The Federal Government should pull forward the transition to MySuper from its current date of 2017, according to the Australian Institute of Superannuation Trustees (AIST).
The AIST has used its submission responding to the final recommendations of the Financial System Inquiry (FSI) to argue that the pull-forward of the MySuper regime is warranted and that some retail superannuation funds are dragging their feet.
"The transition to MySuper should be brought forward from 2017," the submission said. "Some $395 billion has been transitioned, with some $77 billion yet to be moved across."
It said that while many retail funds had introduced new low fee MySuper products, "they have very little funds under management, with large sums remaining in previous high-fee products".
"The reality is that many retail members are locked out of this low cost environment due to uncompetitive grandfathering arrangements," the submission said.
"AIST contends that the sooner MySuper transitioning is finalised, the more efficient any review of MySuper will be."
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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