Sherry flags further APRA super data

Despite media reports to the contrary, the performance of default superannuation funds remains a key issue being considered by the Australian Industrial Relations Commission, according to the Minister for Superannuation and Corporate Law, Senator Nick Sherry.

Sherry this week used an address to the Rice Warner Actuaries Workshop to reinforce his view that the selection of better-performing default funds needs to be included in awards.

“I have made a submission to the Australian Industrial Relations Commission highlighting the importance of the selection of default funds for inclusion in awards,” he said. “I urged all the parties involved in the award modernisation process to give this their full consideration.

“Despite some media reports to the contrary, this issue has not been dismissed by the industrial parties, and we continue to progress this important issue positively,” Sherry said.

However, he said his concern with the performance of default funds went beyond those covered by awards in circumstances where he believed it was critical that employees had access to well-performing default funds.

Sherry said it was in this context that the Australian Prudential Regulation Authority (APRA) was releasing a consultation paper on the long-term performance, at the fund level, of all funds regulated by APRA.