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Senate Committee discusses Super Choice options.

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News Release

Senator Lyn Allison 

Senator for Victoria 

Australian Democrats spokesperson for Superannuation


Senate Committee discusses Super Choice options

The Senate Superannuation and Financial Services Committee will tomorrow host a round t able discussion in Sydney with key superannuation players on introducing choice of fund for superannuation.

Democrats Superannuation spokesperson, Senator Lyn Allison, who suggested the round table, said it would be a good opportunity to discuss new developments in the industry since the Senate rejected the Government's choice of funds model eighteen months ago. It would also be a good chance to look at the broad principles that should apply in a choice of superannuation model.

"Choice is an enormously complicated issues which is unlikely to ever attract majority support in the Senate unless the Government and its industry proponent can show how workers can benefit and how their retirement savings can be protected under a Federal choice regime," Senator Allison said.

The agenda for the round table discussion will include

•  super portability, unlimited choice, default fund criteria, disclosure of benefits, fees, charges and investment returns, life insurance, the role of the AIRC and dispute resolution, commission selling, 3 rd line forcing, frequency of contributions payment, protection of entitlements, education, timing and complaints mechanisms.

The Committee will also examine the choice regimes in WA and Qld.

"The Democrats are committed to reviewing our p osition on the choice of funds legislation and the information gained at this roundtable will be hugely helpful in that process.

"We have told the Government that we will be ready to discuss the choice legislation when Parliament resumes in February.

"However, unless a super choice model can be developed which enjoys industry support and leaves workers better off, any new legislation will suffer the same fate as the super choice bill did 18 months ago," Senator Allison concluded.



jy  1999-12-15  15:14