Putting this colourful scenario aside, he says workers at the Beaconsfield mine in Tasmania on Australian workplace agreements “could only be signed into a BT fund”. This demonstrates that in some cases, much of the power of selecting default funds lies with employers, overriding the award system. He adds that MySuper, if implemented, will change the competitive landscape at the low-cost end of the market, and he expects retail funds to be competitive in this area. “The game is going to move on with the arrival of new products, and more and more, retail funds will contest the industry funds’ space in terms of fees. “I’m completely committed to creating competitive markets and completely committed to adequate retirement [savings].”

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