and governments decided it wasn’t worth the fight. But this important reform will soon give members and the public the benefit of transparency.
The covenant will go one step towards changing this, forcing funds to assist by providing financial advice or new retirement products., giving consumers assistance to line up each fund against its peers. Where workers once had to wade through complex financial documents to understand the basic differences between super products, such as fees and returns, now they can simply log on to a website run by the Australian Tax Office to select and compare.
How to engage Australians with their super has been a long battle. But as balances rise, and members become more savvy, this is changing.
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