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The federal government has released the outcomes of its review into the Your Future, Your Super laws, flagging among many findings, that it will "fine-tune" the performance test and extend the performance period to 10 years.
The prudential regulator will publish its findings of its investigation into the impact of the best financial interests duty on marketing expenditure of 12 superannuation funds.
Australian Government’s Superannuation Reform Bill Faces Challenges Despite Revision
The Australian government’s proposed changes to the superannuation fund performance test have faced criticism after the opposition said the Bill should not be supported following the inclusion of some controversial proposed reforms.
Treasurer Josh Frydenberg and Superannuation Minister Jane Hume released the consultation draft regulations for the new Your Future, Your Super (YFYS) reform package on April 28 as a response to the concerns voiced by the superannuation industry to 2 major changes to the fund performance test.
In the Senate Standing Committee’s on Economics report into the YSYF reform released on April 29, Labor noted that the proposed Bill would damage retirement outcomes of Australians and subject our superannuation system to risk.