The SMSF Association is pushing to have specific aspects included in Tranche 2A of the Delivering Better Financial Outcomes package apply to the entire superannuation landscape and not just public offer funds.
In particular, the industry body believes the proposed legislation regarding the ability of superannuation funds to prompt members to act during certain life stages should be amended to have relevance for SMSFs.
“This is about [giving industry funds the permission] to provide some information to [members when they experience a significant life event]. The classic example is where someone has turned 65 [and] the industry [has been given permission] to write out to that member and say ‘look, you should think about going into pension phase’,” SMSF Association chief executive Peter Burgess told delegates at the ASF Audits Technical Seminar 2025 held in Melbourne recently.
“We have made the point [and asked:] what about self-managed super funds? We can see some situations where it would be useful for the service provider to nudge the trustee to [take some sort of relevant action].”
Burgess clarified the suggestion has taken into account the unique structure of an SMSF whereby the fund trustee and member are one and the same.
“I’m not saying that trustees should be able to nudge themselves to do something [when a life-changing event occurs], but they have relationships with service providers and if we’re going to allow large funds the ability to nudge their members, why can’t we allow service providers in our industry to nudge SMSF members when certain life events happen?” he said.
“Now we think there’s a better chance of an SMSF member actually acting on the nudge than perhaps members of some of these large funds.
“So we have made that point to government.”
He pointed out the next tranches of the Delivering Better Financial Outcomes package are still only in their draft stages.
