POWERED BY MOMENTUM MEDIA
First round of MySuper passes House of Reps
Last minute changes to MySuper legislation proceeded its passing through the House of Representatives yesterday.
Responding to industry pressure, the Government has included lifecycle investment options as eligible MySuper products and pushed back the start date on compulsory MySuper contributions for employers.
Minister for Financial Services and Superannuation Bill Shorten said the legislation made good on the Gillard Government's commitment to Australia's retirement savings.
"It reflects the Gillard Government's commitment to improving the efficiency, competition, transparency and governance arrangements for the superannuation industry," he said.
ASFA said changes were in response to suggestions the industry body had made.
While ASFA lobbied for the compulsory MySuper start date to be moved from 1 October 2013 to 1 July 2014, employers will begin making the contributions on 1 January 2014.
ASFA president Pauline Vamos said changing the implementation date would assist employers and funds to adapt to the new MySuper environment.
She likened MySuper to the Heart Foundation tick awarded to foods that pass a number of nutrition standards.
"It is an indication to consumers that the product meets a host of demanding requirements set by government for default superannuation," Vamos said.
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
Private market assets in super have surged, while private debt recorded the fastest growth among all investment types.
The equities investor has launched a new long-short fund seeded by UniSuper, targeting alpha from ASX 300 equities using AI insights.
The fund has strengthened efforts to boost gender diversity, targeting 40:40:20 balance across its investment teams by 2030.
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
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(%)
