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AIST backs MySuper and data disclosure
The Australian Institute of Superannuation Trustees (AIST) has come out in support of the Australian Prudential Regulation Authority's (APRA) plan to publish solid statistics on MySuper products.
AIST executive manager, policy and research, David Haynes said the move is congruent with the super body's push for full disclosure of fee information, including for large employer MySuper products.
"Full disclosure of MySuper products will provide better transparency and comparability within the superannuation system," Haynes said.
"With so much focus on superannuation fees in particular, fund members need this data to make informed decisions."
Haynes said AIST is particularly satisfied APRA has declared only a small amount of data will be grouped as confidential despite pressure from a lot of organisations to keep a large amount of MySuper information confidential on commercial grounds.
In its submission in January last year, the AIST supported APRA's move for vested benefit index to remain confidential, saying the actual actuarial data on this should be attached to fund actuarial reports for context.
AIST also supported APRA's move to keep the operational risk financial requirement (ORFR) confidential for a limited time, saying funds themselves are transitioning to their ORFR levels.
AIST is also pleased APRA will be consulting with industry stakeholders on the importance of classifying data into industry segments.
"Segmentation plays an important role as the majority of consumers choose between not-for-profit, retail and self-managed funds," Haynes said.
"We hope that the data will be segmented into such groups."
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