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© 2009 Australian Institute of Superannuation Trustees ABN 19 123 284 275
Monday 22 March 2010
Cooper’s SuperStream is a super start to 21st century system: AIST
The peak representative body for the $450 billion not-for-profit super sector – the Australian
Institute of Superannuation Trustees (AIST) - today welcomed the Cooper Review’s ‘SuperStream’
proposals describing them as a breakthrough in modernising Australia’s super system.
AIST chair of policy and president-elect Gerard Noonan described the recommendations in
SuperStream – many in line with AIST’s Cooper submission - as a win for all super fund members and
the $1.2 trillion super industry.
“These recommendations will not only increase efficiency and reduce costs across the industry but
they will also hopefully bring about a much-needed boost to member engagement, particularly on
the lost super front,” said Mr Noonan.
“Broader use of the tax file number as a way of tracking ‘lost super’ and the use of industry-wide
data standards are all welcome efficiency measures that our industry has long-pushed for”.
Mr Noonan said it was now over to the Australian Tax Office to ensure it was ready to implement
Cooper’s recommendations assuming they get the nod of approval from the Rudd Government.
Cooper’s recommendation to ensure employer SG contributions are paid frequently and in line with
business payrolls were also heartily endorsed by Mr Noonan.
Mr Noonan also welcomed Cooper’s recommendation to develop a working group on the use of E-
commerce and improved reporting standards and said AIST looked forwarded to participating in
industry discussions.
“These measures that AIST has long advocated for could save many millions of dollars and –
importantly - improve the retirement savings outcomes for members,” said Mr Noonan.
AIST Media Manager Janet de Silva: 0425 745 095
AIST is the peak industry body for the $450 billion not-for-profit super sector which includes industry, corporate and public sector funds covering
the super interests of nearly 2/3 of the Australian workforce.
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