Trustees must do a better job of communicating the long-term nature of superannuation to their members, says Australian Securities and Investments Commission commissioner, Greg Tanzer.
Addressing the Conference of Major Superannuation Funds (CMSF) in Brisbane, Tanzer said superannuation was a long-term investment but much of the discussion in the industry was about the short term.
"We need to be discussing the long-term objectives," he said.
In doing so, Tanzer signaled ASIC might be prepared to provide further relief around retirement estimate calculators, saying it was something the regulator might be able to "tweak".
He said he believed trustees could do more to emphasis the long-term nature of superannuation.
This might include the provision of better tools and emphasising 10-year returns over one-year returns.
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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