Would you want people like Craig Thompson or Michael Williamson, or even Bill Shorten having substantial input into how your super money is managed? Where it goes? Who gets a slice of it?

Of course you wouldn't and it looks like Mr Frydenberg is going to fix it for us . . .unless of course
Labor & the Greens gang up to keep the grubby hands in the till.

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Money Management
Frydenberg backs super governance changes

19 January, 2015 Mike Taylor

Weekend comments by the new Federal Assistant Treasurer, Josh Frydenberg, have been interpreted as pointing to him moving to change superannuation fund governance arrangements to increase the number of independent directors.

Frydenberg, being interviewed by reporters before leaving on trip to Europe, specifically referenced the size of the superannuation system and the need to have the most robust governance settings possible.

"I am attracted to the notion of having an independent chair and a larger number of independent directors," he said.

However he claimed any such move should not be interpreted as being aimed at union-backed industry superannuation funds but, rather, about best practice and getting the best possible outcome for super fund members.

Frydenberg's comments on default funds under modern awards made it clear that, like his predecessor in the assistant treasurer role, Senator Mathias Cormann, he believed the default funds sector should be opened up to competition.

He said he believed there need to be more competition injected into the sector.

Yup, they want the banks to manage all super, rip huge commissions and fees out of the super funds etc.

If there is no problem, don’t fix it.

Indeed - and a strict limit on the amount an individual can put away for super and cop a  tax deduction.. that should chop off a lot of the current rorts....  the amount required for any individual superannuation should be determined as the limit.... after that you're on your own and there is no reason anyone should be stashing masses.

You don't get a tax deduction for putting money into a bank account...

At the moment the pension cuts out at around $50k p.a. for a single... I reckon that is the ceiling for super.. an amount that will generate Pension cut off at the time of pension age.... after that you are saving on your own.

Man - I love this policy making on the run...... my forte....

bogarde73 wrote on Jan 19^th, 2015 at 2:19pm:

Would you want people like Craig Thompson or Michael Williamson, or even Bill Shorten having substantial input into how your super money is managed? Where it goes? Who gets a slice of it?

Do you want companies like Storm financial service in charge of your super?


Quote:

By mid March, America’s champion fraudster Bernie Madoff will have served two years of a 150-year prison sentence for stealing billions of dollars from his rich and famous investors. As he chalks up the anniversary on his North Carolina jail wall, our corporate cop, the Australian Securities and Investments Commission (ASIC), will have barely begun its action against Australia’s champion wealth destroyer Storm Financial Ltd, whose reckless advice cost 3000–4000 investors in Queensland, New South Wales and Victoria around $3 billion.

What about the commonwealth bank?


Quote:

Commonwealth Bank of Australia could face a class action brought by thousands of disgruntled investors who lost millions following bad financial planning advice and systemic manipulation. Read more: http://www.smh.com.au/business/banking-and-finance/cba-facing-200m-class-action-for-bad-advice-20140516-38dd2.html#ixzz3PEpeUYUY

As the ad says industry run funds consistently out perform private funds.

The private sharks want in, & you surprisingly seem to support it.

Did you support the watering down of the financial advice regulation as well?


Quote:

Consumer groups and industry super funds have hit out at the federal government's decision to push ahead with controversial changes to financial advice reforms. Under changes to be introduced from July 1, the government will abolish a 'catch-all' provision for advisors to act in the best interests of their clients. It will also exclude general advice from conflicted remuneration rules and remove the requirement for investors to 'opt-in' to authorise ongoing fees every two years. Read more: http://www.smh.com.au/business/banking-and-finance/anger-as-coalition-waters-down-financial-advice-laws-20140620-3ahyl.html#ixzz3PEqf5bX9

If the award super is 9.25%, which I think it is ATM, then concessionary tax should only apply up to 9.25% of income. Probably those on $200Kpa don’t need any concessionary income tax on their super at all while those on the lowest of incomes could probably do with a top up.

Pretty obvious where we're headed here, smithy - total control and no responsibility to the fund managers.

Caveat Emptor....  I think I'll manage my own thanks.

St George of the Garden wrote on Jan 19^th, 2015 at 2:39pm:

If the award super is 9.25%, which I think it is ATM, then concessionary tax should only apply up to 9.25% of income. Probably those on $200Kpa don’t need any concessionary income tax on their super at all while those on the lowest of incomes could probably do with a top up.

Another good start on a plan, George.... I'll take it on board for consideration.... I think an upper limit must apply - as before - after that you are on your own with no tax concessions and are saving money, not putting it into super.

Abbott government gives greenlight for big bank super grab
19 January, 2015 | Media Release The Abbott Government has sent a clear message it intends to put the interests of the big banks ahead of working Australians by attacking industry super funds - the best performing area of the superannuation industry.

“It’s astounding that new Assistant Treasurer Josh Frydenberg’s first public comment on superannuation is to attack the one area of the finance industry that actually puts the interests of millions of Australians ahead of the big banks,” said ACTU Assistant Secretary Tim Lyons.

Mr Lyons said the current system of default super funds ensures that workers get the best returns on their retirement savings – not the big banks.

“Not-for-profit industry super funds have lower fees and have outperformed the for-profit retail funds owned by the big banks over any time period comparison.

“Yet despite this indisputable fact, Mr Frydenberg has singled out removing default super funds from workplace agreements as one of his key priorities.

“The big banks already have your mortgage, your credit card and your savings – now they want your superannuation and the Abbott Government seems determined to give it to them.”

“The Commonwealth Bank financial planning scandal last year revealed that hundreds of millions of dollars was lost from the retirement savings of thousands of Australians through dodgy financial advice – yet the Abbott Government still wants to handover super to the big banks.

“The current system lets workers vote for their default superannuation fund through enterprise bargaining or alternatively the independent umpire, the Fair Work Commission, nominates the fund that will deliver the best returns to workers.

“It’s a fair and independent system that ensures workers end up with more money in their retirement savings – yet Mr Frydenberg wants to scrap the system and give it over to the big banks to profit from.”

Mr Lyons said it is in-keeping with the Abbott government’s track record of ideological decisions that undermine the living standards of all Australians.

“This is a government that wants to make people pay more to see the doctor, saddle university students with mortgage sized debts and now they want to let the big banks take millions of dollars out of the retirement savings of hardworking Australians.

“Tony Abbott talked about scraping off the barnacles last year but clearly nothing has changed - it’s a new year but the same old Abbott Government with its agenda to drive down the living standards of all Australians.”

Super funds are nothing more than casino chips created by the hierarchy to play roulette on the world casino with.