Super is Murray's big rockBY ANDREW BRAGG | FRIDAY, 27 NOV 2015 12:01PMProperly calibrating the superannuation system is the most important policy change from the Murray review of the financial system. Super could be sharper, leaner and easier to ... Upgrade your subscription to access this article
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Cover Story
Climbing to the top
DANIEL SHRIMSKI
MANAGING DIRECTOR
VANGUARD INVESTMENTS AUSTRALIA LTD
MANAGING DIRECTOR
VANGUARD INVESTMENTS AUSTRALIA LTD
Vanguard Australia managing director Daniel Shrimski is determined to propel the investment giant's superannuation product into the top 10 funds by assets under management by 2030. It's an audacious goal, even for a fund backed by the world's second largest asset manager. Andrew McKean writes.
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Superannuation purpose is not about budget positions. It has a defined "Sole Purpose Test" which does not encapsulate budget imperatives.
The problem with the sole purpose test is the ill-defined, discretionary "Ancillary Purpose" provision.
This is what needs nailing down, not some new idea, codification or, otherwise, regulatory imposition to state what is already defined.
Tie up the ancillary purpose loophole and we are there.