MySuper: A Stage in an Evolutionary Process

65 Pages Posted: 13 Dec 2014

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: December 11, 2014

Abstract

We interview Australian fund executives about how their organisations responded to MySuper, a regulatory framework for default retirement savings funds that providers were required to have in place by the beginning of 2014. In addition to providing an account of the influences on product design and how MySuper was perceived by the industry, we discuss how the superannuation industry is shifting its focus towards meeting the retirement needs of members who are assumed to be largely disengaged. We argue that MySuper has promoted change and innovation through separating out default members, thus providing a mechanism through which the needs of this particular group are explicitly addressed. Asset accumulation and relative returns appear to be relegated to secondary considerations, at least for fund executives.

Suggested Citation

Butt, Adam and Donald, M. Scott and Foster, F. Douglas and Thorp, Susan and Warren, Geoffrey J., MySuper: A Stage in an Evolutionary Process (December 11, 2014). CIFR Paper No. 048/2014. Available at SSRN: https://ssrn.com/abstract=2537198 or http://dx.doi.org/10.2139/ssrn.2537198

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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