The Minister for Revenue and Assistant Treasurer, Senator Coonan, today announced that the draft portability regulations for superannuation have been released for public comment.
"The Government is committed to giving superannuation funds members the right to move their superannuation savings from one fund to another, if they wish to do so," said Senator Coonan.
"With approximately $6.9 billion in lost superannuation, and the potential for fund members to incur fees in each superannuation fund in which they are a member, it is imperative that we create a more flexible system allowing fund members to consolidate their retirement savings."
"This proposal will benefit the retirement incomes of many Australians and will inject greater competition into the funds industry," said Senator Coonan
"The Government is committed to allowing Australians to take charge of their own superannuation savings and will therefore also be progressing its Choice policy shortly."
The draft regulations can be found at www.treasury.gov.au. Comments on the draft regulations are invited from interested parties up until 10 June 2003.