Large variation in super fund outcomes was identified as a “lottery” effect by the Productivity Commission but despite the controversial Your Future, Your Super performance test, the lottery effect remains sizable and improved measures of accountability are required.
Following the release of Choice super data, the Australian Institute of Superannuation Trustees is calling for the Government to amend legislation to prevent any member being stapled to an untested or persistently underperforming super product.
Following the release of Choice super data, the Australian Institute of Superannuation Trustees is calling for the Government to amend legislation to prevent any member being stapled to an untested or persistently underperforming super product.
Apart from the astonishing revelations of bribery and corruption from day one of the hearings, the Royal Commission claimed the scalps of superannuation giants including AMP, famously caught for knowingly charging the deceased for life insurance that could never be collected.
The fallout in the banking and superannuation industry has been big.
Part of the government’s response was the Your Super, Your Future reforms in the 2020–2021 budget. While people are divided on the result, all agreed that reform itself was way overdue.
Superannuation funds manage massive portfolios of collective assets and investments. They are driven by the compulsory superannuation scheme introduced by the Keating-led Labor government in the 1990s.