The Federal Opposition has claimed a victory over the Minister for Financial Services, Bill Shorten, by extracting amendments to MySuper legislation which prevents accrued default amounts being automatically transferred into MySuper accounts.
The Shadow Assistant Treasurer, Senator Mathias Cormann, said the Coalition had negotiated the necessary amendments with Shorten.
He said the net result of those amendments was that superannuation fund members who had previously exercised choice could not be automatically transferred into a MySuper product by having previous contributions defined as an "accrued default amount".
Cormann said the Coalition had also achieved amendments which ensured the legislation did not give rise to a serious constitutional issue and therefore a legal challenge over the acquisition of property on just terms.
