The Association of Superannuation Funds of Australia (ASFA) welcomes the Government’s announcement of a Treasury review into the operation of the Your Future, Your Super (YFYS) Laws and the associated My Super performance test.
“The review is timely and appropriate. It is a positive move that will help improve accountability and performance of the wider superannuation system,” said ASFA CEO Dr Martin Fahy.
“After two years of operation it will allow the impact of YFYS measures on capital allocation to be assessed and address the challenges it presented for infrastructure and ESG-focused investments.”
ASFA has consistently raised concerns that the benchmarking approach adopted would have unintended consequences and distort capital allocation in a manner which was at odds with delivering strong member outcomes.
“If left unchecked this would result in Australians having less in retirement. We are pleased that the new Government has acted quickly and will review the test so that it works in the long-term interests of fund members,” concluded Dr Fahy.
For further information, please contact:
ASFA Media team, 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.
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