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.
You can submit responses to this consultation up until 14 October 2022. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Retirement, Advice and Investment Division
Parkes ACT 2600