Survey backs Govt approach on default funds
All approved MySuper products should be eligible to be default funds under modern awards, according to the findings of a survey conducted at the recent Conference of Major Superannuation Funds (CMSF).
The survey, conducted by Money Management's sister publication, Super Review, revealed substantial support for the Federal Government's preferred policy approach, with nearly 63 per cent of respondents agreeing that all approved MySuper products should be capable of selection as default funds.
The significance of the survey, sponsored by MetLife, is that the majority of delegates attending the CMSF event were executives or trustees of industry superannuation funds.
The survey findings come at the same time as the Financial Services Council (FSC) has sought to question the appropriateness of the Fair Work Commission's (FWC's) review of default funds and, in particular, the status of the FWC's expert superannuation panel.
However, while some sections of the financial services industry have suggested the FWC should have no role in selecting default superannuation funds, 58 per cent of respondents to the survey said they were in favour of the industrial judiciary continuing to play a role.
AUTHOR
Staff Writer
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
