Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 29-May-18
The Productivity Commission’s highly-anticipated report on the superannuation system has recommended major changes to the default fund regime. It proposes that an expert panel – rather than unions or employers – be given responsibility for selecting a list of 10 default super funds. The Commission says this would address problems such workers being locked into underperforming default funds and the creation of multiple accounts when people change jobs. The Commission has also made recommendations on issues such as the number of independent directors on super funds’ boards.
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION