Shorten delivers the goods at Christmas!
December-16-2010Hello Fellow Super Enthusiasts!
The highly anticipated event of the year has finally occurred….not Oprah but Minister Shorten’s blueprint for “Stronger Super”. Yes, that’s right! Having responded to the Cooper Review recommendations, all 177 of them, Minister Shorten has delivered an early Christmas present to all Australians. Have a look at the response here.
It is fantastic to see a commitment to pursuing Superstream and MySuper which will ultimately deliver better retirement outcomes for members. After all, that is what it’s all about isn’t it? The blueprint outlined by the Minister will provide the industry with greater certainty about where the super sector is headed.
The Government has committed to undertaking significant consultation with stakeholders on how best to implement these reforms. As administrators of some of the biggest super funds in Australia, Superpartners is looking forward to continue working with the Government and industry to contribute towards making Stronger Super a reality.
Now, being the super hero that I am…where’s my cape… I am still reading, digesting and absorbing the 63 page response so once I finish having a look, I’ll post up a few more thoughts. In the meantime, please share what you think. How do you think we can best implement some of these recommendations? What role do you think administrators should play in the process?
Yours in Super
Hans
Well the challenge for us is that the Governments response in nearly every case refers to agreeing in principle subject to industry discussions so there is little opportunitly to plan.
The TFN is first cab off the rank (1 July2011) so it would be good to have a project team looking at that fairly soon.
Auto consolidation remains the biggest challenge albeit some time away.
Six months later… where is the good news that Shorten delivered at Christmas… Like many in this industry I am wondering where is the present……If someone could tell me I will gladly unwrap the gift
I totally agree, Charles. I haven’t seen any radical or even incremental shifts to the super system. I think Bill is tied up with the QLD flood insurance debacle and since Paul Costello was only appointed for a few months, perhaps this thing didn’t get the legs it required.
Was never going to be holding my breath though.
However, the govt bodies were given some dollars in the budget to start to think about how it is all going to work, so give it another 12 months or so.
Hi Daddy, its is very interesting about all of that.
I LOVE YOU DADDY!!!!!!!
Lots of Love Ruby
Hi Ruby
So pleased that you find this interesting too! I know that you enjoy our discussions about this and other important superannuation matters at the dinner table and now you are even following my Blog!
I know that you are only 11 years old but it is important to recognise early that because you are born female, you are likely to earn less through your working life, have less superannuation when you retire and yet live longer compared to any boys in your class! This does not make sense at all does it now! So, we have much to do to rectify this and other inequities in our society. Thanks for following my blog and I can’t wait to hear your (and your friends) plans to shape the future!
I love you too!
Dad XXXXXXXX
Yes Ruby! This is one time when you should definitely listen to your father!
I am with you Hans. There are terrible gender inequities in the super system and hopefully by the time Ruby starts making super contributions there will be more opportunities to get a fat balance that ensures a comfortable retirement.
Ruby – if you are anything like me, “comfortable” will require you to perhaps make additional contributions on top of the 12 per cent SG that I hope will be in place by the time you have your first job!