Bruce Billson (Dunkley, Liberal Party, Shadow Minister for Small Business, Competition Policy and Consumer Affairs) Share this | Hansard source

Government amendments (1), (3), (4), (5) and (6) relate to delaying the start date of the legislation from 1 October to 1 January 2014. The coalition views this as a sensible move and will support this. Government amendment (2) relates to life cycle differentiated investment fees and seeks to make the parameters around provisions for those fees more flexible. This additional flexibility relates to age cohorts for investment fees, as the Minister for Financial Services and Superannuation has outlined, and allows the MySuper product to apply differentiated fees to individuals depending on their age cohort. The coalition will support this measure, as we recognise the need for flexibility when dealing with differing investment strategies and in turn the fee structures involved, particularly when considering the stage of life cycle and an individual's appetite for risk when it comes to planning for their superannuation. The coalition also acknowledges that the government has been receptive to industry representations.

Question agreed to.

Bill, as amended, agreed to.

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