Vamos wants single, united super voice

The superannuation industry needs to unite and put competition to the side if it wants to achieve its policy goals, according to Association of Superannuation Funds of Australia (ASFA) chief executive, Pauline Vamos. 

Addressing the ASFA conference in Melbourne, Vamos said that some of the key issues confronting the superannuation industry could only be addressed by the sector acting collectively. 

“We need to put short term competition aside to achieve this collective approach. The more we do this the more our voice will be heard on good policy,” Vamos said. 

On the question of fund governance, Vamos said ASFA’s position was that conflicts of interest had to be absolutely removed from the industry and new focus directed towards the right people, with the right qualifications and the right experience being appointed to superannuation fund board. 

As well, she said there needed to be a focus on ensuring members received value for money and therefore a focus on fees and charges. 

Vamos also pointed to new research revealing that fewer people were opting to take lump sums, with more opting to take income streams. 

She said that, generally, lump sums were being taken by those with lower super account balances.