Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Yes. That is the current arrangement, with one caveat: there are existing arrangements in agreements between corporate and retail funds and individual employers. There are negotiated deals, if you like, between employers and retail funds. There are no criteria for these, by the way; there are no criteria in law overseeing the deals that are cut between a retail fund and an individual employer. I cannot get the data; we just do not know. That has led to some of the problems that I referred to. Without pre-empting where you are going, we are not going to disrupt any existing arrangements. Where there is a particular provision that an employer has entered into with a particular fund, the status quo will continue.

My argument is that it is not a perfect system; deals between retail funds and employers do not make a perfect system. It is open to abuse. It would be nice to see these fees and look at the evidence, but you cannot get it—although I intend to get it, I have to say. We intend to publish this data some time up to June. The consultations are going on at the moment.