BT Financial Group has shown its support for Productivity Commission’s (PC’s) key recommendations on superannuation, particularly the ‘best in show’ proposal, and expects to consider in detail 31 of those recommendations.
BTFG also backed the PC’s proposal of only ‘defaulting once’ for new entrants to the workforce and its recognition of the value of life-stage investing.
BT general manager of superannuation, Melinda Howes, said the report presented an opportunity for both sides of politics to agree a bipartisan model of superannuation regulation.
“Overall, the PC has put aside the ideology that undermines the industry and has crafted recommendations that are in the best interests of consumers,” she said.
Howes also said she pleased that the recommendations were for the assessment and selection of default superannuation funds based on merit.
“A merit-based selection process is the best way to get the superannuation system onto a stable and bi-partisan regulatory framework.”
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