Super choice of fund, transparency legislation will ‘encourage’ engagement
Andrea Slattery
The Government’s draft legislation on superannuation choice of fund and transparency will increase people’s engagement with superannuation, says Andrea Slattery, CEO/Managing Director of the SMSF Association.
“The Association is a strong advocate of people having the choice about where their superannuation is held and invested, and as such we support this legislative move to enshrine these principles in the superannuation laws.
“These moves also will facilitate having more information about investment choice and increased requirements around the disclosure of portfolio holdings, giving Australians a better opportunity to assess and compare how they can invest their superannuation, irrespective of whether they are in an SMSF or an APRA-regulated fund.
“What is critical is for people to be engaged with their superannuation at all stages of their life cycle so that they can continue to make informed decisions along their retirement savings journey.
“It is also important that people understand what investments they are in, particularly to ensure that investment aligns with the individual’s personal preferences.
“It is sometimes forgotten that the superannuation guarantee contributions made by employers are part of an employee’s salary package – wages forgone to allow them to achieve self-sufficiency in retirement.
“It therefore follows that where that money is held and how it is invested should be at the employee’s direction, which is precisely what this legislation will help achieve,” she says.
