‘Your Future, Your Super’ bill will leave Australians with more in retirement

Consumer advocacy group Super Consumers Australia welcomes the ‘Your Future, Your Super’ Bill introduced to parliament today.

“Overall, the government’s ‘Your Future, Your Super’ reforms create a better superannuation system for consumers and lift standards across the sector. These reforms will leave people with more money in retirement,” says Xavier O’Halloran, Director of Super Consumers Australia.  

“Australians are paying far too much in fees across multiple accounts. These reforms clean up zombie accounts that have eaten away at people’s retirement savings.”

“The YourSuper fund comparison tool will be a leap forward in informing consumer decision making by showing people the best performers in the market.”

“We support legislation that will see super products subject to annual performance tests. In its current form, the test will turn up the heat on underperformance. But we recommend it be expanded to include administration fees, to put a spotlight on inefficiently administered funds.”

“By the same token the performance test should be expanded to ensure all superannuation fund investment options are subject to the same scrutiny.”