The Treasury Laws Amendment (Your Future, Your Super) Act 2021 received royal assent on 22 June 2021 with supporting regulations made in August 2021. The Your Future, Your Super measures, which are now law, are aimed at increasing member engagement, reducing fees, increasing performance, and holding trustees to account for the decisions they make.
The Government has made a commitment to review the Your Future, Your Super measures to consider whether there have been any unintended consequences and implementation issues arising from any of the four elements of these measures:
- Performance test
- YourSuper comparison tool
- Best financial interests duty
The focus of the review is on ensuring that Australian superannuation funds perform better, delivering dignity in retirement, and avoiding perverse outcomes for members.
In conducting this review, Treasury will hold stakeholder meetings to seek feedback. Treasury will also convene a technical working group on the performance test. The technical working group will be a consultation forum to constructively work through key issues and consider potential solutions.
Technical working group
The Government announced membership of the technical working group on 20 September 2022.
The technical working group met three times during the consultation period to discuss specific technical issues relating to the performance test. A summary of each meeting’s discussion can be found below.