Financial Services Council (FSC) chief executive Sally Loane has reinforced the need for important policy reforms, particularly the introduction of a ‘default once’ system for superannuation.
Speaking at the launch of the Melbourne Mercer Global Pension Index at the FSC, she said there needed to be greater focus on the implementation of outstanding reforms to superannuation and retirement systems.
“We know Australia’s world class superannuation system is being held back by outdated policy settings that create inefficiencies and erode retirement savings,” Loane said.
“We continue to urge the Government, and Parliament, to implement the recommendations of both the Royal Commission and Productivity Commission to reform default superannuation by introducing a ‘default once’ system.”
This system would create a single default account for superannuation members, like a bank account or tax file number, which would allow a simpler transition process when moving jobs.
“Decoupling superannuation from the industrial relations system is an essential reform to deliver a superannuation system that is fit for purpose in a changing economy and increasingly flexible work patterns, where the numbers of people with more than job is rising,” Loane said.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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