Don't make assumptions about MySuper
The Productivity Commission has been told that it is too early to make assumptions about MySuper products in the context of the review of default funds under modern awards.
In a submission filed with the Productivity Commission this week, the Association of Superannuation Funds of Australia (ASFA) said it had concerns about making assumptions around MySuper.
"We are concerned that it is too early to make assumptions about MySuper offerings, and as such setting firm policy on selection processes is not appropriate at this time," it said.
As well, the ASFA submission has insisted that the trustee directors of default superannuation funds need to be suitably qualified.
"A minimum requirement should be that Trustee Directors (no matter though what process they are able to put themselves forward for a Trustee position) must have been assessed on criteria set by the Trustee Board," it said.
It said this should include meeting minimum skills and experience as well as specialist or particular skills and experience that the Trustee Board considered were needed at the relevant time.
"We believe merit-based appointments are a minimum standard expected by fund members," the submission said.
"ASFA suggests that it would be appropriate to recommend that all trustee directors, regardless of whether they are elected or appointed, need to demonstrate that they are on the board through merit," it said.
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