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The Government’s Your Future Your Super legislation and draft regulations suffer from “fatal flaws” that will result in significant unintended member detriment, according to the Australian Institute of Superannuation Trustees.
Date Time New super laws appear to be moving in right direction for membersia Article Industry Super Australia welcomes the federal government’s moves to strengthen new performance test laws and to ensure super funds are not penalised for investing in vital local infrastructure projects. Spurred on by near universal feedback from the industry, the government is now ensuring the Your Future Your Super performance test better focuses on member outcomes and appears to now include administration fees. The government has also seemingly taken a positive step to benchmark the performance of unlist...
A million super accounts may not be up to scratch under major reforms Major changes to the Federal Government's superannuation reforms could see an extra one million accounts fail to make the grade. The Government already had underperforming super funds under the spotlight with its controversial Your Future Your Super reforms, but has added extra protections to counter criticisms. The reforms initially targeted funds that were deemed to be under-performing. READ MORE: A million Australian superannuation accounts could be underperforming under new reforms by the federal government.(Getty Image...
Cbus said the exception that was introduced on 1 April, 2020 allowed workers under 25 years old in dangerous jobs to automatically keep their insurance entitlement. Since the exception had been introduced to 31 March, 2021, 115,800 building and construction workers had obtained or retained their insurance and a total of $7,256,200 (58 claims) had been paid who would not have otherwise been eligible without the exception. “Many funds’ policies – including those funds that workers are most likely to be stapled to under Your Future Your Super – contain exclusions or unfavourable terms an...
‘Not the right way to do reform’: Labor’s open door policy to industry By Sarah Kendell 22 April 2021 The federal opposition has set the stage for its approach to financial services regulation in the lead-up to a possible election early next year, saying the Coalition has too often “closed the door in the face” of industry when it suggests sensible amendments to legislation. Addressing the FSC Life Insurance Summit this week, shadow financial services minister Stephen Jones said while Labor supported the government ...