The proposed recommendations to Australia’s superannuation industry have undergone their own review in a move to keep all industry partners happy.
Prime Minister, Julia Gillard, has endorsed the proposed MySuper fund, which through reduced fees, could see the average worker retire with $40,000 more in their nest egg. Gillard’s review also allows more flexibility on how the money paid into MySuper is invested.
In a move to soothe the ruffled feathers of the retail funds which operate for a profit, Labor will allow competition in the default fund market. This will allow profitable retail funds access to money which is currently funneled into industry funds under industrial awards.
Under a Coalition government the future of MySuper is uncertain.
For more information on the proposed MySuper scheme, click YOURLifeChoices simple short cut.