CSSA wants grandfathering clarity
The Corporate Super Specialist Alliance (CSSA) has called on the Government to announce details of how grandfathering provisions will apply to MySuper or to push back the implementation date to 2014.
CSSA President Douglas Latto said without clarity on how grandfathering will apply to MySuper legislation, the industry could not make the changes it needed to fit the legislation.
"Are we going to continue to receive insurance commissions? Should we be converting clients to fees? Are fees going to be any more acceptable than commissions? We really don't know, and as long as we don't know, we can't move forward," he said.
Latto said Treasury had made clear how grandfathering would apply for non-platform related superannuation and investments but had only announced an intention to make an announcement regarding platform superannuation and investments.
"For those of us who work with corporate super funds, this is simply not good enough. We need to know now what the ground rules are so that we can make the changes we need to make in order to get on with business," he said.
Latto said a lack of clarity was affecting the whole industry and delaying the development of MySuper products.
"We are all stuck in this hiatus waiting for the Government to make announcements, and all the while, the 1 July 2013 deadline hurtles towards us," he said.
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