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Industry has no choice but to embrace reform
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| Tony Lally
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The superannuation industry must embrace the overall reform agenda outlined by Jeremy Cooper in order to guarantee its most important objective — an increase in the superannuation guarantee (SG) from 9 per cent to 12 per cent.
Speaking at the opening of the Association of Superannuation Funds of Australia (ASFA) conference in Adelaide, ASFA chair and SunSuper chief executive Tony Lally said the industry’s previous failures to raise standards around governance, efficiency in technology and processes and product design meant it now had no choice but to embrace the reforms outlined in the Cooper Review.
“We can’t have one without the other,” he said.
Lally called on the industry as a whole to embrace the reform blueprint, describing it as a small price to pay in order to achieve better outcomes for all members.
Surveys have shown consumers in general have a poor understanding of superannuation, and there is a massive asymmetry of information between the providers, the funds and their representatives and the consumers, he added.
It is inevitable the Government will step in to protect consumers, and as such the three underlying messages to the conference theme of ‘Spring Into Action’ are improving standards across the industry, delivering in those areas where the industry must collaborate and meeting the challenge of competition by running funds as a business, he said.
AUTHOR
Mike Taylor
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