CMSF in the Labor era

The Conference of Major Superannuation Funds (CMSF) is shaping up as one of the most significant events of 2008, representing the first industry-specific forum at which the newly-elected Federal Labor Government can outline its broad policy proposals for the superannuation industry.

This makes the theme of the 2008 conference — ‘Super. Shaping the Nation’ — highly appropriate.

Then, too, there is the fact that on day two of the conference, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, will be addressing a plenary session titled ‘Super and the New Government’.

The subtext for the plenary session is: ‘What can we expect to see from a new Government in the area of superannuation? Will the new Government address some of the age-old issues, including adequacy, financial planning, regulation and financial literacy? And what of the new initiatives such as the super style housing account.

Discussing the theme of the conference, the chief executive of the Australian Institute of Superannuation Trustees (AIST), Fiona Reynolds, said she expected a high level of interest in the Sherry plenary session in circumstances where a good deal of the detail in the Government’s superannuation policy approach is yet to be filled in.

What is already known about the Government’s policy direction, however, is that it will announce the key details of its First Home Saver Accounts in the May Federal Budget and that the accompanying documentation has been made a focus of the Government’s Financial Services Working Group.

However, for delegates attending CMSF in 2008 there are a number of unknowns, not the least of which being the Government’s ultimate attitude towards financial planning within the context of superannuation in circumstances where some key industry superannuation fund executives have expressed strong resistance to commissions-based advice.

While the Sherry plenary is expected to be one of the most well attended sessions at the conference, delegates are also expected to welcome the release of new research commissioned by the AIST looking at the mood of Australians with respect to superannuation.

The session, also scheduled for the second day of the conference, is titled ‘Mind and Mood — Superannuation’, with the AIST commissioning landmark research that was carried out by research firm IPSOS Mackay.

It said that while numerous studies had been conducted on superannuation, none had sought to understand the areas defined by Australians across all life stages and social circumstances.

It said the research would provide a thorough body of knowledge pertaining to all Australians’ current attitudes and feelings relating to superannuation.