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Galexia and CHOICE prepare submission to superannuation review - 18 December 2009

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On behalf of CHOICE, Galexia prepared a submission to Phase 2 of the Super System Review (the Cooper Review). Phase 2 of the review deals with the operation and efficiency of Australia’s superannuation system.

The submission focuses on a small number of key areas where reform is most needed:

  • Increasing the amount and quality of comparative data available to consumers;
  • Removing the bias that results from sales commissions to advisers when recommending a superannuation fund to consumers;
  • Introducing measures to decrease excessive fees and charges, including a new ‘fee target’ of 1%; and
  • Introducing measures to reduce the number and impact of inactive and lost accounts.

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