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TFN identification to increase super efficiency: ASFA
The Government’s announcement that tax file numbers will be used as the primary identifier within superannuation from 1 July 2011 will benefit super fund members by increasing fund efficiency, according to the Association of Superannuation Funds of Australia (ASFA).
“The industry will be able to identify members and get money into their superannuation accounts quickly to maximise returns,” said ASFA chief executive Pauline Vamos.
“It will also allow trustees of funds to auto-consolidate multiple accounts within a fund. This will save people money because they will not be paying for two accounts that they don’t need or want.”
Vamos also welcomed the longer lead time on the implementation of MySuper, saying the 2013 target date would allow the industry time to adjust, and for not mandating intra-fund advice into MySuper.
Vamos said ASFA was also pleased that the Government spelled out the objective fiduciary duties for trustees and didn’t mandate a post-retirement product.
“Not mandating post-retirement products allows trustees to exercise their duties with enough flexibility so that they can always act in the best interest of their own members,” she said.
AUTHOR
Mike Taylor
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