The Superannuation System and Its Regulation: Views from Fund Executives

18 Pages Posted: 8 Jul 2014 Last revised: 13 Jul 2017

See all articles by Adam Butt

Adam Butt

Australian National University - Research School of Finance, Actuarial Studies & Statistics

M. Scott Donald

UNSW Law

F. Douglas Foster

The University of Sydney - Discipline of Finance; Financial Research Network (FIRN)

Susan Thorp

The University of Sydney Business School

Geoff Warren

Australian National University (ANU) - Research School of Finance, Actuarial Studies and Statistics

Date Written: July 1, 2014

Abstract

This paper summarizes views on the superannuation system and its regulation collected through interviews of fund executives. While the majority of interviewees saw the superannuation system as working relatively well, some areas of concern were detected. Issues raised relate to: certain aspects of the system that hinder alignment with member needs; calls for increased attention on the retirement phase by both the industry and within the regulations; the burden of regulatory change; shortcomings in the reporting and disclosure regime; and the dangers of primarily focusing on fees and costs rather than on net returns. Mixed feedback was received on the new prudential standards, and the question of fund scale. The regulator was perceived favorably by the majority of those who commented.

The contents of this paper have been prepared by the authors to reflect the views of industry participants involved in interviews under CIFR Project SUP002. It does not represent the official views or policies of either the Centre for International Finance and Regulation or any of its Consortium members, or of the participating universities. Information may be incomplete and should not be relied upon without seeking prior professional advice. The authors, their employers and the CIFR Consortium members exclude all liability arising directly or indirectly from use or reliance on the information contained in this publication.

Suggested Citation

Butt, Adam and Donald, M. Scott and Foster, F. Douglas and Thorp, Susan and Warren, Geoffrey J., The Superannuation System and Its Regulation: Views from Fund Executives (July 1, 2014). CIFR Paper No. 030/2014. Available at SSRN: https://ssrn.com/abstract=2463019 or http://dx.doi.org/10.2139/ssrn.2463019

Adam Butt

Australian National University - Research School of Finance, Actuarial Studies & Statistics ( email )

Canberra, Australian Capital Territory 2601
Australia

M. Scott Donald

UNSW Law ( email )

Kensington, New South Wales 2052
Australia

F. Douglas Foster

The University of Sydney - Discipline of Finance ( email )

P.O. Box H58
Sydney, NSW 2006
Australia

Financial Research Network (FIRN) ( email )

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

Susan Thorp

The University of Sydney Business School ( email )

Abercrombie Building
H70
The University Of Sydney, NSW 2006
Australia
0290366354 (Phone)

Geoffrey J. Warren (Contact Author)

Australian National University (ANU) - Research School of Finance, Actuarial Studies and Statistics ( email )

CBE Building 26C
Kingsley Sreet, Acton
Canberra, ACT 0200
Australia

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