BT reveals post-awards strategyBY JAMES FERNYHOUGH | THURSDAY, 20 FEB 2014 12:30PMBT Financial Group will pitch its MySuper product to at least 30,000 employers via Westpac's business bank should the government proceed with its plan to take superannuation out of modern awards. Related News |
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It will be very interesting to see whether the regulators will keep a very close eye of Westpac / BT and the other major bank's practices in 'selling' their all-finance/banking story to employers to ensure third line forcing isn't being practiced.
As for so-called life cycle MySuper strategies being a point of positive differentiation, there is ample academic and anecdotal evidence that points to such 'product' being far from advantageous.
Interesting to note the composition of Fairwork Australia's Board. Also how very competitive non-industry (non-union) super offerings have failed to gain admittance to the award super panel.
Any moves to offer greater choice and break the former Socialist government backed, union stranglehold on superannuation assets should be applauded.