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MySuper just one option, says ASFA
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| Pauline Vamos
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The Association of Superannuation Funds of Australia (ASFA) has made clear that the MySuper proposals generated by the Cooper Review represent just one option that might well have limited appeal to many fund members.
In a response to the release of the latest interim report of the Cooper Review, ASFA chief executive Pauline Vamos described the MySuper strategy as “one piece in the super structure puzzle”.
“It relates to those members who do not want to exercise investment choice,” she said. “Their decision, whether made consciously or by default, is that they want the fund’s trustee to have full responsibility as an investment fiduciary.”
Vamos said the MySuper proposal almost codified many of the duties of a traditional investment fiduciary and represented a first step in clearly articulating a super fund trustees’ duties where a member did or did not make an investment choice.
She said the next step in the debate would be around the possible unintended consequences flowing from the review recommendations.
AUTHOR
Mike Taylor
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