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About This Document: As debate over MySuper reforms continues, there seems to be broad consensus that the SuperStream proposals are positive for the superannuation industry. Essentially, SuperStream addresses back-office inefficiencies in the industry, which ultimately make it costly and unruly (such as the continued use of manual payments) for both employers and members to engage with the superannuation system. Implementation of the SuperStream proposals is not only likely to reduce administrative burdens but will also make it much easier for Australian workers to transport their superannuation balances from job to job. Super funds management will have to rethink their business models to operate in a new, more competitive landscape. As tough as this new world will be for super funds, the reality is that through a mix of legislation and increased competition, Australian consumers will benefit from a superannuation system that not only offers greater choice, but that is more geared than ever before to engaging with members and offering value for money offerings.

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06/22/11

TOUGH, NEW WORLD FOR SUPER funds

Document Sample

Since the introduction of Choice of Superannuation Fund legislation in the

Australian superannuation industry in 2005,

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