SMSF Association Submission
The Self Managed Super Fund Association (SMSFA) welcomes the opportunity to make a submission to the Senate Inquiry into the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017
Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017
The SMSF Association supports the Government’s superannuation reform package which will increase the transparency and accountability of superannuation and should lead to improved retirement savings. Improving outcomes for fund members will ultimately lead to a better quality of life in retirement for Australians.
Requiring MySuper trustees to publish annual information on investment and insurance strategies, fees and returns is a positive development by giving members more information about how their fund is performing and being managed. Strengthening the obligation on trustees to consider how their product continues to deliver outcomes to its members should hopefully increase the governance of MySuper offerings. Notwithstanding these measures, it is essential that the information is also portrayed in a clear manner. Expanding the accountability that trustees owe to their members, many of which may be default members, is long overdue.