The Government has released the final report of the review into the governance, efficiency, structure and operation of Australia’s Superannuation System (the Cooper Review).
There are 10 key recommendation “packages”.
These include recommendations for improved trustee governance and efficiency.
The key recommendation is that the Superannuation Guarantee (Administration) Act should be amended so only a MySuper product is eligible to be a ‘default’ fund nominated by an employer.
The Government will now consider the final recommendations of the report before providing its response and consulting the industry on the key proposals.