The Government has announced income tax relief for internal super fund transfers to MySuper accounts.
The Australian Institute of Superannuation Trustees (AIST) has called for the Government to accelerate the transition to MySuper default super funds from “high-fee bank-owned default super funds.”
Under the Stronger Super changes superannuation fund trustees have until 1 July 2017 to transfer the balances of existing default members to a MySuper product.
This means that “hundreds of thousands of consumers are paying higher fees for their super and missing out on the benefits of the MySuper reforms,” said AIST Executive Manager David Haynes.
ARPA has started to release MySuper superannuation fund statistics. According to APRA there are 116 MySuper products, holding total assets of $ 363.2 billion.
“The statistics provide a central source of information on MySuper products and support the broader transparency objectives of the Stronger Super reforms,” said APRA member Helen Rowell.
This release of statistics covers the September 2013, December 2013, March 2014 and June 2014 quarters. APRA has a duty under the SIS Act to publish quarterly MySuper Statistics, including “fees charged, costs incurred and net returns”.