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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

ISA welcomes Fair Work Commission’s MySuper outline.

12 November 2013
David Whiteley ISA chief executive

Industry Super Australia (ISA) has welcomed the Fair Work Commission’s outline and timetable for the new default superannuation fund awards My Super, commenting that, “it will make the awards process more transparent and contestable.”

The amended system, allows MySuper-accredited products to be eligible as default funds, will be active from 1 January 2014, and will unite industrial law with superannuation law confirming that funds which do not have MySuper products will be exclusively reliant on members choosing them.

ISA chief executive David Whiteley said that, “under this process, every fund has the opportunity to provide written and verbal submissions to promote their fund,” and given the high level of member disengagement, the new system is a very significant change highlighting a “transparent process in the public interest.”

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