, however the federal government has introduced the legislation in a bid to reduce unnecessary fees and expenses in the $3 trillion system and provide additional oversight into how workers’ super is managed.
“We wholeheartedly agree that trustees need to be held accountable for the decisions they make and that they need to act at all times in the best interest of members but the government hasn’t explained why it needs this extraordinary power of intervention,” Ms Engwerda-Smith at an Australian Institute of Superannuation Trustees webinar on Monday.“In effect the government could make illegal investment in projects or sectors it simply doesn’t like,” she said.
“I think, sadly, this should be rejected and the government should be asked to start again,” he said.” It would impose an extraordinarily intrusive and onerous regulatory burden on funds which would divert their attention away from acting in members’ best interests; bizarrely, it would create a regulatory power to prevent funds acting in members best interests”.
JennieDuke The Liberal Party wants to stop your Super Fund investing in major infrastructure projects. Think about that for a second. And all because they hate unions and industry funds. Punting your retirement on the stockmarket like everyone else is okay though. auspol super