This year marks 20 years since the Superannuation Guarantee was introduced, so it is entirely fitting that superannuation undergoes a major reformation on reaching this significant milestone. Australia’s $1.3 trillion superannuation industry will experience significant change this year with the government’s “stronger super” reforms expected to pass through parliament and the Australian Prudential Regulation Authority finalising a prudential framework. These changes will strengthen an already robust and world-leading system. The reforms were not intended to remake the super industry, but they will, nevertheless, have a profound impact on the competitive landscape. The changes will further intensify competitive pressure in superannuation, with an even greater focus on fees, returns and overall service levels. But the benefits will not be felt immediately: it will take time for the changes to be implemented and for their effects to be noticed by super fund members.
As reported 7 January 2012 | John Brogden, The Australian, page 24