5 August 2021
Your Future, Your Super regulations will place downward pressure on fees
The Association of Superannuation Funds of Australia (ASFA) welcomes today’s release of the Your Future, Your Super regulations. These regulations will deliver improved outcomes for fund members and place downward pressure on fees going forward.
“The changes to the regulations announced are measured, justified and in the long-term interests of superannuation fund members,” said CEO Dr Martin Fahy.
Commenting on the Government’s decision to amend the performance test to incorporate current administration fees, Dr Fahy said “the revised approach will align the performance test to the fees members will pay going forward and reflect the downward momentum we have seen in fees as a result of the Government’s initiatives to enhance member returns.”
“ASFA is pleased that the final regulations have addressed the concerns of wider industry stakeholders and the changes made will allow members to achieve better long-term retirement savings outcomes.”
ASFA also welcomes the decision to extend the consultation process on Portfolio Holdings Disclosure. The decision to consult further reflects the Government’s willingness to balance the need for transparency with the complexities of risk management and fund performance.
For further information, please contact:
Jacqui Maddock, 0451 949 300.
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. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.