Productivity Commission draft report opens up default fund sphere
Industry super funds would lose much of their primacy in the default funds sphere if the Government were to accept the recommendations contained in the Productivity Commission's draft report into default funds under modern awards.
The Productivity Commission has found that there is no case for the selection and ongoing assessment of superannuation for listing as default funds to involve any prescriptive criteria over and above those used by the Australian Prudential Regulation Authority in authorising MySuper products.
The bottom line of the finding is that all MySuper products would be capable of selection as default funds – something which would create further opportunity for major retail players such as AMP and Colonial First State.
Updated: Industry super funds' primacy in question following Productivity Commission findings.
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