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Expectation that IR will be removed from defaults
There is a general expectation among superannuation fund trustees and executives that the industrial judiciary will be removed from the default funds equation.
The Pillar Administration/Super Review State of the Super Industry survey conducted during this year's Association of Superannuation Funds of Australia (ASFA) conference has revealed nearly half of all respondents believed it was either very likely or likely that defaults would be removed from modern awards and enterprise agreements.
The survey was conducted at the same time as superannuation funds were preparing submissions to the Productivity Commission (PC) review into Alternative Default Models where a range of options have been canvassed including the eligibility of all approved MySuper funds.
Asked how likely they thought it was that the Productivity Commission would recommend super is removed from modern awards and enterprise agreements, 17 per cent of respondents believed it was very likely, while 30.8 per cent thought it wsa likely.
A further 34 per cent of respondents believed it was possible and only 18 per cent of respondents believed it was unlikely.
The Government has already signalled that Productivity Commission would be tasked with further work around default models next year.
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