Posted: September 18th, 2017
Contemporary business law
Order Description
Hi, my report is talking about mysuper, it is superannuation in Australia.
Require to answer:
1.1Background
1.2What is MySuper
1.2.1 Definition
1.2.2 Requirement
1.2.3 Features
1.2.4 Timeline of pervious procession for MySuper
1.3How does MySuper works
1.3.1 Operate as a default superannuation product
1.3.2Transition to MySuper
1.4 Authorities and insurance for MySuper
1.4.1 Who is MySuper’s regulator?
1.4.2 Insurance for MySuper
its all about Mysuper nothing relate to the law. and i will upload a sample.
thanks
CONTENTS
| Part 1 Introduction of MySuper | |
|
1 |
|
1 |
| 1.2.1 Definition | 1 |
| 1.2.2 Requirement | 2 |
| 1.2.3 Features | 2 |
| 1.2.4 Timeline of pervious procession for MySuper | 3 |
|
3 |
| 1.3.1 Operate as a default superannuation product | 3 |
| 1.3.2 Fees and cost of MySuper | 4 |
| 1.3.3 Transition to MySuper | 5 |
| 1.4 Authorities and insurance for MySuper | 5 |
| 1.4.1 Who is MySuper’s regulator? | 5 |
| 1.4.2 Insurance for MySuper | 6 |
| 1.5 How to apply MySuper account | 6 |
| Part 2 Current Superannuation System VS Mysuper | |
| 2.1 Current superannuation | 7 |
| 2.1.1 Three Pillars Policy | 8 |
| 2.1.2 Government superannuation schemes | 8 |
| 2.2 How it works | 8 |
| 2.2.1 Trust Law | 9 |
| 2.2.2 Superannuation Funds | 9 |
| 2.2.3 Investments | 10 |
| 2.3 Employers Contributions | 11 |
| 2.3.1 Principles of Superannuation Choice | 11 |
| 2.3.2 Importance for Employers | 11 |
| 2.4 Difference between current superannuation and my super | 12 |
| Part 3 MySuper in Australia and retirement fund in USA | |
| 3.1 Introduction 401K-retirement plan | 13 |
| 3.2 The benefits of 401k retirement plan | 15 |
| 3.2.1 Benefits for employers | 15 |
| 3.2.2 Benefits for employees | 15 |
| 3.3 The similarities and differences between MySuper and 401k | 16 |
| Part 4 Advantage and disadvantage of MySuper | |
| 4.1 Advantage of MySuper | 17 |
| 4.1.1More benefits to casual workers | 17 |
| 4.1.2 Easily comparable free structure | 18 |
| 4.1.3-New criteria for performance based fees | 19 |
| 4.1.4 Tax relief for MySuper Transfers | 19 |
| 4.1.5 Life cycling investing approach | 20 |
| 4.1.6 MySuper unleashes competition and value | 21 |
| 4.1.7 MySuper will help the Government to increase their wealth | 21 |
| 4.1.8 Simplicity, Transparency and Comparability | 21 |
| 4.1.9 Single investment strategy | 22 |
| 4.1.10 More confortable and secure retirement | 22 |
| 4.1.11 Increase saving. | 22 |
| 4.1.12 Improves the standard of living of people. | 22 |
| 4.2 DISADVANTAGES | |
| 4.2.1 MySuper bill will hurt Australian super savers | 23 |
| 4.2.2. Threaten to the existing insurance coverage | 23 |
| 4.2.3. Dumps down superannuation | 23 |
| 4.2.4. Socialist approach of government | 24 |
| 4.2.5. MySuper will cut financial advisor income | 24 |
| 4.2.6. No guarantee in return. | 25 |
| 4.2.7. MySuper is too paternalistic | 25 |
| 4.2.8. MySuper cannot address sequencing risk. | 25 |
| 4.2.9. Default fund selection | 26 |
| Part 5 Future and recommendation | |
| 5.1 The reason of issue MySuper | 26 |
| 5.1.1 Population ageing problem | 26 |
| 5.1.2 Political Products | 27 |
| 5.2 Future of MySuper | 27 |
| 5.2.1 Important date for MySuper in the future | 27 |
| 5.2.2 More discloser for Superannuation fund management | 28 |
| 5.2.3 Force funds on re-examine their default option | 28 |
| 5.3 Bank influence by MySuper | 29 |
| 5.4 Recommendation | 29 |
| 5.4.1 Combine the super account to save more money | 29 |
| 5.4.2 Improve superannuation by making an after-tax contribution | 30 |
| 5.4.3 Multiple choices for members to choose superannuation products | 30 |
| Conclusion | 31 |
| Reference | 32 |
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