Institute Submission - Phase Two Operation and Efficiency on the Superannuation System Review

On 11 December 2009, the Institute lodged a submission with the Super System Review Panel chaired by Mr Jeremy Cooper, for Phase Two on the operation and efficiency of Australia’s superannuation system.

A one page summary of our recommendations is available as part of the submission to the review panel.

Some of our key recommendations include:

• Education, the provision of clear, accurate and comparable information by superannuation funds and an alignment with members’ interests will enable confidence to be restored and re-engagement by members in their superannuation.This will be the driver of market forces in the industry that will deliver efficiencies back into the system.
• Provision of audited financial statements to members should be mandatory for superannuation funds
• An employer should not be able to use salary sacrificed superannuation contributions to satisfy their own obligations to pay the superannuation guarantee

A preliminary report on Phase Two is expected in March/April 2010

Article last Updated 3 March 2011