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Industry has welcomed the Albanese Government’s decision to assess any unintended consequences and implementation issues of the Your Future, Your Super (YFYS) legislation.
QIC has always supported the drive for performance in the superannuation sector and endorsed the central tenet of the legislation aimed at achieving members’ financial interests. The goal of providing transparency to enable members to make informed decisions and achieve a dignified retirement is one all stakeholders in the superannuation sector embrace.
However, as the various papers and engagement initiatives QIC has led have highlighted, at the outset we identified some concerning unintended consequences with the performance tests that have proven correct.
The purpose of this paper is to examine some of the behaviours the performance tests are driving that we have seen that are less than desirable from a member perspective and suggest future changes.