The Australian Prudential Regulation Authority has backed a controversial key element of the Government’s Your Future, Your Super legislation which reverses the legal burden of proof with respect to superannuation funds within a best financial interests duty.
Engagement by superannuation funds and institutional investors has led to the mining giant to introduce disclosure measures to rebuild trust with Traditional Owners, following the destruction at Juukan Gorge.
Of the 12 companies pledged in the Climate Action 100+ agreement, none have aligned their capital expenditure with the Paris Agreement – a wake-up call for the engagement strategies of institutional investors.
The assumptions used by the government’s Retirement Income Review were objectively wrong and vastly inflates retirement outcomes to work towards a pre-determined outcome to cut super, according to Industry Super Australia.
If the current deterioration in group life insurance claims experience continues, superannuation members will be further affected by substantial increases in insurance premiums and/or reductions in the value and quality of life insurance.
The legislated superannuation guarantee rises would increase retirement benefits for the lowly paid and would improve the position of the median income/median wealth sector of the economy, according to Rice Warner.
Many superannuation members cannot differentiate valuable industry-appropriate insurance from junk insurance and stapling members to inappropriate insurance would be detrimental to those working in hazardous occupations, according to Cbus.
Big industry superannuation fund, REST is being pursued by the Australian Securities and Investments Commission in the Federal Court on charges it made false and misleading representations to members about transferring their funds out of REST.
The stapling of superannuation funds should commence at the earliest in July 2023 as the current proposed timeline does not allow for all stakeholders in the payroll chain to be brought into the process, according to Aware Super.