Superannuation is ‘certainly not a cottage industry anymore’: Hume

Superannuation Minister Jane Hume says it is important the “Your Future, Your Super” legislation is passed to ensure superannuation funds best serve their members because it is “certainly not a cottage industry anymore”. Ms Hume said there is currently $3.1 trillion in superannuation assets under management and around $30 billion a year paid in fees across the country. “That’s why it’s so important that we pass the Your Future, Your Super legislation as soon as possible to make sure that this is an efficient system that’s serving embers rather than funds,” she said. “We think that it will defiantly pass because I think people realise that the most important thing that we can do is make sure that your super fund follows you throughout your working life”. Ms Hume said it was also important to ensure superannuation fund trustees were held to a greater level of accountability and transparency.

from Breaking National News and Australian News | Daily Telegraph https://ift.tt/3fLfN2z