Extracting advice from super saved 'billions'
Most of the cost-savings achieved via the implementation of the MySuper regime came from removing built-in advice from superannuation, an industry roundtable has been told.
Australian Institute of Superannuation Trustees (AIST) executive manager, policy and research, David Haynes defended the cost-savings which had been achieved via the introduction of Stronger Super and MySuper by pointing to the extraction of advice.
His comments came as other superannuation executives told the Super Review roundtable that MySuper had not achieved the cost-savings which had originally envisaged.
Both Energy Super chief executive, Robin Petrou and LegalSuper chief executive, Andrew Proebstl questioned what had been saved with Petrou suggesting a review of MySuper’s effectiveness might be warranted.
“Most of the cost-savings have come through taking built-in advice out of super and Superstream and the cost savings in both of those areas are in the billions of dollars,” Haynes said
“There are very significant financial benefits from the whole process but perhaps less from MySuper itself,” he said.
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