Employee Rewards and Benefits News
MySuper fund proposals suggest no contribution fees
The new MySuper pension superannuation fund proposed in the Australian Cooper Review will not require contribution fees and will place a ban on trailing commissions.
A new report, entitled MySuper: Optimising Australian Superannuation, also includes proposals for a default post-retirement product to be included in the scheme, alongside a duty on trustees to manage the overall cost of funds to members.
The report was commissioned from Deloitte and indicates that if the MySuper framework proposals were adopted, that some default fund members could expect to pay half the value they are paying now.
Commenting on the new report, review chair Jeremy Cooper explained: "MySuper would be a simple, cost-effective product that redefines what Australians should be able to expect from their super in the twenty-first century."
Meanwhile, the Australian government has sought to clarify the law concerning powers of attorney granted to members of self-managed superannuation funds, replacing a draft ruling introduced in July 2009.
