The government yesterday released the terms of reference for the first two stages of a Productivity Commission review into the efficiency and competitiveness of the entire superannuation system.
“We have tasked the Productivity Commission to develop criteria to assess the efficiency and competitiveness of the superannuation system. Secondly, we have tasked the Productivity Commission to develop alternative models for a formal competitive process for allocating default fund members to products,” said a joint statement from Ms O’Dwyer and Treasurer Scott Morrison’s office.
“Following the full implementation of the MySuper reforms, scheduled to take place by 1 July 2017, we will further task the Productivity Commission to review the efficiency and competitiveness of the superannuation system, drawing on its work on the assessment criteria and alternative models.”
However, Ms O’Dwyer stressed the government will not be delaying any changes to the superannuation system on the basis of these developments with the Productivity Commission.
“This review is not about delaying change, it’s about making sure that the system is dynamic for the modern world,” said Ms O’Dwyer at the SMSF Association’s national conference in Adelaide.