“Through its submissions to the Cooper Review Phase 1, AIST has achieved recognition from the panel of many important contributions that the not-for-profit super sector makes to its membership and the community at large,” according to Reynolds. These include: the limitations of choice in driving competition and efficiency in the retail superannuation product market; the unique role of super and its social policy dimensions; and the importance of the traditional trustee role. AIST’s Phase 2 submission provided a holistic vision for a more efficient and member-centric system, by combining transactional efficiencies with outcomes-based disclosure.

“We have also been active with more detailed legislative proposals, including the proposal for temporary residents’ super to be transferred to the ATO each year. We successfully lobbied the Government to change the legislation so that balances had to be transferred only when the member had permanently left Australia,” Reynolds explains. AIST has been successful in raising the profile of major issues such as climate change firmly into trustees’ sights, and has provided guidance to our members on operational matters such as unlisted valuations.