MySuper funds will not be required to include insurance information in their mandatory ‘product dashboard’, if Treasury’s latest draft regulations go ahead unopposed.
Treasury has issued its proposed disclosure requirements for the MySuper ‘product dashboard’, with insurance notably absent from the list of features to be included.
As part of the Government’s Stronger Super reforms, providers who offer a MySuper product are required to publish a ‘product dashboard’, which provides a single page view of the key performance indicators for the product. The initiative is aimed at improving competition, transparency and comparability of superannuation products across the industry.
Under the draft regulations issued by Treasury this week, a MySuper provider must make the following information publicly available in a table format:
- A return target for the product
- Returns for the product
- A comparison between these
- The level of investment risk that applies to the product
- A statement of fees and other costs in relation to the product, excluding insurance fees and costs
A similar one-page summary report is proposed for ‘choice’ superannuation funds, again with the intention of improving transparency and comparability, however the Treasury is yet to issue draft regulations for this requirement.
Consultation on the regulations will remain open until 15 May 2013. Click here for more information on the Treasury website.
