Powered by MOMENTUM MEDIA
lawyers weekly logo
Advertisement
News
10 July 2025 by Miranda Brownlee

L1 Capital merger to ‘inject new life into Platinum’: Morningstar

The deal between Platinum Asset Management and L1 Capital will help arrest the organic business decline of Platinum and unlock value, according to ...
icon

Former Platinum exec joins Atrium in freshly created role

The multi-asset investment manager has announced the appointment of Charlie Brooks to the newly created position of ...

icon

SEC clarity sets stage for Australia’s next crypto ETF push

Australia’s cryptocurrency ETF market could be poised for its next wave of development as US regulators open the door to ...

icon

Defence and precious metals top ETF charts in first half of 2025

Defence and precious metals have emerged as the strongest-performing ETF sectors over the past six months, fuelled by ...

icon

‘This is a new RBA’: Economists caught off guard by surprise decision

Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the ...

icon

Diversified strategies power double-digit super returns over volatile year

Brighter Super and Mercer Super have reported double-digit returns, crediting diversified strategies and long-term focus ...

VIEW ALL

Renovation rescue for super

  •  
By Alice Uribe
  •  
5 minute read

Not everyone is convinced a review of the superannuation system is the best way to go.

It's pretty clear Superannuation and Corporate Law Minister Nick Sherry is keen to overhaul the superannuation system.

In fact, Sherry has been heard likening the process to a house renovation. But as we all know, a do-it-yourself renovation does not always run smoothly.

While the recent announcement by Sherry of a review of Australia's superannuation system was backed by many of the industry's peak bodies, including the Association of Superannuation Funds of Australia and the Australian Institute of Superannuation Trustees, not everyone is convinced another review is what is needed.

Opposition financial services, superannuation and corporate law spokesman Chris Pearce was quick to hit back at the proposal.

 
 

"Rather than working to establish certainty for all Australians, the government has yet again begun a process of destabilising super and reducing the incentive for Australians to contribute," Pearce said.

When questioned by Investor Weekly, Pearce was unable to explain how such a review would destabilise the super system, however, he did point out the number of reviews could be confusing for everyday Australians.

"This review further adds to the current reviews into self-managed super funds, simple advice in superannuation, a central clearing house, lost accounts, tax relief of merging funds and indexation of government superannuation schemes," he said.

While it is true the super system is being examined through a number of reviews, such as the Henry tax review and the Harmer pensions review, it would seem that after 20 years an examination of the regime is justifiable.

While Sherry points out that for the most part the system is strong and well regulated, media reports have focused on some areas that are ripe for consideration.

The question of fees and commissions has been thrust into the spotlight, particularly with the FPA's proposal last week to phase out commissions in favour of a fee-for-service remuneration model by 2012.

Sherry also said "current operational features" of the system should be examined.

While the industry awaits the 'big reveal', that is, the release of the review's terms of reference and details of its structure, perhaps it is a good time for the industry to start focusing on how it wants the renovation to take place and what it wants the 'house' to look like over the next 20 years and beyond.