The Association of Superannuation Funds of Australia (ASFA) commends the Government and the Minister for the passage of the Treasury Laws Amendment (Your Superannuation Your Choice) Bill 2020 and their commitment to this longstanding policy.
“Improvements in the efficiency of contributions processing (through the adoption of SuperStream) have made the right to exercise choice of fund easier and individuals should have the right to exercise choice unless there are special factors, such as employer and member rights and obligations in regard to defined benefit funds,” said ASFA CEO Dr Martin Fahy.
“On that issue, we welcome the carve-out for a range of existing DB scheme members—which is consistent with ASFA advocacy—and view the amendment in the Senate to consider the impact of the legislation as sensible policy,” added Dr Fahy.
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.