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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".
"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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TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
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3y(%)pa
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Spire Oaktree Opportunities XI First Close USD
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2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
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35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
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