In May 2009 the government announced a review of the superannuation industry, headed by Jeremy Cooper, the former Deputy Chairman of ASIC. The aim was to examine the efficiency of the superannuation system to achieve an outcome that maximised the retirement income for all Australians.
This week the government released the final report of the review panel. The Treasury estimates the changes could result in operational savings of $1 billion a year, money which could be put into our retirement coffers.
The final report was 169 pages long, but you’ll get to grips with some of the key issues in today’s BTalk. Meg Heffron, a member of the review panel and Principal of Heffron, talks us through how the recommendations will drive efficiency and why the introduction of MySuper will reduce fees and ensure people are in control of their investment decisions.