AUSTRALIA - The Australian Institute of Superannuation Trustees (AIST) has called for the industry to work together to reach an agreement on imminent Stronger Super reforms.
In her opening address to Conference of Major Superannuation Funds (CMSF), AIST CEO Fiona Reynolds said if the superannuation industry was unable to reach agreement on the reforms they risked having changes forced upon them.
Under the reforms, the Government intends to introduce a default superannuation product called MySuper, implement a package of measures known as SuperStream to improve back office capabilities and improve confidence in self-managed super funds.
"It's fair to say that all sectors of the industry have reform fatigue but if they don't think we need reform they are deluded. We still have an $18bn ‘lost super' problem, 33 million accounts for 11 million workers, no mandated data standards, and rollovers that are so difficult that members simply give up..and that's just the tip of iceberg," said Reynolds.
"If we can't reach agreement, we run the risk of having reforms imposed upon us."
AIST has also launched a public campaign aimed at increasing awareness and gathering support for the Government's plan to lift the Superannuation Guarantee from 9% to 12%.
As part of a broad public campaign, AIST has launched a 12% ‘your future, your call' Facebook campaign complemented by an online 12% petition accessed through a new website: www.12percent.com.au
Reynolds added: "While independent polling consistently shows that an overwhelming majority of Australians support 12% superannuation, we still need to convince all members of parliament to recognise this.
"It's taken years to get 12% on the political agenda. We can't afford to lose this opportunity to deliver a better retirement for millions of Australians."
Reynolds said AIST would also step up its engagement efforts with Canberra, with the 12% proposal expected to be debated before Parliament later this year.
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