The SMSF Association (SMSFA) says it has “put its weight” behind Government proposals to expand employee choice of superannuation funds, saying it will increase member engagement and improve efficiency and competition in the super system.
Kelly O’Dwyer, the Assistant Treasurer and Minister for Small Business, has argued that choice of super fund should be expanded to more employees.
Draft legislation to extend choice of super funds to employees covered by enterprise agreements and workplace determinations has been released by Treasury.
Kelly O’Dwyer, recently appointed Assistant Treasurer and Minister for Small Business, has argued that everyone should be able to choose which super fund receives their employer super contributions.
Though many more people can choose which superannuation fund receives their employer contributions since the introduction of super choice, many still can’t due to the exemptions from super choice relating to enterprise agreements and state-based awards.
The Royal Commission into Trade Union Governance and Corruption may recommend changes to the super choice rules.
The Counsel Assisting Submissions to the Royal Commission include a recommendation that super choice should be extended to employees covered by collective and enterprise agreements.
Under the current super choice rules many employees may choose which fund receives their employer superannuation contributions. However this choice can be overridden.