Dictated industry superannuation funds
Launch of report on new anti-competitive superannuation requirements in Fair Work Act
11 am, Tuesday, 13 August 2013, Waratah Room, Parliament House, Macquarie St, Sydney
– Barry Rafe, author of the report “2012 Fair Work Act Amendments on Default Superannuation”
– Richard Gilbert, CEO Investment and Financial Services Association (2002-2009)
– Introduction by Alan Anderson, of the HR Nicholls Society board, on behalf of Adam Bisits, president.
Following changes to the Fair Work Act in December 2012 and June this year requiring awards to list default superannuation funds, after a two stage vetting by the Fair Work Commission, the HR Nicholls Society commissioned the superannuation expert and actuary Barry Rafe to review the changes.
The report finds that the changes entrench the industry funds (controlled jointly by unions and employer associations) and duplicate APRA’s oversight. The new requirements are biased against new entrants, including retails funds, and against innovation. The changes are anti-competitive and will create cost.
The report will be of interest to superannuation contributors, employers responsible for super and retail funds.
Adam Bisits, 0438 405 527