Retail review

THE Minister for Financial Services, Bill Shorten, has made good on his promise to the retail superannuation sector to have the Productivity Commission review default super funds in industrial awards. Mr Shorten and the Assistant Treasurer, Mark Arbib, issued the terms of reference for the review yesterday.

THE Minister for Financial Services, Bill Shorten, has made good on his promise to the retail superannuation sector to have the Productivity Commission review default super funds in industrial awards. Mr Shorten and the Assistant Treasurer, Mark Arbib, issued the terms of reference for the review yesterday.

The retail super sector, dominated by banks and insurers, wants to be able to have its funds compete with not-for-profit funds as the default providers in awards. Default funds receive the compulsory super contributions from employees who do not choose a fund. In workplaces covered by industrial awards, the default funds are mostly not-for-profits.

The review is likely to begin next month and run for up to eight months.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles