Don’t delay on SuperStream reform: ASFA
The Association of Superannuation Funds of Australia (ASFA) welcomed the deadline extension for the implementation of SuperStream standards but said more collaboration is needed for smooth implementation of the reforms.
ASFA said the extension recognises the challenges that come with moving every employer in Australia to a single, industry-wide contribution standard.
The Federal Minister for Finance and acting Assistant Treasurer Senator Mathias Cormann said deadline extension for super funds to implement elements of the SuperStream regime to 1 July 2015 comes in a bid to provide more flexibility for super funds.
ASFA said letting funds choose the date they will be data-standards compliant will mean they save on costs of temporary arrangements, which would have flown on to members.
But CEO Pauline Vamos warned funds they should not delay on reforms on the back of the deadline extension.
"It's important all providers look to implement the standard as early as possible, so that the return on the industry's investment can start to flow to all participants in the system," she said.
"‘Prepare now, implement early, and avoid the last-minute rush' should be the mantra of all industry participants."
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