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Cooper to go through in block
With the issue of the nation's Government seemingly settled for now, the bulk of the Cooper Review recommendations will likely go through unchanged, according to Jo-Anne Bloch and Geoff Lloyd.
There are still some issues around Cooper's MySuper proposal which will continue to be debated but most of Cooper’s recommendations, in particular SuperStream, should be implemented “lock, stock and barrel,” Mercer’s member services and advice leader Jo-Anne Bloch said in a discussion session at yesterday’s Responsible Investment Association Australasia (RIAA) conference.
Bill Shorten, who has been named as both Assistant Treasurer and Minister for Financial Services, we will see a continuation of the reform agenda initially set by Ministers Nick Sherry and Chris Bowen, Bloch said.
We still need to get clarification around a proposed increase in the superannuation guarantee (SG) to 12 per cent, with an extra $10 million promised to rural and regional Australia, no one from the Government has confirmed that the increase is still on the agenda, Bloch said.
Speaking at the same discussion session, Geoff Lloyd, group executive, private wealth at Perpetual, described SuperStream as a “no-brainer” and said we need to simply “get on with it”. There is less certainty around MySuper because policy has not been announced there as it has been with SuperStream.
AUTHOR
Mike Taylor
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