SMSF Association responds to super reforms
Reforms introduced into Parliament last week will improve the accountability of those in the superannuation industry and drive better outcomes for members, according to the SMSF Association.
The superannuation reforms introduced, which included the establishment of the Australian Financial Complaints Authority (AFCA) and the implementation of the Superannuation Accountability and Transparency regime have been backed by the SMSF Association, and touted a ‘welcome step’ by chief executive John Maroney.
“We commend the Government for introducing these reforms into the Parliament, all of which have long been advocated by the Association,” he said.
“We welcome the fact that the ACFA will incorporate the key features of the Superannuation Complaints Tribunal, the Financial Ombudsman Scheme and the Credit and Insurance Ombudsman, thus providing certainty to all stakeholders.”
Maroney said other outcomes of the reforms such as the close of the salary sacrificing loophole and allowing employees to choose their own super fund would allow for a stronger accumulation phase and better transition into retirement.
“All employees should have the right to enter the fund of their choice, including a self-managed super fund, when starting new employment, and should not be forced into a fund because of an enterprise agreement,” he said.
“We have also been highly supportive of the move to close the legal loophole whereby employers have been able to short-change their employees of their superannuation guarantee entitlements.”
Maroney said the reforms were the first step toward full super system engagement with members.
AUTHOR
Hope William-Smith
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
