Upcoming Mallesons seminarsSuperannuation funds and employers
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Michael Mathieson
Senior Associate
Michelle Levy
Partner
T +61 2 9296 2437
John Edstein
Partner
T +61 2 9296 2129
The Australian Industrial Relations Commission (AIRC) process for selecting default superannuation funds for modern awards will be reviewed as part of the recently announced examination of Australia’s superannuation system.
A spokesperson for Senator Sherry announced today that the Senator believes that there “ought to be a transparent selection criteria/process for default funds”.
However, the purpose appears to be to assist the AIRC in its selection of default funds rather than to allow employers to nominate a default fund. Senator Sherry believes that choosing default funds is onerous for employers and exposes them to liability, his spokesperson said. She also stated that a transparent process “would help the AIRC in its selection of default funds in industrial awards.”