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Perpetual bosses back MySuper
The most senior personnel within financial services house, Perpetual, have attributed the rapid in growth in self managed superannuation funds (SMSFs) to people moving to take charge of their financial wellbeing.
Perpetual’s departing chief executive officer, David Deverall together with the company’s chairman, Robert Savage have used Perpetual’s annual report to not only endorse the lifting of the superannuation guarantee to 12 per cent by 2020 and the establishment of MySuper as a default fund.
They not only supported key elements of the Cooper Review but the Future of Financial Advice (FOFA) advice reforms saying the initiatives were in line with “the long-standing principles at the core of Perpetual’s approach to financial advisory services”.
“Our expertise in fiduciary duties would also confirm us as a thought leader in an industry where such duties could find wider application,” they said.
The pair said the proposal to increase mandatory employer superannuation contributions to 12 per cent of salary by 2020 and establish MySuper as a default fund would help ensure minimum standards for everyone who contributes to superannuation, even if they were not actively engaged in how their retirement savings were managed.
AUTHOR
Mike Taylor
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