Richard Colbeck (Tasmania, Liberal Party, Parliamentary Secretary to the Minister for Finance and Administration) Share this | Hansard source

The government, likewise, will not be supporting the amendment. The board provided for in this bill will be the trustee for three regulated superannuation funds. It is therefore already subject to the governance arrangements for superannuation schemes provided by the Superannuation Industry (Supervision) Act 1993. That act provides that trustees of regulated superannuation funds will need to be licensed with the Australian Prudential Regulation Authority by 1 July 2006. To be granted this licence, trustees have to meet the fit and proper operating standard determined under the SI(S) Act. The fit and proper standard is designed to ensure that the interests of the superannuation scheme members are managed and overseen competently by honest and trustworthy individuals.

Question negatived.

Bill agreed to.

SUPERANNUATION LEGISLATION AMENDMENT BILL 2004

Bill—by leave—taken as a whole.

Bill agreed to.

Bills reported without amendment; report adopted.