New reality for super funds
Some Australian superannuation funds will need to consider their futures in the face of higher costs and tougher regulations.
The chairperson of the Association of Superannuation Funds of Australia (ASFA), Rosemary Vilgan, said such consequences would flow from the current market turmoil.
Opening the 2008 ASFA national conference in Auckland, New Zealand, Vilgan said the market turmoil had changed the realities confronting many super funds.
She said one of the most important changes was the increased scrutiny of the regulators and the need to communicate more clearly with members.
Vilgan urged those funds confronting tough decisions to come to terms with the realities.
She said funds also needed to look at their roles in terms of delivering a comfortable retirement rather than simply managing the 9 per cent super guarantee.
AUTHOR
Mike Taylor
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