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The government has announced it will defer the start date for the choice product dashboard and the introduction of a portfolio holdings disclosure regime to 1 July 2015.
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Government defers super reforms
05 May 2014
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The choice product dashboard is intended to enable greater comparability of superannuation products, while the introduction of a portfolio holdings disclosure regime will require reporting of specific superannuation fund investments.
Acting assistant treasurer Mathias Cormann said the Abbott government remained committed to the reforms but said the changes had initially been rushed through in the final days of the previous government without adequate consultation.
“In the course of our consultations on our 'Better regulation and governance, enhanced transparency and improved competition in superannuation’ discussion paper it has become very clear that large parts of the industry are not ready for implementation and that many issues remain unresolved,” he said.
"To proceed with the original timetable now would force too many industry participants into a state of non-compliance with legal requirements.
"Deferring the start date for implementation will enable further consumer testing and determine whether we need to refine the dashboard".
Mr Cormann said the deferral will allow sufficient time for consultation on draft legislation and provide industry additional time to implement the changes.
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“This will ensure that we get these important reforms right,” he said.
Public submissions on the discussion paper are available on the Treasury website.
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