Earlier this year, the Australian Federal Government announced the Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017, comprising wide-ranging new obligations on superannuation trustees to improve accountability and member outcomes. This was complemented by new APRA powers, requiring superannuation trustees to enhance and formalise their operational governance practices.
As the bill makes its way through the Australian Senate, it looks likely funds will soon have to demonstrate that their MySuper products are meeting members’ best interests. This includes demonstrating the benefit to members of every dollar spent operating and managing the fund.
DST’s upcoming superannuation white paper: “Improving Outcomes for Superannuation Members” looks at how funds are planning to respond to these new requirements, and how they can continue to differentiate, innovate, and deliver value to members in an increasingly regulated and competitive market.
The white paper is scheduled for release in early 2018. You can also contribute to the white paper by sharing your views in our Member Outcomes Poll.