Informed superannuation choice: constraints and policy resolutions
The latest controversy to emerge in Australia’s ever-changing superannuation system is the failure of the proposed ‘member choice of fund’ legislation. While superannuation choice continues to be widely supported, the debate lacks coherent policy direction. This paper addresses the policy hiatus by developing a framework to systematically examine endogenous and exogenous constraints affecting the achievement of informed choice, members’ choice preferences and associated policy resolutions. Applying this framework, we argue that a genuine choice of fund model should cater for active and passive choice, where passive choice applies to fund members who, for various reasons, are unwilling or unable to make active choices. Appropriate education programs and standardised disclosure are identified as critical prerequisites to enable informed choice by those members who want to actively participate in the management of their superannuation savings. To protect the interests of passive choice members, we suggest the option of a government-regulated universal default fund (UDF).
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|Item Type:||Journal Article|
|Keywords:||Superannuation, Public Policy, choice|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Finance (150201)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
|Copyright Owner:||Copyright 2002 Economic Society of Australia (Queensland) Inc.|
|Copyright Statement:||Reproduced in accordance with the copyright policy of the publisher.|
|Deposited On:||18 Aug 2006|
|Last Modified:||05 Jan 2011 23:27|
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