Longevity products in super funds could be built off a similar structure to self-managed superannuation funds as there are advantages in administration, advice, and investments when funds have been set up for couples.
AustralianSuper has been forced to deny it ever provided secretariat services to other superannuation funds to help them answer questions from Tim Wilson’s House of Representatives Standing Committee on Economics.
Just over $18 billion has already been taken from superannuation accounts via the Government’s hardship early release superannuation scheme and the Australian Prudential Regulation Authority is predicting a second tranche surge.
Suncorp Portfolio Services Limited is now required to document how it considers and prioritises members’ interests after an investigation into its delay in transferring members into its lower fee MySuper product until just before the legal deadline.
The regulator has imposed a new licence condition that will require the firm to record how it considers members’ best interests and members’ priority covenants when making decisions that materially affect their interests, following an investigation by the Hayne Royal Commission.
Members who have access hardship early release superannuation should understand that they may be audited by the Australian Taxation Office to determine whether they were actually eligible to do so and may face fines if they were not, according to the Institute of Public Accountants.
The Australian Prudential Regulation Authority has claimed vindication of its heatmaps approach amid lower total fees but has pointed to a dozen MySuper products still being subject to intensive supervision.
The best performing balanced superannuation funds returned between 6.8% and 3.7% but still have some way to go before they make a full recovery since the market plummeted in late February due to the impact of COVID-19, according to data.