Superannuation sector scrutiny as reforms takes effect

With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms.

The hearing forms part of the Committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund).

Committee Chair, Mr Tim Wilson MP said ‘Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s “Your Future, Your Super” reforms’, which came into effect on 1 July.

‘It’s important that funds are taking their new obligations seriously, and that trustees are working in the best financial interests of members and being transparent about fund performance. In the highly competitive super field, where member assets have now exceeded $3 trillion, Australians should expect nothing less.’

‘The committee will also continue to scrutinise the impact of COVID-19 on super, as it has for the past eighteen months. In particular, how is the pandemic outlook affecting the funds’ future investment strategies and how they treat their members,’ Mr Wilson said.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Thursday 8 July 2021

Time: 9.15am to 4.30pm

Location: Videoconference

The hearing will be broadcast live at aph.gov.au/live.

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