ASFA calls for pragmatism and co-operation at this significant time for super system reform

The Association of Superannuation Funds of Australia (ASFA) is calling for regulatory pragmatism when it comes to the implementation of the reforms contained in the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 given that it only passed through the Senate today.

ASFA CEO Pauline Vamos says the Bill and associated regulations contain substantial and complex changes that impact many parts of the operation of superannuation funds. A substantial number of these changes start next month.

“With 1 July looming, the late passage of this Bill has left funds with just under a week to ensure they comply. Given that there are still many details which need to be determined in relation to implementation, we are calling on regulators to be pragmatic in their approach to enforcing compliance,” Ms Vamos says.

Ultimately it is in fund members’ best interests that implementation costs are minimised and that risks are managed in a prudent manner.

ASFA is also urging all sides of politics to work together to ensure there are no Bills relating to superannuation left in limbo when the Parliament rises this week. “The last thing people need right now is to have further uncertainty when it comes to planning for their retirement, therefore we urge all politicians to work together this week and ensure all Bills related to superannuation are passed before the week ends,” Ms Vamos concluded.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.