The Government on Fri 12.10.2012, released the Productivity Commission’s final report into default superannuation funds in modern awards.
The Productivity Commission has recommended that an expert superannuation panel within Fair Work Australia (FWA) should decide suitable default superannuation funds for inclusion in modern awards according to the members’ best interests.
The Productivity Commission said the FWA Expert Panel should consider the appropriateness of a MySuper product’s long-term investment return target (and risk profile for relevant employees) and whether the fund’s governance practices are consistent with the best interests of members. The Minister for Financial Services and Superannuation said the report endorses the Government’s MySuper and FoFA reforms, including the provision of intra-fund advice.
Source: Minister for Superannuation media release No 066, 12 October 2012
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