The Federal Government will not be pausing superannuation policy changes during a comprehensive review of the sector by the Productivity Commission (PC).
Assistant Treasurer, Kelly O'Dwyer, yesterday announced the broad terms of reference of the PC inquiry but made clear that the Government would be pursuing policy changes where necessary while that inquiry continued.
She said the PC exercise would be broke into three phases starting off with developing underlying criteria, followed by ooking at possible alternative default fund allocations and then finally examining the efficiency and competitiveness of the system.
However, she said this process did not "represent a moratorium on change" and that the Government would continue to pursue policy change where it believed it was necessary.
O'Dwyer said that a par of the Government's policy change agenda was already beingn pursued in the Senate - the governance changes requiring at least one-third independent directors including an independent chairman.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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