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29 September 2017
AIST is strongly opposed to all the measures in the Bill, and believes it is inappropriate to prescribe a governance model to apply to all funds absent comprehensive empirical evidence that the current system is failing. The preservation of the equal representation model is paramount for a number of reasons, including investment outperformance.
AIST submits that it is imperative that superannuation fund members and funds are not detrimentally impacted by the proposal to replace the Superannuation Complaints Tribunal with a new one-stop-shop. It is vital for the industry to be consulted in relation to many legislative and non-legislative measures associated with the Bill.
AIST recommends that the outcomes assessment outlined in the Bill be modified in order to reflect the importance of net returns above any other criteria in determining the appropriateness of MySuper product offerings and that the assessment should also apply to Choice products.
AIST welcomes proposed changes which will remove the loopholes that employers can use to reduce the Superannuation Guarantee entitlements of employees that salary sacrifice.
11 September 2017
AIST supports the member outcomes test proposed for all superannuation products provided the role of net returns are not diluted. AIST also submits that the existing regulatory framework provides APRA with sufficient power to address governance weaknesses.
31 August 2017
The fifth paper released by the Insurance in Superannuation Working Group (ISWG) outlines how practices sometimes described as ‘profit share arrangements’ apply across the industry and operate in practice.
26 August 2017
AIST supports measures which ensure that ASIC has the appropriate powers to ensure that entities applying for Australian Financial Services Licenses (AFSLs) are fit and proper licensees. AIST supported this recommendation from the Financial System Inquiry. AIST's submission indicates our full support for all of the positions proposed in the consultation paper.
25 August 2017
AIST supports the display of product names in ATO Online, but recommends changing the current listings of product names in the Fund Validation Service to improve fund name recognition by members. However, resolution of this issue does not address AIST’s wider concerns about the proposed online choice of fund form.
21 August 2017
This submission reiterates AIST’s strong support for the legislated but not yet implemented system for selecting default superannuation funds. Even without the enhanced quality filter arising from the legislated system, the existing model has delivered out-performance for default members and provided many benefits to the greater economy.
11 August 2017
AIST welcomes the proposed changes which will remove loopholes that allow employers to reduce the Superannuation Guarantee (SG) entitlements of employees who use salary sacrifice arrangements.