Assistant Treasurer Senator Helen Coonan today welcomed Financial Planning Association research showing that 71 per cent of employees believe they should have the right to choose their own superannuation fund.
Senator Coonan said the research, conducted by Roy Morgan Research, strongly supported the Government's push to give employees the right to choose a superannuation fund and move their investments when they wish.
"The pressure is now on the Senate to accept the Government's superannuation choice legislation which was backed by the electorate at the last election and has strong support in the community," Senator Coonan said. "This survey shows that only a quarter of Australians currently had a choice about where their second largest asset, their superannuation, was invested."
"Asked whether they were happy to let their employer choose where their money was invested, as occurs under the current system, the answer from employees is a resounding no, but the Senate seems intent on ignoring their views.
"As a vehement opponent of choice, Senator Sherry has been trying to distort the results of the study in a desperate attempt to prevent much needed improvements to the system.
"Senator Sherry is trying to imply that Australians have put some sort of caveat on their support for choice, but nothing could be further from the truth.
"Support for choice is unequivocal. It is a commonsense freedom that the Government is committed to delivering for employees.
"Bringing a vital element of competition into the system might be uncomfortable for some, but it will clearly bring down fees and improve services as funds are forced to prove their worth to members. Only Labor fails to understand this.
"It is not the employers' money, it's not the super funds' money and it is not the Government's money. It is the employees' money and they should have a say in where it is invested.
"The government has provided funding to the ATO to run an extensive education campaign on this important policy and they are developing a comprehensive communication strategy to inform and educate employees and employers.
"The campaign will be designed to create awareness of the initiative and to give basic information on choice through the use of a wide range of print and electronic advertising.
"Although opposition parties in Senate chose to scrap disclosure regulations, the requirement to disclose fees and charges to consumers remains in the Financial Services Reform Act."