FSC welcomes default super bill

28 November 2019
| By Jassmyn |
image
image
expand image

The Financial Services Council (FSC) has welcomed the introduction of the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 as it ensures all workers have the option of making an active choice for their super.

FSC chief executive, Sally Loane, said under current laws one million Australians could not choose the super fund their super entitlement was paid to.

“It’s unacceptable that even today, when there is so much pressure on super funds to modernise and be more efficient, a worker can arrive at a new job only to find they must open a new superannuation account with a fund specified in an enterprise agreement – whether they want to or not,” Loane said.

“This is particularly important for the two million Australians working multiple jobs, who may still today find themselves in the position of being required under outdated superannuation laws to have multiple accounts. This erodes their capacity to maximise their super savings.

“We continue to urge the Government to enact the recommendations of the Productivity Commission and Royal Commission and implement a default once system for superannuation so that all Australians can take their super fund with them from job to job, just as they do with bank accounts and tax file numbers.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

6 minutes ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

4 hours 52 minutes ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

22 hours 56 minutes ago