In this edition:
Government and regulator interaction
The ASFA Secretariat met with APRA to discuss ASFA’s submission to the Discussion Paper, Superannuation Data Transformation: Publications and confidentiality. It was a great opportunity for the ASFA Secretariat to raise some of the key issues that were identified in the submission and for APRA to explain the pathway for data collection over the next three years.
At the recent ASFA Conference, Stephen Jones, the Shadow Minister for Financial Services and Superannuation addressed the room outlining the Opposition’s key areas of focus for superannuation if elected to Government in the May Federal Election. These include a focus on Superannuation Guarantee (SG) non-compliance by focusing on the payment of superannuation at the same time as other entitlements and a review of the ‘Your Future, Your Super’ performance benchmarks with the intent of removing the consequences that are having perverse effects.
Jane Hume, the Minister for Superannuation, Financial Services and the Digital Economy, spoke at the recent SMSF Association National Conference calling out the SMSF sector as a key strength of the retirement system and one that the Coalition Government are key supporters of. During her speech she also called out the need for regulatory settings to be targeted and without the burden of red tape.
Research and submissions
A submission was made to APRA in response to the Discussion Paper, Superannuation Data Transformation: Publications and confidentiality. In the submission ASFA expressed support for increased transparency that leads to improvements in outcomes for members. The submission did however call out for data to remain confidential in circumstances where its publication could compromise outcomes for members or promote instability in the superannuation system.
ASFA made a submission to AFCA in response to the proposed new funding model. While broadly supportive of the ‘user-pays’ structure that will now apply to superannuation funds, the submission did raise some concerns with the tiered fee structure and the potential for the trustee to incur unnecessarily high complaint fees, which would impact detrimentally on the retirement savings held on trust for all members of the fund.
There were several mentions in the media following the ASFA Conference that was held in late April including in the Financial Standard, Financial Newswire, The Australian, The Brisbane Times, Investment Magazine and The Daily Telegraph.
ASFA’s submission in response to the ACFA proposed new funding model was referred to in the Financial News Wire.
ASFA’s call for funds to drive to net zero ahead of 2050 was featured in an article in The Australian.
The ASFA Retirement Standard was featured in an article in Over60, citing how it is used on the Government’s MoneySmart website as a guide to the amount you need to retire comfortably.
Events and Learning
The ASFA Events and Learning team have several sessions lined up over the next few weeks to make sure you are across the key issues affecting superannuation at this time.
We will also be delivering the following learning workshops in May:
- Factual information versus financial product advice
- RG 146 Superannuation Virtual Workshop
- RG 146 Superannuation Refresher Workshop
On 2 June the ASFA Spotlight on Insurance event will focus our attention on ways of improving the insurance offering so we can continue to deliver this essential safety net for millions of Australians. Early bird rates end on Friday 6 May.