Industry Super Australia (ISA) is once again pointing the finger at the Federal Government’s superannuation reforms, this time confirming its view that they contain significant flaws and so not ensure consistent outcomes across MySuper and Choice products.
ISA said the proposed reforms also failed to fix disclosure gaps exploited by the retail super sector and made mention of the lack of support for the bills within the Senate.
Money Management reported last month on ISA’s accusation of the Government pursuing an ‘ideological vendetta’ against industry funds and unions and has continued its accusations, saying the Government’s resistance to strengthening its own bill with better outcomes was “inexplicable.”
“The government seems unwilling to require the same Member Outcomes test and the same disclosure outcomes and transparency measures,” said ISA chief executive, David Whiteley.
“The Senate recognised many of the Government’s super proposols were not even handed and advantaged retail and bank-owned super funds.”
Whiteley said the Government has left super fund members in the dark over fees, costs, underperformance and dividends.
“The withdrawal of these Bills presents the Government with an opportunity to put political partisanship aside and work with the entire superannuation sector to develop an even-handed approach to regulation,” he said.
ISA outlined its belief that the Government had failed to:
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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