Industry super funds saved from US-style ideology

The Conversation, superannuation, super fund governanceThe federal government has hit a major roadblock in its plan to bring in new rules governing superannuation funds, with four independent senators refusing to support the related bill.

The proposed legislation was widely seen as targeting industry super funds, aimed at the part of the retirement-savings industry that is best-performing and (compared to the for-profit sector) largely scandal-free.

The proposals included a requirement for all APRA-regulated superannuation funds to have at least a third of their trustees be “independent” from the sponsors of the funds. The government said the move would increase: Read more...