The MySuper product is paternalistic and will promote disengagement with superannuation, according to Shadow Treasurer Joe Hockey.
Hockey echoed comments made by the Financial Services Council (FSC) chief executive John Brogden at the FSC annual conference in Melbourne yesterday.
"The FSC chief John Brogden has said that MySuper is overly paternalistic and will entrench disengagement and disinterest. He said low-cost and no-commission products already offered by AMP and BT make MySuper redundant," Hockey said.
"Well, I tend to agree with him."
Hockey also disputed Treasury's findings that MySuper could save people 40 per cent in fees.
"I believe the industry disputes this figure and so do we. The Coalition believes there needs to be full disclosure regarding the recommendations behind MySuper," he said.
Hockey said the Labor government's decision to increase the superannuation guarantee (SG) from 9 to 12 per cent was based on "impulse" and not "fact".
"I believe we do need to increase national savings but there are better ways to do it. Dr Henry offered an alternative approach [to increasing the SG] including the introduction of tax concessions," he said.
Hockey said the tax deductibility of advice was on the Coalition's policy agenda.
The affordability of advice could be improved through tax deductions on advice and it is something the Coalition will consider, according to Hockey.
He also reinforced his party's stance on not imposing a blanket ban on commissions.
"Unlike Labor we will not be forcing financial planners to change the ways they conduct business. Chris Bowen [Minister for Superannuation] has already foreshadowed that there will be job losses as a result of the change to adviser remunerations following a ban on commissions," he said.
"We are determined to not let this happen. We will not impose a blanket ban on commissions."
Hockey said the Coalition has not yet developed a superannuation policy.
"Don't expect me to deliver a super policy today. We have already launched a tax policy and that is enough," he said.
