MySuper product providers will be required to disclose investment risk, the dollar value of fees and their investment performance in an easy to read way, the Minister for Financial Services and Superannuation, Bill Shorten revealed today.
The Government has issued draft regulations that represent the final stage of the Government's MySuper reforms and are aimed at helping Australians better understand how their fund is performing.
"For the first time, Australian consumers will be able to easily compare super products based on easy to understand information," Minister Shorten said.
"The draft regulations represent the final stage of the Government's MySuper reforms and are aimed at improving competition, transparency and comparability of superannuation products across the industry."
"This is a key aspect of the Government's MySuper reforms, and I urge members of the public, consumer groups and the superannuation industry to get involved in providing feedback."
The standard format, known as a product dashboard, will provide a single page, consumer friendly summary of key performance indicators for each MySuper product.
These indicators will include an annual dollar disclosure of fees, the target investment return and a clear statement of investment risk.
Consumer testing of a proposed product dashboard will be undertaken during the consultation process.
"The Government will work closely with the superannuation industry to ensure the successful implementation of the MySuper reforms," Minister Shorten concluded.
Consultation on draft regulations closes on 15 May 2013.
The draft Regulation can be found on the Treasury website.