MySuper unlikely to boost retirement savings
MySuper is unlikely to boost the overall retirement savings of Australians, according to a survey of chief executives in the financial services industry.
Sixty per cent of the 86 chief executives surveyed as part of the Financial Services Council/DST 2012 CEO Report said MySuper would have "no impact at all" on overall retirement savings.
Ten per cent of chief executives thought MySuper would be "very effective", and 28 per cent thought it would provide a "modest lift".
However, respondents to the survey were more confident about the productivity gains likely to be generated by the SuperStream legislation - particularly when it came to the reduction in account proliferation and the expected reduction in the number of people holding multiple accounts.
Only 32 per cent of chief executives thought account consolidation would have no effect at all on the level of overall retirement savings. Four per cent thought it would be very effective, and 64 per cent said it would provide a modest lift.
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