‘Deeply unjust’: Superannuation fight emerges as sector split on Treasury reform
Superannuation factions have traded blows over moral hazard and ‘anti-competitive’ measures.
A fierce political fight is brewing in Australia’s highly-factionalised superannuation sector as lobby groups argue over how to best protect Australia’s $4.5 trillion retirement savings following the collapse of Shield and First Guardian.
The Super Members Council (SMC), the peak body for the nation’s largest industry funds, is calling on the federal government to persevere with ambitious reform and force self-directed superannuants to pick up the bill for future losses.
SMC chief executive Misha Schubert has backed Treasury which has proposed self-managed super funds (SMSFs) either opt-in and help fund the compensation scheme of last resort (CSLR) or be deigned ineligible to make a claim.
“At last glance SMSFs make about 80% of compensation claims,” Schubert told Capital Brief.
