Super system needs reform for future

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AUSTRALIA - The superannuation system "is strong, stable, and continues to deliver," but nevertheless requires changes to its operations, structure and cost akin to "renovating the house", Nick Sherry, minister for superannuation and corporate law, told the Global Pensions/Westpac Currency Management Forum in Sydney.

Sherry said lowering average superannuation account fees is one such change, and said that fees should come down by at least 20%. "Superannuation account fees have a direct bearing on final reti...

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