POWERED BY MOMENTUM MEDIA
CSSA wants MySuper grandfathering clarity
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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
