Govt moves to streamline super disclosure


|
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has announced the Government is streamlining long-term superannuation disclosure requirements.
The move would enable members to receive more useful and accessible information and would exclude exit statements, allow the industry to use inserts to provide five-year performance information until June 30, 2011, exempt traditional funds and allow approved deposit funds and pooled superannuation trusts to provide annual reports online.
Pauline Vamos, the Association of Superannuation Fund of Australia's (ASFA's) chief executive, welcomed the Government's announcement saying it was a clear victory for the industry. "This is a clear indication that this Government is willing to listen and is looking for pragmatic outcomes that provide a benefit to members without placing unnecessary costs on the industry. The next step is to provide income benefit projections for fund members in their annual statements. The industry wants to find a way to show people what they will get in retirement both with and without the age pension so that they can benchmark themselves against the Westpac-ASFA retirement standard," she said.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.