The Association of Superannuation Funds of Australia (ASFA) said that the updated implementation timeframe of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) was appropriate, given the significant impact COVID-19 has had both on Government and the superannuation industry.
ASFA has advocated for a temporary deferral of Royal Commission legislation as the superannuation industry has been focused on successfully delivering the Government’s COVID-19 early release of superannuation scheme, while simultaneously continuing to ensure the long-term security of Australians in retirement.
“Superannuation funds have dedicated their focus towards effectively delivering the vital services their members need at this difficult time. This sensible deferral by Government will ensure funds can continue to focus on supporting the immediate needs of their members.”
“Maintaining the stability of the superannuation system over the course of the pandemic has been paramount, especially while administering over $9 billion in early release of super payments to more than 1 million Australians.”
The amended implementation dates also provide funds with additional time to work with Government in identifying learnings from COVID-19 and how the pandemic has impacted the Royal Commission recommendations.
p>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.