The Superannuation System and Its Regulation: Views from Fund Executives

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.