Keep existing default regime - AIST

The current system of default funds under modern awards works well and should not be opened up to unfettered competition, according to Australia Institute of Superannuation Trustees (AIST) chief executive, Tom Garcia. 

Opening the Conference of Major Superannuation Funds (CMSF) on the Gold Coast, Garcia said the not for profit funds would be reinforcing the value of the existing default super arrangements and the dangers inherent in any change. 

His comments have come at the same time as the Financial Services Council has increased its calls for the Government to change the default fund arrangements to allow all eligible MySuper funds to be available for selection as default funds and for the removal of the Fair Work Commission from the process. 

Garcia said that despite what the critics might say employers were afforded choice under the existing default funds regime and those funds which are available have been identified as best suited to meeting the best interests of members.




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