Industry View

AIST viewpoint: Fairness in super

Concerned for a fairer superannuation system based on realistic expectations of what the system can deliver, Tom Garcia, chief executive of the Australian Institute of Superannuation Trustees says rebalancing tax concessions must primarily improve the retirement outlook for low- to middle-income earners. There has been a welcome shift in the tenor of the debate about superannuation tax reform. Super […]
Industry View

An objective, at last

The government is to enshrine the objective of superannuation in legislation. What would that wording look like? TOM GARCIA, chief executive of the AIST, has a suggestion. Imagine if an ASX-listed company was asked by its shareholders “What is your purpose?” and the response was “We are not sure”? Do you think the stock might […]
Industry View

APRA must stand alone

It may have gone unnoticed by many, but Friday 26 June 2015 was a highly unusual day in the history of superannuation legislation and our parliamentary process. On the same day that the government released exposure draft legislation to change governance arrangements in superannuation for public consultation, APRA wrote to RSE licensees to outline its […]
Industry View

Are super fund fees too high?

Open competition is one way of reducing fees, but is no guarantee of higher returns. Tom Garcia, chief executive of AIST, makes the case for collective ideas on reducing fees that do not impact on returns. Plenty of people seem to think super fund fees are too high, but like many of the meaty issues confronting Australia’s […]
Industry View

Judge, jury, and policy maker

Tom Garcia, chief executive of the Australian Institute of Superannuation Trustees, sees headaches ahead from proposals to mandate more independent trustees. After some years of debating the board composition of superannuation funds – in particular, the true meaning of director independence – we now have draft proposals from both the government and the regulator to […]
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