The Productivity Commission has released its Default Superannuation Funds in Modern Awards inquiry issues paper, which intends to assist the public in preparing a submission to the Commission.

 

The inquiry is concerned with the findings of the 2010 Cooper Review, which found that many consumers do not have the interest, information or expertise required to make informed choices about their superannuation. The Cooper Review found that less than 10 per cent choose their superannuation provider, with the majority relying on the default superannuation system.

 

Subsequently, the Commission has been asked by Fair Work Australia to design criteria for the selection and ongoing assessment of superannuation funds eligible for nomination as a default fund in modern awards.

 

The Federal Government has also asked the Commission to consider the interaction of the inquiry with the design and implementation of MySuper.

 

The issues paper can be found here