June 21, 2004


Democrats deal gives super choice to workers (The Age, June 21, 2004)

Australians will have the right to choose where their retirement savings are invested from next year after a deal between the government and the Australian Democrats.

Prime Minister John Howard said choice of superannuation fund had been on the table since 1993 and he was delighted the Democrats had decided to support the changes in the Senate.

"This is a first class decision and I do thank the Australian Democrats," Mr Howard said.

Under the changes, to apply from July next year, workers will be able to nominate the fund their superannuation is paid into.

Super funds and managed investment schemes will also have to include a table which highlights the annual fees and charges for each fund.

Mr Howard said the changes would allow people to take a more active interest in their own superannuation.

"It is a proper expression of individual choice that people should have the right to decide ... to have their superannuation in a fund other than the award fund or the fund it has been in to up until now," he said.

Posted by Orrin Judd at June 21, 2004 8:14 AM
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