Super funds want seats at payday super table

Australia’s major superannuation funds and lobby groups want a seat at the table in overseeing the implementation of the pay day superannuation regime earmarked for implementation by the middle of next year.

The Federal Treasury is being urged to establish a Payday Super Advisory Council which would be made up “senior industry leaders” to oversee the proposed new regime which will impose significant new requirements on both employers and superannuation funds.

The Association of Superannuation Funds of Australia (ASFA) has urged Treasury to emulate the approach which was applied to the introduction of SuperStream with the introduction of the SuperStream Advisory Council.

ASFA noted that “to ensure effective co-design, implementation, and oversight of the $1.6 billion SuperStream program, the then Minister for Financial Services and Superannuation established the SuperStream Advisory Council”.

“Its purpose was to provide expert, independent advice to government with a strong focus on industry readiness for the superannuation data and payment standards,” it said.

ASFA noted that the Council was chaired by a ministerial appointee, included senior industry leaders, and had ex-officio representation from Treasury, the ATO and APRA.

“It was well respected for delivering practical and timely advice that contributed significantly to the successful rollout of SuperStream reforms and, ultimately, improved outcomes for superannuation members,” it said.

“ASFA recommends a similar structure to support the implementation of the Payday Super reforms. Specifically, ASFA proposes the establishment of a steering committee or reference group composed of senior representatives from major industry stakeholders.

“This group would provide strategic and technical advice to Government and the ATO on matters of operational significance and architectural design,” ASFA said.

“A collaborative approach between government and industry will be essential to ensure the smooth implementation of Payday Super and deliver lasting benefits for superannuation fund members.”