Today’s release of ASFA’s detailed Policy Principles is a timely reminder to government and regulators of the need for a cohesive superannuation policy.
ASFA chief executive Pauline Vamos says ASFA has been at the forefront of developing and driving policy positions on a range of issues since its inception in 1961. “The past three years have been characterised by an unprecedented level of policy reform in the superannuation sector which includes the landmark Henry Review, Cooper Review and Future of Financial Advice reform,” she says. “In proposing, advocating, or responding to these changes ASFA’s policy positions have grown in breadth and depth.”
Ms Vamos says the political uncertainty which comes with a hung Federal Parliament will make the ASFA Policy Principles an essential point of reference. “They are a valuable tool for all public policy makers seeking an objective and balanced policy position. The end goal is to engender an efficient superannuation industry which delivers adequate and sustainable retirement incomes for Australians.
“The principles will also enable the industry to come together and agree on what it must achieve over the next 12 months. The industry has an appetite to work collaboratively in order to deliver better outcomes to fund members. We start this process by ensuring that ASFA’s policy settings are framed in the best interests of fund members. This allows us to lead the debate, as ASFA members reflect all sectors and service providers.”
Ms Vamos says the principles recognise the growing role of superannuation in the economy and the heavy reliance fund members have on super's performance, transparency and accountability. The principles provide the vehicle to deliver ASFA’s visions for the industry, which are:
- Enhanced retirement outcomes
- Informed and engaged members
- Industry efficiency gains
- Effective Governance and Regulation.
“The ASFA Policy Principles will be key to explaining how ASFA intends to deliver these outcomes,” Ms Vamos says. “ASFA will shortly be embarking on a comprehensive campaign to make sure that the recent policy initiatives on adequacy, industry efficiency and governance are delivered.” The ASFA Policy Principles are a living document and will be periodically reviewed in order to extend, update and amend policy where relevant.
A copy of the ASFA Policy Principles can be downloaded here.
The Association of Superannuation Funds of Australia (ASFA) is the peak industry body for the entire superannuation sector. It is the only industry body that represents all types of superannuation funds, service providers and fund members.
For further information, please contact:
Pauline Vamos, ASFA chief executive, 0433 169 342
Michelle Dunner, GM Marketing and Communications, ASFA, 0412 704 016
Sarah O’Grady, ASFA communications co-ordinator, 0410 439 966