Both scenarios are likely to be subject to stricter default benchmarks that weed out the worst funds from the system all together by the time the government delivers its long-awaited final response to the Productivity Comission's findings, more than six months after they were first handed down.
Two of the largest drains on the system – exit fees and multiple accounts – have already been swept up by the government, restoring up to $38 billion to members over the next 25 years. Assistant Minister for Superannuation and Financial Services Jane Hume says all the recommendations have been accepted.Industry Super said its auto-rollover proposal would apply to all workers with current super accounts, while stapling would only apply to new workers, leaving many of the lost accounts worth more than $6000 in the system accruing smaller returns than if they were automatically reunited.
Despite the review finding APRA was a meek regulator, Senator Hume said repositioning and an increase in resourcing would allow it to be an effective regulator in future.
Source: News Formal (newsformal.com)
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