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YFYS veto powers dropped | Super Review

The Your Future Your Super bill has passed the House of Representatives and will now be voted on after the Government dropped the controversial investment veto powers.

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Super funds could face a 'red tape nightmare' under YFYS

A measure within Schedule 3 of the Your Future, Your Super bill is setting a “very dangerous” precedent.

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'Beggar's belief' to staple members to underperforming super

Labor will challenge the move in the Your Future, Your Super Bill mandating that employees should be stapled to underperforming funds when it comes to its third reading.

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AIST calls Senate Committee to reject YFYS bill

AIST chief executive, Eva Scheerlinck, said: “While we welcome the shift on more appropriate benchmarks and administration fees in the performance measures, the regulations unfortunately confirm widespread carve-outs to performance testing, including for the worst performing super products.
“Crucially, some of the worst-performing superannuation products have been carved out of performance testing, putting consumers at risk of being stapled to a dud fund for life which will actually reduce retirement outcomes.”
Scheerlinck said at least one-third of super funds, including those identified by the Productivity Commission as worst performers, would not be subject to the performance test, and any new MySuper products would not be subject to the test for the first five years.

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Super performance test to include admin fees

Administration fees are one of the biggest drains on retirement savings and including them in the test will drive fast improvements to the super savings of over a million super members, according to Super Consumers.

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Restricting trustees from making certain investments not in members' best interests

“This includes that trustees are responsible for determining an appropriate level of diversification for each investment strategy,” the submission said.
“The notion that excluding assets from a trustee’s investment universe will improve outcomes is flawed. Further, that such a decision would be made by Parliament via regulation, to apply to all trustees regardless of their investment strategy or members’ investment choices, is not in members’ interests.
“The legislation also does not provide for any transitional provisions to ensure members’ existing investments aren’t adversely impacted as a result of the implementation of the provisions.”
AustralianSuper noted the potential impacts of this provision were quite broad and examples included:

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YFYS will push super funds to inferior returns: Thinking Ahead Institute

“Similarly, incorporating other ESG [environmental, social, and governance] and sustainability considerations into the portfolio introduces tracking error risk relative to the performance benchmark, which may not be rewarded over the timeframe before the performance test ‘bites’.”
It also said the reforms would push super funds away from a total portfolio approach and back towards a strategic asset allocation approach.
“We would liken this to going back to an old technology, one that is inferior in return terms by around 0.5% to 1% pa,” it said.
“In effect, the reforms shift a reference portfolio from being usefully operational (a guide to the opportunity set) to being detrimentally behavioural (the management of career risk).”

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Super performance test 'too blunt'

The government’s proposed superannuation performance test would be detrimental to the super system and is not in the best interests of members, according to Chant West.

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YFYS does not address retail super funds' underperformance

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The Government’s proposed Your Future Your Super (YFYS) legislation stops short of addressing the underperformance across the superannuation sector, the Australian Institute of Superannuation Trustees (AIST) believes.
AIST pointed to data from the Australian Prudential Regulation Authority (APRA) released this week that found over the five years to December 2020, profit-to-member super funds, on average, outperformed retail funds by 23%.
AIST chief executive, Eva Scheerlinck, said this concentrated retail fund underperformance needed to be urgently addressed by the government and regulator.
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YFYS performance test ignores actual returns

The Government’s Your Future Your Super superannuation performance test needs a collection of multiple metrics rather than a single metric based on a narrow assessment of quality, according to Frontier.

Productivity-commission , Your-future-super , Yfys , Superannuation , Frontier , Fees , ப்ரோடுக்டிவிடீ-தரகு , உங்கள்-எதிர்கால-அருமை , சுப்பெறன்ணுஅதிோன் , எல்லை , கட்டணம்