POWERED BY MOMENTUM MEDIA
First round of MySuper passes House of Reps
Last minute changes to MySuper legislation proceeded its passing through the House of Representatives yesterday.
Responding to industry pressure, the Government has included lifecycle investment options as eligible MySuper products and pushed back the start date on compulsory MySuper contributions for employers.
Minister for Financial Services and Superannuation Bill Shorten said the legislation made good on the Gillard Government's commitment to Australia's retirement savings.
"It reflects the Gillard Government's commitment to improving the efficiency, competition, transparency and governance arrangements for the superannuation industry," he said.
ASFA said changes were in response to suggestions the industry body had made.
While ASFA lobbied for the compulsory MySuper start date to be moved from 1 October 2013 to 1 July 2014, employers will begin making the contributions on 1 January 2014.
ASFA president Pauline Vamos said changing the implementation date would assist employers and funds to adapt to the new MySuper environment.
She likened MySuper to the Heart Foundation tick awarded to foods that pass a number of nutrition standards.
"It is an indication to consumers that the product meets a host of demanding requirements set by government for default superannuation," Vamos said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
