The Government's Stronger Super reforms have received a positive response from some of Australia's retail superannuation funds, with the key elements of the reforms in line with expectations.
BT Financial Group (BT) welcomed the flexibility included in the Government's Stronger Super announcement, which the super-fund manager said would provide "a solid foundation for the future of retirement savings in Australia".
BT Financial Group's head of superannuation and platforms, Melanie Evans, said the Cooper Review findings announced last year recommended a framework that may have led to a "one size fits all" approach to superannuation.
"The Government's announcement [on Wednesday] has recognised the need for flexibility in super. In a compulsory system which at its core should be tasked with maximising the retirement savings of every Australian worker, it's imperative there are a range of solutions to meet a wide range of needs," Evans said.
Evans said the Government's focus on governance was particularly reassuring, and that BT supported the move to clearly define the duties and obligations of trustees.
Mercer also praised the Stronger Super announcement in what it said was "a welcome step forward in the reform rollercoaster the superannuation industry is experiencing".
Mercer's managing director for Australia/New Zealand, David Anderson, said the firm was pleased with the progress made on the reforms, and that future reform opportunities and challenges facing super funds and members had been clarified somewhat.
Anderson said now that the industry had some certainty around MySuper pricing, large employers have an opportunity to review their superannuation and design the most suitable insurance and retirement savings products for their workforce.
AMP also responded with open arms to the Stronger Super announcement. An AMP spokesperson told Money Management the key elements of the reforms were "as expected", and showed a willingness by the Government to listen and broadly consult on the proposed reforms.
