The Your Future, Your Super regulations will place downward pressure on fees going forward and will enhance member returns, according to the Association of Superannuation Funds of Australia (ASFA).
The association welcomed the registration of the regulations on Thursday and its chief executive, Dr Martin Fahy, said the regulations were measured, justified, and in the long-term interests of super members.
Fahy noted the revised approach to include administration fees into the performance test would align the test to the fees members paid and reflected the downward pressure the industry had seen in fees because of the Government’s initiatives to enhance member returns.
"ASFA is pleased that the final regulations have addressed the concerns of wider industry stakeholders and the changes made will allow members to achieve better long-term retirement savings outcomes,” he said.
ASFA also welcomed the decision to extend the consultation process on portfolio holdings disclosure.
It said the decision to consult further reflected “the Government’s willingness to balance the need for transparency with the complexities of risk management and fund performance”.