Challenger’s chair, Jeremy Cooper, is “ambivalent” about the superannuation guarantee increase while Cbus’ Robbie Campo says the increase will benefit those that are seeing inadequate levels of retirement income.
Large Australian Securities Exchange listed companies should structure their capital raising offers to maximise access for all investors to a proportionate offer and set aside certain allocations for retail and self-managed superannuation fund investors, a panel believes.
The life insurance industry has reported a net loss after tax of $1.6 billion over the year to September, 2020, with individual disability income insurance experiencing a substantial loss, according to data.
Control, flexible investment choices, dissatisfaction with their existing fund, and tax and estate planning are the key reasons people chose to set up their own self-managed superannuation fund, according to a survey.
Investor confidence increased 10.6 points to 90.7 thanks to an improving outlook on North America following the conclusion of the US election process, according to the State Street Investor Confidence Index.
The current economic situation potentially changes the optimal timing and speed of a superannuation guarantee increase but this should not be confused with changing the optimal long-term SG level, according to Rice Warner.
If a superannuation member believes their account balance is still too small to switch to a self-managed superannuation fund, they need to consider whether to pay a slightly higher admin fee now or a higher capital gains tax event later, according to Rice Warner.
In an unusual move, the Australian Securities and Investments Commission is taking civil action in the Federal Court to force a Gold Coast self-managed superannuation fund accountant to abide by an enforceable undertaking.
Self-managed superannuation funds have become more competitive with Australian Prudential Regulation Authority regulated funds over the past seven years but having a solid starting balance still remains the key.
Up to a third of superannuation fund members find themselves ‘confused and overwhelmed’ with respect to insurance inside superannuation and could use the help of a financial adviser if they knew where to find it.
The Protecting your Super and Putting Members’ Interest First legislation has increased the underinsurance gap in Australia as group insurance inside super has dropped 27% for death and 29% for total and permanent disability cover, according to Rice Warner.
Factors such as broken working patterns, part-time work, and the tendency to be lower paid that contribute to inequality in women’s superannuation rather that the superannuation guarantee, according to the Association of Superannuation Funds of Australia.
Around 700,000 Australians will receive a payment from the latest round of consolidating lost and small inactive super account balances before the end of the year, according to the Association of Superannuation Funds of Australia.
Investors should provide incentives for companies to directly report their emissions as third-party estimated emissions data is 2.4 times less effective in identifying worst emitters, according to Research Affiliates.
The positive return in October was largely due to the 1.9% return in Australians shares and the depreciation of the Australian dollar limiting the loss experience by international shares, according to Chant West.
The corporate watchdog’s consultation paper is an important step forward but the limited licence regime needs to be redesigned to provide scaled advice for self-managed superannuation fund members, the SMSF Association believes.
While recovery in superannuation funds has been faster and stronger than expected, members still have not been able to fully recover losses since the pandemic brought turmoil to markets in March, according to Super Ratings.
It is now officially illegal to hawk a member of a MySuper product into a choice product offered by the same fund and this will ultimately boost retirement savings of Australians, according to Super Consumers Australia.
The difficulties brought by the COVID-19 pandemic has been reflected in the fact that only 10 balanced super funds have managed to make a return so far this year, with the top performer returning 6.4%.
Advisers need to understand when they should advise clients to either take money out of super or to leave it in when it comes to excess concessional and non-concessional contributions, according to Heffron.