Speaking at the Committee for Economic Development of Australia (CEDA), on Friday 26.2.2016, the Assistant Treasurer discussed 2 areas in which the Government expects legislation to be introduced in the “coming weeks”:

  • Choice of fund – The Assistant Treasurer said currently an estimated 2m employees do not have the opportunity to choose their own fund. A common way this can occur is through enterprise bargaining agreements and workplace determinations, which may mandate a given super fund or funds and satisfy choice of fund requirements. Ms O’Dwyer said the Government want people to be able to make choices about their retirement income. She said the Government will extend choice of fund to employees under enterprise agreements that are made from 1 July 2016. This will eventually give choice to around 800,000 of the estimated 2m employees who currently don’t have it, the Assistant Treasurer said.
  • Transparency (comparability) – The Government wants to improve transparency and comparability of information to help people make choices about where their money goes. The Assistant Treasurer said the Government is seeking to find an appropriate balance between increasing transparency in the superannuation industry and minimising the current compliance cost.

[Assistant Treasurer’s press release] [LTN 38, 26/2/16]