Super fund choice on its way

The enterprise agreement preventing employees from choosing their own superannuation fund is closer to being scrapped, following an amendment bill.

Assistant Treasurer, Kelly O'Dwyer, introduced the Superannuation Legislation Amendment (Choice of Fund) Bill 2016 on Thursday which gives effect to the Financial System Inquiry (FSI) recommendation to remove the closed shop arrangements where enterprise agreements prevent an estimated two million employees from choosing their fund.

Commenting, the Financial Services Council's (FSC's) chief executive, Sally Loane said "the Government should be applauded for working towards a transparent and competitive superannuation system that empowers consumers".

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"The FSC supports removal of the anti-competitive role of the industrial relations system in selecting default funds," she said.

"This will ultimately benefit consumers."

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