POWERED BY MOMENTUM MEDIA
No more movement on lost money, says ASFA
Current strategies to reunite members with lost super and consolidate member accounts need time to play out before any new processes are implemented, according to the Association of Superannuation Funds of Australia (ASFA).
In a submission to Treasury, ASFA said it still strongly supported the delay of the government's interfund account consolidation measures pending a review in late 2014.
It stated the suite of proposed reforms being rolled out in the coming months and years should be implemented and allowed to "settle in" before assessing how to proceed.
However, ensuring data quality was adequate and giving members "line of sight" of their super interests could encourage further consolidation, according to ASFA.
It said the ATO could contact individuals with multiple super interests and direct them to the SuperSeeker website, or include super information on tax returns. Employers could be mandated to include the name of the super fund on payslips, ASFA said.
ASFA said the ASFA-ITM data quality assessment should be mandatory for all Australian Prudential Regulation Authority (APRA)-regulated funds, with results published to a league table to ensure data quality.
Encouraging super funds to actively source correct birth dates would increase the likelihood of the success of Tax File Number (TFN) matching algorithms, ASFA said. The use of transfers under the Accrued Default Accounts notification process — to identify erroneous or missing member identity or contact data — could capture the correct data.
ASFA said there should be an onus on funds to identify and contact members to ensure they have enough cover.
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(%)
