Published: 03 May 2023
The Government’s response to the Your Future, Your Super Review – including the draft regulations – is not sufficiently resolved or comprehensive enough to ensure the Your Future, Your Super reforms work in the best interests of members.
In particular:
- the proposed tweaks to the performance test benchmarks further diminish the transparency and simplicity of the performance testing regime, thereby increasing opportunities for gaming the test,
- while increasing the performance test lookback period from eight to ten years is welcomed, administrative fees and costs should also be aligned to the lookback period to reflect the member outcomes delivered, and
- the Government’s response does not address any of the concerns raised by stakeholders about the YourSuper comparison tool, which is likely connecting members to poorer performing funds.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.