A new superannuation industry group to represent smaller superannuation funds has been officially launched.
The Small Independent Superannuation Funds Association (SISFA) is the result of concern over the May 1998 budget changes to self managed superannuation which lead to the Superannuation Legislation Amendment Bills (SLAB) No. 3 and No. 4.
The changes also saw regulatory authority for self managed superannuation funds transferred from Australian Prudential Regulation Authority (APRA) to the Australian Tax Office (ATO).
SISFA chief executive officer Graham McDougal says, in this environment, service providers in each state put together a list of their concerns in the smaller superannuation fund industry.
“What the creation of SISFA means is representation of a market segment instead of an industry professional concept,” Mc Dougal says.
McDougal says the group in no way is meant as an alternative to the Australian Superannuation Funds Association (ASFA) but rather there was a need for a greater voice for this portion of the market.
The role of SISFA, McDougal says, is to develop policy for members, work with government and provide information and awareness to funds and the public. The group has already had formal input into the SLAB 3 legislation and is currently putting in place submissions for SLAB 4, while also planning to examine the impact of GST, choice of funds and the future of superannuation as part of retirement savings.
Founding members include AM Corporation, Associated Planners, Bridgeport, Potter Warburg Securities, The Super Group, BKR Waller Waylands and Pannell Kerr Forster. The Association will be chaired by David Smith, head of AM Corporation and with Peter Rimington of BKR Waller Waylands as deputy chair.
