Australian Institute of Superannuation Trustees
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.