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Affiliations not enough, industry-wide changes needed
While the formation of a new superannuation alliance is a positive move towards real action, it further highlights the need for an industry-wide approach, according to the Association of Superannuation Funds of Australia (ASFA).
Last week seven financial services organisations announced the formation of the Affiliation of Superannuation Partners (AFP), including AAS, AMP, BT Financial Group, Colonial First State, MLC, Pillar and Superpartners.
The group’s first priority is to design an efficient and secure electronic rollover process, which it has committed to supporting by September, 2011.
But while these activities would provide welcome efficiencies for some funds, employers and members, ASFA chief executive Pauline Vamos said these need to be adopted industry-wide.
“ASP is part of a larger industry and stakeholder group. To work effectively over the long term, an independent body must set the rules that need to be compiled with by all players,” she said.
“Systems must be able to connect or talk to each other across all stakeholders that are part of the industry,” she added.
Vamos said that regardless of who provided the service around contributions, rollovers and other payments, the rules for the transfer of funds and information needs to be consistent.
AUTHOR
Ashleigh McIntyre
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