International Law

Super System Review Phase 2 Report

By David Jacobson

The Super System Review has released SuperStream: Bringing the Back Office of Super into the 21st Century, a preliminary report focused on improving the operations and efficiency of the superannuation system.

To address these problems, the Review Panel proposes a package of measures which include:

• improving the quality of data when members enter the system using industry-wide standards;
• better use of technology, including ’straight-through processing’ (ie without human intervention);
• e-commerce solutions to replace paper;
• extending the use of the tax file number as a primary identifier throughout the system;
• easier consolidation of multiple member accounts; and
• eliminating redundant processes, leading to simpler rollovers and consolidations.

The final report will be delivered to the Government by 30 June 2010.

Full post as published by Australian Regulatory Compliance Review on March 22, 2010 (boomark / email).