Super funds brace for government to get the power to cancel investments it doesnât like
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The $3 trillion superannuation sector is bracing for the government to get new powers allowing the Treasurer to block investments and spending decisions politicians dislike.
The Senate Economics Legislation Committee has recommended the federal governmentâs Your Future, Your Super legislation be passed, including a controversial change giving politicians the ability to block investment decisions by super funds. The reforms were introduced during last yearâs federal budget in a bid to reduce multiple accounts by stapling members to their funds, reduce fees and improve super fund performance by subjecting them to benchmark tests.
Super funds brace for government to get the power to cancel investments it doesn t like
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Super funds brace for government to get the power to cancel investments it doesn t like
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Super funds brace for government to get the power to cancel investments it doesn t like
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Superannuation reforms hand too much power to politicians, industry says
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The superannuation industry is warning a raft of changes for the $3 trillion sector will hand politicians too much control over the fundsâ spending decisions despite significant changes to investment performance tests.
Treasurer Josh Frydenberg and Superannuation Minister Jane Hume released regulations for the new Your Future, Your Super reforms on Wednesday and revealed the performance benchmarks super funds must meet will now include administration fees and new categories to better measure unlisted assets.