The Association of Superannuation Funds of Australia (ASFA) said the timetable changes address the “significant implementation risk” associated with moving every employer in Australia to a single, industry-wide contribution standard.
“Superannuation funds, employers and service providers to both groups will need to work together during 2014/2015 to manage the movement to the new superannuation contribution payment arrangements,” said ASFA chief executive officer Pauline Vamos.
“However, this change should not be used as a reason to delay. It’s important all providers look to implement the standard as early as possible so that the return on the industry’s investment can start to flow to all participants in the system.”
John Brogden, chief executive of the Financial Services Council, said similarly that the 1 July 2014 start date was causing “significant implementation risks” for superannuation funds.
“To achieve the intended policy outcome and expected savings the system has to be carefully implemented. Rushed implementation puts the system at risk and will ensure that superannuation funds, employers and fund members have adequate time to prepare,” the FSC stated.
