The Government should come clean on how grandfathering will apply to MySuper legislation or push back the implementation date to 2014, according to the Corporate Super Specialist Alliance (CSSA).
CSSA President Douglas Latto said that while details of how grandfathering will apply to non-platform superannuation and investments had been released, clarity was needed on how it will apply to platform superannuation and investments.
"The only announcement Treasury has made is that it intends to make an announcement. For those of us who work with corporate super funds, this is simply not good enough. We need to know now what the ground rules are so that we can make the changes we need to make in order to get on with business," he said.
The CSSA want details on which forms of remuneration will be grandfathered so it can make the necessary business changes.
"The questions we need answered are whether or not those of us who deal with corporate super funds will be able to be reimbursed for the work we do with companies and their employees. Are we going to continue to receive insurance commissions? Should we be converting clients to fees? Are fees going to be any more acceptable than commissions? We really don't know, and as long as we don't know, we can't move forward," Latto said.
He said a lack of clarity around the MySuper legislation was delaying the development of MySuper products and affected the whole industry.
