Glass
5th July 2010, 03:20 AM
Government gives thumbs up to MySuper
ERIC JOHNSTON
July 5, 2010 - 12:36PM
The Gillard government has appeared to provide tacit support for the establishment of a new universal superannuation fund aimed at providing a no-frills retirement savings option for the nation’s workers.
The new fund - known as MySuper - and other recommendations of a landmark review of the nation’s superannuation system released today could lower fees for a typical superannuation member by 40 per cent.
Financial Services Minister Chris Bowen today said he welcomed the MySuper and Superstream initiatives contained in the final report of a review into the superannuation system, noting this could boost retirement savings by $40,000.
Still, Mr Bowen said the government will now consider the final recommendations of the report before providing its response.
With the government’s bruising battle with mining sector still fresh, Mr Bowen also said the government would consult the superannuation industry on the key proposals.
The MySuper fund is a key recommendation of the major review of the nation’s superannuation system headed up by Jeremy Cooper, the former chairman of the Australian Securities and Investment Commission.
The MySuper system would require fund managers to nominate a safe default fund from which members cannot be moved without their explicit consent.
The option is designed to be a simple, cost-effective product with a single, diversified portfolio of investments to suit the 80 per cent of superannuation fund members who have the default option in their current fund.
Still, retail superannuation providers led by Investment and Financial Services Association have strongly criticising the MySuper scheme, labelled the plan as an attempt to deny people control and choice.
link...... (http://www.theage.com.au/business/government-gives-thumbs-up-to-mysuper-20100705-zwmp.html)
Must have been something I said. Still a $40,000 bribe is hard to beat. Especially one that doesn't actually cost you anything. That will be because they either borrow the $40K on your credit to give to you or it just vapourizes like so much other govt undertakings. There are so many "programs" coming out of govt that the bulk of it never happens, the money is de-accounted for and with the pace of things we all move on to the next program lickety split.
ERIC JOHNSTON
July 5, 2010 - 12:36PM
The Gillard government has appeared to provide tacit support for the establishment of a new universal superannuation fund aimed at providing a no-frills retirement savings option for the nation’s workers.
The new fund - known as MySuper - and other recommendations of a landmark review of the nation’s superannuation system released today could lower fees for a typical superannuation member by 40 per cent.
Financial Services Minister Chris Bowen today said he welcomed the MySuper and Superstream initiatives contained in the final report of a review into the superannuation system, noting this could boost retirement savings by $40,000.
Still, Mr Bowen said the government will now consider the final recommendations of the report before providing its response.
With the government’s bruising battle with mining sector still fresh, Mr Bowen also said the government would consult the superannuation industry on the key proposals.
The MySuper fund is a key recommendation of the major review of the nation’s superannuation system headed up by Jeremy Cooper, the former chairman of the Australian Securities and Investment Commission.
The MySuper system would require fund managers to nominate a safe default fund from which members cannot be moved without their explicit consent.
The option is designed to be a simple, cost-effective product with a single, diversified portfolio of investments to suit the 80 per cent of superannuation fund members who have the default option in their current fund.
Still, retail superannuation providers led by Investment and Financial Services Association have strongly criticising the MySuper scheme, labelled the plan as an attempt to deny people control and choice.
link...... (http://www.theage.com.au/business/government-gives-thumbs-up-to-mysuper-20100705-zwmp.html)
Must have been something I said. Still a $40,000 bribe is hard to beat. Especially one that doesn't actually cost you anything. That will be because they either borrow the $40K on your credit to give to you or it just vapourizes like so much other govt undertakings. There are so many "programs" coming out of govt that the bulk of it never happens, the money is de-accounted for and with the pace of things we all move on to the next program lickety split.