Productivity Commission recommends Fair Work panel decide on default funds

The Productivity Commission's final report into default super funds has called for a special new panel within Fair Work Australia to decide which funds will qualify as default funds.

The 290 page report acknowledges that employers do not want the responsibility of choosing default funds for their employers and has proposed that the new panel create a short list of highly-recommended MySuper products within a list of other potential default MySuper products.

The Commission has picked up several of AIST's recommendations including our call to scrap a draft recommendation to give employers more discretion in choosing a default fund.

The Government is expected to release its recommendations on the report later this month.