The Productivity Commission on Wed 29.2.2012, released an Issues Paper to facilitate public consultation into its inquiry into default superannuation funds in modern awards. The Government had announced the inquiry in January 2012 and had released the terms of reference.
The purpose of the inquiry is to design transparent and objective criteria for the selection and ongoing assessment of superannuation funds eligible for nomination as default funds in modern awards. The Commission will consider whether to allow all MySuper products to be eligible for nomination in modern awards, or whether there is a net benefit to designing criteria over and above those for MySuper. If additional criteria are required, the Issues Paper noted consideration would need to be given to how those criteria would be implemented.
The Productivity Commission intends to host public hearings in August 2012 following the release of a draft report. The final report is due to the Government on 6 October 2012.
The Issues Paper is available on the Productivity Commission website.
COMMENTS are due by 5 April 2012.
[LTN 40, 29/2]