The Federal Government, along with a group of top superannuation industry bodies have agreed to review Australia’s superannuation policies.
Superannuation Minister Nick Sherry said the review would look at whether any improvements could be made to the system’s structure, operation and efficiency to boost retirement savings for consumers.
“After nearly 20 years of compulsory superannuation and the development of numerous new features, the Government, with the support of industry, has agreed that it is timely and appropriate that an examination take place.”
The industry has taken a battering in the financial crisis, with billions wiped off retirement savings. The review is likely to look at the rules defining default super funds, along with the definition of a “balanced fund” so consumers can easily compare funds and products.
Association of Superannuation Funds of Australia chief executive Pauline Vamos has backed the review, believing it is time for a shake-up and the Government needs to look more closely at whether fee structures could be more transparent.
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