The Labor MP expressed support for some kind of a performance benchmark to hold underperforming funds to account, but he said the government’s current proposal falls short during an interview on Monday.
REST Super is among the funds likely to fall short of the government's new performance benchmark even though its MySuper product also stands to be one of the major beneficiaries of the proposed ‘stapling’ changes.
The key to addressing complexity and subjectivity in my experience is through good engagement. For engagement to work there needs to be a level of trust. Trusting can be difficult when significant agency issues exist.
While super stapling is a natural industry progression and a plus for consumers, the changes will curb some of the benefits smaller industry funds rely on to survive, which could further accelerate merger activity.
It is no longer solely the domain of lawyers and judges to interpret the regulatory obligations placed on superannuation funds. It is an increasingly important skill for senior executives, risk, compliance, and even project and IT professionals.