17 Nov 088 Discussion paper on super clearing house and other reformsIn a press release issued on 14 November 2008, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced the release of a two-part discussion paper on the implementation of the Government's superannuation clearing house measure and possible initiatives to reduce the number of lost super accounts.
In the 2008-09 Budget, the Government announced funding of $16 million over three years to deliver on its election commitment to establish an optional superannuation clearing house facility to cut the red tape burden on businesses across Australia.
The key issues identified in the paper include the division of responsibilities between employers and the clearing house in relation to the Superannuation Guarantee and choice of fund obligations, whether the clearing house facility should be contracted to a single provider or multiple providers, and the regulatory framework for the clearing house.
The second part of the paper canvasses possible initiatives to improve the operation of the lost members' framework. Labor has already committed to examining the use of a rolling together mechanism for lost accounts.
For a copy of the Minister's press release, No 2008/078, 14 November 2008, go here.
For a copy of the Discussion Paper, go here.