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Superannuation overhaul unnecessary, but scrutiny invited, Australian Institute of Superannuation Trustees say

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Superannuation overhaul unnecessary, but scrutiny invited, Australian Institute of Superannuation Trustees say

An ideological war is threatening to erupt over how to reform Australia's $2.6 trillion superannuation system.

It follows the release yesterday of a draft report from the Productivity Commission which said poor returns and fees across multiple accounts had made the system an "unlucky lottery" for many millions of savers.

The Federal Government has seized on the Commission's recommendation the super sector be "taken out of the industrial relations sphere" while unions say that link is why industry funds consistently out perform bank-owned retail super funds.

But super experts warn it's politics that's doing the real harm to the retirement savings industry.

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