MySuper deadline unrealistic, says Cormann
The Coalition doesn't believe the 1 July 2013 implementation date for MySuper is realistic, according to the Shadow Minister for Financial Services, Senator Mathias Cormann.
Speaking at the Money Management/Association of Financial Advisers breakfast function this morning, Cormann called on the Minister for Financial Services and Superannuation, Bill Shorten, to revisit the implementation timetable for the MySuper legislation.
"The timetable has been too tight and the process of legislating has essentially continued to run out; we are just over six months away from when MySuper is supposed to come into effect," Cormann said.
"The Coalition has supported in principle the concept of legislating a low-cost default product, but we think there are many issues with it, especially legislating the uniform pricing."
When asked if he wishes to make any further changes to MySuper if the Coalition wins at the next federal election, Cormann said he had not closed the door on the possibility of further amendments.
"MySuper looks way better than when we started, but we're conscious of transition issues and are open to discussion," Cormann said.
Also speaking at the breakfast, Association of Superannuation Funds of Australia CEO Pauline Vamos agreed there were issues around uncertainty, but added that MySuper would bring more benefits for those who wish to leave the investment decisions to the trustee.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
