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FSC urges priority on lapsed super bills
On the eve of this week's Financial Services Council (FSC) Leader's Forum in Melbourne, the group has called on the Government to make clearing the legislative backlog around superannuation one of its priorities in the new Parliament.
A number of legislative changes to superannuation lapsed when the Parliament was prorogued almost immediately after the May Federal Budget and the FSC has made clear it wanted that legislation reintroduced as a matter of priority.
The superannuation-related legislation being referred to by the FSC is as follows:
- Superannuation governance reforms, requiring all trustees to appoint one-third independent directors;
- Superannuation choice of fund reforms that would prevent enterprise agreements from removing a consumer's right to choose their own fund;
- Superannuation transparency measures, including enhanced dashboards for both MySuper and Choice products; and
- Amendments to the portfolio holdings disclosure regime to allow its effective implementation for superannuation investments.
While the Government retained the numbers necessary to pursue passage of the legislation through the House of Representatives, it could expect a tough time in pursuing all but a few changes through the Senate.
The Australian Labor Party opposition is expected to oppose elements of the governance reforms along with any moves perceived as likely to significantly alter the default funds under the modern awards regime.
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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The should be looking to address the issues raised by Australians during the election and they were not governance or choice! The industry has to work for the Australian people.
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