Fair Work Commission

Overview

The Default Superannuation List will contain a number of standard MySuper products that a Full Bench of the Fair Work Commission can include in the default fund term of modern awards.

In creating the list, the Expert Panel will:

• invite applications from superannuation funds offering a standard MySuper product
• publish the applications, subject to confidentiality or commercial sensitivity, and
• allow persons and bodies to make submissions on the applications.

The Commission will publish further information about the timetable for this process when it is available.

Submitting applications

Applications will need to include a range of information about the applying superannuation fund and its standard MySuper product's performance, including but not limited to:

• the appropriateness of the product's investment return target and risk profile
• its expected ability to deliver on the product's return target
• fees and costs
• net returns
• governance practices, and
• administrative efficiency and quality of advice.

Applications must be accompanied by any application fee set out by the Fair Work Regulations 2009.

Considerations

The Expert Panel must not include a particular standard MySuper product on the Default Superannuation List unless satisfied it would be in the best interest of default fund employees modern awards apply to, or a particular class of employees, taking into account:

• information contained in the application
• a set of performance criteria, in line with the information the applicant needs to include in their application, and
• submissions made in relation to the application.

The Expert panel will publish the Default Superannuation List on the Commission's website.