Table of Contents
MEMBERS OF THE COMMITTEE
OVERVIEW
CHAPTER 1 : BACKGROUND TO THE INQUIRY
CHAPTER 2 : THE CHOICE OF FUND PROPOSAL
Background to the legislation
The legislation
Choice options
Schedule for introduction
Employee response to a choice of fund offer
Employer liability
Defined benefit schemes
Frequency of choice
Education of affected groups
CHAPTER 3 : THE PRINCIPLE OF FUND CHOICE
Introduction
Support for the choice principle
Alternative views
Will competition reduce costs?
Does the proposal deliver true choice for employees?
Is there a demand for choice from employees?
Application to Public Sector schemes
Employer attitudes to choice of fund
CHAPTER 4 : INVESTMENT CHOICE
CHAPTER 5 : INFORMED CHOICE: EDUCATION
Introduction
Importance of education
Limitations of education
Education for employers
Paying for education
Consequences of inadequate education
Government response on education
Conclusions
CHAPTER 6 : INFORMED CHOICE - DISCLOSURE
Introduction
ISC discussion paper on disclosure
Comparing apples with apples
Key features statements
Conclusions
CHAPTER 7 : THE TIMETABLE
Introduction
Employee and employer education
Tasks of employers and funds before implementation
Lack of finality of legislation
The case for no delay
Alternative options
Government position
CHAPTER 8 : THE DEFAULT FUND
CHAPTER 9 : INSURANCE
CHAPTER 10 : LIABILITY
CHAPTER 11 : CONSUMER PROTECTION
Introduction
The U.K. experience
Commission driven selling
Relationships between employers and providers
Dispute Resolution
CHAPTER 12 : OTHER ISSUES
Introduction
Defined Benefit Schemes
Excluded funds
Industry fund definition
Federal - State application of choice
Crediting rates/ reserving policy
Limits of S32U
Casual employees
CHAPTER 13 : SUMMARY
CHAPTER 14 : CONCLUSIONS AND RECOMMENDATIONS
(NOTE: THIS CHAPTER INCLUDES ALL THE VIEWS LISTED BELOW)
GOVERNMENT SENATORS’ VIEWS AND RECOMMENDATIONS
NON-GOVERNMENT SENATORS’ CONCLUSIONS AND RECOMMENDATIONS
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LABOR SENATORS’ VIEW
The principle of choice
Economic benefits
Education
Disclosure
Timing
Default fund
Insurance
Definition of ‘industry-based funds’
National consistency
Removal of superannuation from federal awards
Overriding Federal Awards: S32U
Independent arbitrator
Recommendation
AUSTRALIAN DEMOCRATS’ VIEW
Senator Lyn Allison - Supplementary report
Member and the Industrial Relations System:
Member choice or employer choice:
Member choice and returns on funds:
Member choice at whose cost:
What sort of choice?
Informed Choice:
Uninformed Choice:
Timing of Reforms:
Portability of Superannuation:
APPENDICES
Appendix A - List of written submissions
Appendix B - List of witnesses at public hearings
Appendix C - List of Committee reports
Appendix D - Opinion - Denis Rose QC (NOT AVAILABLE ON INTERNET)
Appendix E - Extracts from key features statement -
William M Mercer
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