interests of the default fund employees to whom the modern award applies, taking into account:
(i) any submissions that were made in relation to the default fund term of the award; and
(ii) any other matter the FWC considers relevant.
(3) The default fund term may specify more than 15 superannuation funds in relation to standard MySuper products that satisfy the second stage test if, taking into account the range of occupations of employees covered by the modern award, the FWC is satisfied it is warranted.