Superannuation

Superannuation funds believe that while they may not be ultimately responsible for frauds committed under the Government’s hardship early release scheme their members will still be made to pay via the member’s reserve.

The Australian Prudential Regulation Authority has suggested that no one metric should be used to reject the MySuper status of superannuation funds but that persistently under-performing funds should be prepared to exit.

The Australian Prudential Regulation Authority has been asked to explain what advice it would give to funds which are considering mergers with funds which have under-performing assets.

In circumstances where the Government’s superannuation early release scheme represents a 30-year departure from bipartisan policy, Industry Super Australia has argued that scrutiny of the regime is justified.

The time lag between the Government’s announcement of early access to superannuation and its subsequent announcement of JobKeeper may have left some superannuation fund members with insufficient information, a Parliamentary Committee has been told.