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Superannuation Australia - Essay Example

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One of the major economic strategies that the Australian government undertook in 2009 was the review of operations and efficiency of the superannuation system. After an extensive deliberation and Super System Review of the commission under the leadership of Jeremy Cooper, a…
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Superannuation Australia
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Superannuation Australia

Download file to see previous pages... One of the key features that MySuper offers is easily comparable fees structure that has a list of allowable forms of fees (Patrick, 2004). In addition, the fees that a member of MySuper is charged are limited. Some of the major fees that are involved include administration fee, investment fee, and other types of fees including exit fees, investment switching and contribution splitting.
MySuper products offers total & permanent disability (TPD) insurance that is of standard and default in nature. This implies that the members will have the opportunity to decrease or increase their insurance cover without leaving the MySuper product. Upon joining, members of MySuper product will automatically receive a prescribed level of insurance (Mansell and Wehn, 1998). Similarly, individuals who decide to opt out of the insurance cover will no longer pay the insurance premium.
In its effort to attain an economic growth that is based on extensive investment, the Australian government introduced a lifecycle investment option as a default to MySuper product. One of the major aspects of the lifecycle investment option is that it allows the trustees to move members into another investment mix in an automatic manner. Some of the factors that are considered during moving of members include age, time, gender and retirement among others (Bill, 2013). Through the Trustee Tailored Superannuation, new inventive lifecycle methods have now been introduced thus ensuring that member’s income is properly invested.
Another notable feature that is found in the MySuper product is disclosure. This implies that the extent of trustee disclosure depending with the fees, investment allocation as well as investment performance will be higher. As a result, the Australian Prudential Regulation Authority (APRA) will be in a position to compare data that is related to long-term net return thus ...Download file to see next pagesRead More
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