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Don’t leave SuperStream to the last minute: ASFA
The Association of Superannuation Funds of Australia (ASFA) has urged super funds not to delay on SuperStream reforms despite a one year deadline extension on implementation.
ASFA welcomed the deadline extension, saying it recognised the challenges involved in moving every employer in Australia to a single, industry-wide contribution standard.
But it said it wants to see more collaboration for a smoother implementation of the reforms.
“'Prepare now, implement early, and avoid the last-minute rush’ should be the mantra of all industry participants,” ASFA CEO Pauline Vamos said.
“It’s important all providers look to implement the standard as early as possible, so that the return on the industry’s investment can start to flow to all participants in the system.”
The Federal Minister for Finance and acting Assistant Treasurer Senator Mathias Cormann announced the deadline extension for super funds to implement elements of the SuperStream regime to 1 July 2015 this week, saying it comes in a bid to provide more flexibility for super funds.
ASFA said letting funds choose the date they will be data-standards compliant will mean they save on costs of temporary arrangement, which would have trickled down to members.
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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.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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