Productivity Commission inquiries into superannuation – efficiency, competitiveness, default funds

Productivity Commission has been conducting inquiries into superannuation, including the efficiency and competitiveness of the super system and alternative ways to select default funds.

Productivity Commission comparing apples and oranges with SMSF fees

The recent report by the Productivity Commission into superannuation has been criticised as not properly comparing the fees of SMSFs and larger APRA-regulated funds, with fees for SMSFs under $500,000 in assets potentially double the true figure. SMSF Association CEO John Maroney said the Commission “has adopted an ‘apples and… Read More »Productivity Commission comparing apples and oranges with SMSF fees

Industry funds likely to dominate Productivity Commission top 10 list

A top 10 list of super funds is likely to mostly comprise industry funds – eight based on current figures – Roy Morgan finds.

A key recommendation of the Productivity Commission report into the super sector was for a top 10 ‘best in show’ list of super funds to be shown to new entrants to the workforce. Though this recommendation has been criticised by groups including industry funds, retail funds and the Labor party. The Government has yet to respond to the report.

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Productivity Commission recommends only minor SMSF changes

The Productivity Commission has released the report of its inquiry into the efficiency and competitiveness of the superannuation system and if new ways to allocate default funds are needed. The report recommends new workers are allocated to a default fund once – after being shown a list of up to 10 top funds. Other recommendations include changes to advice around SMSF.

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Productivity Commission has handed super system efficiency & competition report to Government

The Productivity Commission has given its report on the efficiency and competitiveness of superannuation to the Government. Though it might not be released before the next Federal election.

Update: The Government has released the Productivity Commission report, but is waiting for the final report of the Banking Royal Commission before giving its response to the recommendations.

The Productivity Commission says it handed the final report of its inquiry into the efficiency and competitiveness of Australia’s superannuation system to the Government on 21 December 2018.

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More super fund mergers could boost member balances by $22,000

Merging more superannuation funds could boost retirement savings by $22,000 per member, if the resulting savings are passed on as fee reductions, the Productivity Commission has found. The Productivity Commission has been releasing research as part of its inquiry into the efficiency and competitiveness of the superannuation system. The latest… Read More »More super fund mergers could boost member balances by $22,000

Productivity Commission’s SMSF findings “fundamentally flawed”

The Productivity Commission’s draft findings on SMSFs are “fundamentally flawed” due to problems with the data, and so shouldn’t lead a recommendation of a minimum balance for SMSFs, says the SMSF Association. The Productivity Commission’s draft findings include that SMSFs with higher balances were competitive with large super funds, but… Read More »Productivity Commission’s SMSF findings “fundamentally flawed”