It has been approximately three years since the Cooper Review of our super industry was presented to Government.
On 1 July 2013, many changes came into effect for super as a result of the Cooper Review.
Stronger Super is complex
There are many components of the Stronger Super reforms, although there are three broad categories within the package:
- Super Stream – a focus on technology to drive further efficiency
- MySuper – a simple, low-cost default superannuation product
- Governance – strengthening the integrity and regulatory settings of the super system to improve effectiveness
Not only are the many aspects of the reforms, the implications of each change may not be clear for each members so we have produced a Stronger Super fact sheet which outlines the major changes and comment on the potential impact of these changes.
Please contact us if you have questions about Stronger Super or would like personal advice about your super in light of Stronger Super. Before making major decisions about your super, to adjust for Stronger Super or other reasons, we recommend you get qualified financial advice.