Super must be simpler: Brough

Assistant Treasurer Mal Brough has flagged his intention to improve fee disclosure requirements by superannuation funds and simplify how retirement savings are taxed.

Speaking at an Association of Superannuation Funds of Australia function in Sydney last week, Brough said fee disclosure was “one of many things I am still unhappy about in the super arena”.

“As significant as single fee disclosure has been, there is more work to be done in this area to ensure all information is available to consumers on the one website.”

Brough is also unhappy with the “complex reasonable benefit limit rules” governing super tax concessions, although he said he would “not elaborate on these other than to say the agenda is far from closed”.

“The Coalition sees, recognises and will act on super as the individual’s most significant savings vehicle, and we continue to push that agenda forward.”

Yet another issue of super that “has to be considered in a robust fashion”, according to Brough, is “mis-selling and the like”.

“We have put the resources there with the regulators, and shadow shoppers are out there — mindful of protecting the consumer without having a regulatory burden on the industry.”

However, Brough said he was “very happy” with the way choice had been implemented, despite an “enormous amount of noise up to July 1”.

“I’ve seen the documentation that has come out from many of the major industry funds and I applaud you for what you’re doing. It means that people are getting better information than they’ve ever had before, and are making decisions in a more timely manner,” he said.