National choice-of-fund clearinghouse established

Peter Philip

The Rudd Government’s investment in the establishment of a national clearinghouse will significantly reduce compliance costs associated with choice of fund for Australian employers, according to super clearing service provider InvestmentLink.

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InvestmentLink chief executive officer Peter Philip commended the Government for recognising that employers needed assistance to reduce the burden of complying with choice of fund in this year’s Budget.

“The Budget provisions will help galvanise the industry towards action to reduce the administrative burden and alleviate the concerns of employers.”

Philip said the provisions will lead to further enhancements in the efficiency of the super system by lessening red tape for employers.

“This is particularly important for lessening the administrative burden for the 755,000 smaller businesses with less than 20 employees,” he said.

“We are keen to continue leading the momentum towards a solution that meets the needs of all stakeholders, including the business community, government and the super industry.”