Default Superannuation Funds in Modern Awards

Inquiry report

This inquiry report was released on 12 October 2012.

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Contents

  • Preliminaries
    • Cover, Copyright, Letter, Terms of reference, Contents and Abbreviations
  • Overview - including key points
  • Recommendations
  • Chapter 1 About the inquiry
    • 1.1 Background to the inquiry
    • 1.2 What has the Commission been asked to do?
    • 1.3 The Commission’s approach to the inquiry
  • Chapter 2 Default superannuation funds in modern awards
    • 2.1 Default superannuation funds as part of Australia’s
      superannuation system
    • 2.2 Australia’s industrial relations system
    • 2.3 Superannuation in awards
  • Chapter 3 Conceptual framework
    • 3.1 Potential impediments to meeting the best interests of members
    • 3.2 The Stronger Super reforms
    • 3.3 Framework for assessing the case for further reform
  • Chapter 4 Investment performance
    • 4.1 Investment strategies and objectives
    • 4.2 Investment performance
    • 4.3 Fees and costs
    • 4.4 Scale
  • Chapter 5 Governance and transparency
    • 5.1 The importance of good governance
    • 5.2 The Government’s response to the Cooper Review’s governance
      recommendations
    • 5.3 Superannuation board governance
    • 5.4 Board tenure and renewal policy
    • 5.5 Managing conflicts of interest
    • 5.6 Flipping of members
  • Chapter 6 Other potential criteria
    • 6.1 Insurance
    • 6.2 Financial advice and member education
    • 6.3 Industry connectedness
    • 6.4 Administrative efficiency
  • Chapter 7 Performance of the default superannuation fund selection system
    • 7.1 The current fund selection process
    • 7.2 Meeting the (relevant) employees’ best interests
    • 7.3 Contestability and competition
    • 7.4 Transparency
    • 7.5 Procedural fairness
    • 7.6 Regular assessment
    • 7.7 Minimising regulatory burden
    • 7.8 Market stability
    • 7.9 Consistency with other policies
    • 7.10 Overall assessment of the current process
  • Chapter 8 Reforming the selection process
    • 8.1 Participants’ views — Option 1
    • 8.2 Participants’ views — Options 2, 3 and 4
    • 8.3 Commission’s view — Option 1
    • 8.4 Commission’s view — Option 2
    • 8.5 The Commission’s recommended approach
    • 8.6 Assessment of the recommended process
  • Chapter 9 Maximising the benefits of the proposed reforms
    • 9.1 Implement the reforms as soon as practicable
    • 9.2 Promptly inform affected employers
    • 9.3 Assist affected employees to understand the changes and make
      informed decisions
    • 9.4 Allow a reasonable transition period for employers and funds
    • 9.5 Ensure that the Default Superannuation Panel has appropriate
      skills, resources and legal status
    • 9.6 Provide clear information about default products and their
      selection
    • 9.7 Review the new process for selecting default products, including
      the factors for consideration
  • Appendix A Public consultation
  • Appendix B International experience — default funds in pension systems
  • References

Just briefly...

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