The Hon Kelly O’Dwyer MP

More consumers are a step closer to being able to choose their superannuation fund under legislation introduced to Parliament last week.

Assistant Treasurer, Kelly O’Dwyer, introduced the Superannuation Legislation Amendment (Choice of Fund) Bill 2016, which gives effect to the Financial System Inquiry (FSI) recommendation to remove the closed shop arrangements where enterprise agreements prevent an estimated two million employees from choosing their own fund.

These reforms are an important step to allow all APRA approved MySuper funds to compete on a level playing field for superannuation consumers.

Sally Loane, CEO of the Financial Services Council said: “The legislation is consistent with the FSI recommendation that individuals be allowed to choose their own superannuation fund.”

“The Government should be applauded for working towards a transparent and competitive superannuation system that empowers consumers.” “The FSC supports removal of the anti-competitive role of the industrial relations system in selecting default funds.” “This will ultimately benefit consumers,” Ms Loane said.

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