Normal 0 false false false EN-AU X-NONE X-NONE
/* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,”sans-serif”; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;}
An unspoken argument between Asia [with its ‘greenfield’ risk of the developing world] and Continental Europe [with its ‘brownfield’ stability] was fought between two unlisted manager visitors to Australia last month. MICHAEL BAILEY reports.
The one certainty about superannuation over the next 20 years is that it will grow. It’s the miracle of compound interest plus a legislated minimum of the flow of foregone wages every week. The structure of the industry, either through evolution or new regulation, is a little more difficult to predict. There will be fewer but larger funds, perhaps even more SMSFs [when will they stop growing in number?] and perhaps fewer managers. The influence of sponsoring organisations, such as unions and employer bodies, may wane – with or without possible legislative change to the make-up of trustee boards – with the sheer size of funds and continued push for professionalism and best practice. Adequacy will have been addressed, or at least debated. Paul Howes, one of the industry’s new faces of the past couple of years, says that super adequacy will be the next big discussion. 
You can’t be sure of too much in life, but when the AIST, ASFA, IFSA and The Corporate Super Association all think an idea is a dog, then that idea really should be checked for fleas. The four peak bodies, so often at loggerheads with one another, produced an unprecedented joint submission to Jeremy Cooper’s Super System Review last month. They noted that when Senator Nick Sherry announced the Review in May 2009, he said its panel’s task was to “renovate the house”. The four bodies fear that with its proposal to divide members into “universal” and “choice” participants, the review in fact wants to tear the house down and start again. (I wouldn’t ask Nick Sherry about it, though – he has sooo moved on from old policy relationships. 
