The universal superannuation model will not mean wholesale changes to the superannuation system, according to Super System Review chair Jeremy Cooper.
"Think of the universal architecture model as more like a concept rather than a bricks and mortar model," Cooper said at the annual Conference of Major Superannuation Funds event in Brisbane yesterday.
"We will not be introducing changes that are disruptive or costly. Rather, we are talking about a model that is about rearranging resources that are already in the system rather than wholesale changes."
Cooper's move away from his original position that the superannuation system needed to be radically overhauled has been welcomed by Australian Institute of Superannuation Trustees chief executive Fiona Reynolds.
"He now seems to recognise that whilst there are many problems that need to be dealt with, particularly around efficiencies and costs, that the structure of our existing system is sound," Reynolds said.
Cooper said the review's super stream initiative will mean greater efficiency and improved costs to the system.
Under the Cooper initiatives, ecommerce will be a major driver in the super system, where funds will be required to take up electronic transfers of funds.
"The measures will mean greater costs saved for the industry and an end to a paper-based system," Cooper said.
"It is positive that Cooper has decided to focus on the low-hanging fruit such as the super stream measures. This will only mean greater savings for the industry," Media Super chair Gerard Noonan said.
