Super Review

Nine in 10 super funds estimated to pass performance test

SuperRatings has analysed super fund performance in line with the Government’s performance test criteria and found that 90% of trustee directed options are estimated to pass the test compared to 80% from last year.

Super industry needs to adapt to cope with mega-funds: KPMG

There are expected to be eight funds with more than $125 billion in funds under management by 2025, according to KPMG, and funds’ frameworks will need to adapt to cope.

Engagement activity less valuable for funds: EY

It would be more effective for superannuation funds to focus on building an attractive default fund than spending money to try to engage members in the accumulation stage, according to EY Australia.

APRA has questioned whether lifting premiums represented an adequate answer to the problems confronting the group life market.

Is Hostplus worthy of SuperRatings top spot for FY22?

Stockspot's founder has thrown doubt on Hostplus’ 2022 financial year returns, highlighting a need for greater transparency of holdings within the industry.

Look out for ‘gamification’ of super

The superannuation industry could see increased ‘gamification’ as a way to increase member engagement, according to GBST.

7 March

ASIC acts against SMSF auditors

The Australian Securities and Investments Commission has accepted voluntary cancellations or imposed conditions on the registration of a number of self-managed superannuation fund auditors.

7 March

Calls for Budget policy impact assessments on women’s super

Women in Super (WIS) has called for a gender analysis of future Budget decisions to ensure that adverse impacts on women are assessed as part of policy design.

Institutional investor sentiment has improved in North America and Europe but Asian investors remain cautious.

4 March

Super funds seek prompt exit from Russian assets

Superannuation funds have been told they will not face regulatory action if they seek to divest Russian assets, although the closure of the Russian stock market is making it difficult for them to exit assets quickly.

2022-07-31 14:00:00

Knowledge Centre

Driving Growth in Asset Management: The Next Chapter

The next chapter in driving growth for asset management will mean anticipating change and evolving for the future. Learn how the most successful asset managers will focus their resources.

Northern Trust

3 March

Australia Post super fund merges with Australian Retirement Trust

Australian Retirement Trust is set to merge with the $8 billion Australia Post Superannuation Scheme, just days after completing the merger between QSuper and Sunsuper.

3 March

Problems loom for conservative choice products in performance tests

Conservative choice products will be challenged by the Your Future, Your Super (YFYS) performance test, with several problems and inconsistencies in the new regime set to be revealed, according to Chant West.

3 March

Superannuation contribution cap disadvantages women: CA ANZ

Replacing the annual superannuation contribution cap with a lifetime one would boost women’s super balances and make the system fairer, according to Chartered Accountants Australia and New Zealand.

2022-07-31 14:00:00

Knowledge Centre

Holding chemical companies to account

Reducing the damaged caused by hazardous chemicals takes holding chemical companies to account through public rankings. See what it takes.

Aviva

The ‘merry-go-round’ of superannuation policy change has to end, the Senate Economics References Committee has been told.

3 March

Women left at risk by lack of super contributions

With International Women’s Day approaching next week, Fidelity has found more than half of women are depending on their employer by failing to make any personal superannuation contributions.

3 March

IPCC report heightens urgency for climate action

The Australian Council of Superannuation Investors has urged super fund beneficiaries to take notice of the Intergovernmental Panel on Climate Change report saying it will be a catalyst for investors to adjust climate targets.

3 March

Australian Retirement Trust commits to super advice

Allowing more superannuation fund members to access financial advice is a key priority for Australian Retirement Trust, the newly-combined QSuper and Sunsuper fund.

3 March

People & products

Link appoints transformation GM in super division

Link Group has appointed Jane Morwick to the role of general manager of services and transformation for its retirement and superannuation division.

Australian superannuation funds have been warned of the risks of tilting equity portfolios to maximise the benefits of franking credits.

1 March

How will the Russia/Ukraine war affect super funds?

EISS Super and NGS Super have weighed in on the Russia/Ukraine war, reassuring members that conflicts like these usually have short-term negative financial impacts which recover quickly.

1 March

Calls for gender equality in super by 2030

The Association of Superannuation Funds in Australia is calling on the Government to support a commitment to equalise super for men and women by 2030.

Super savings house300

1 March

FHSS housing scheme increases limit to $50k

People using the First Home Super Saver Scheme to buy their first property will be able to access $50,000 from 1 July, 2022, up from the existing releasable limit of $30,000.

The ‘merry-go-round’ of superannuation policy change has to end, the Senate Economics References Committee has been told.

1 March

HESTA sets priorities to improve female economic security

HESTA has announced three measures to make women’s financial security a top priority for the Government.

Amid all the reportage of the multi-billion dollar bid for private equity ownership of Fairfax Media’s most desirable assets, Rollover noted that one of the major backers of private equity outfit, TPG, was the Ontario Teachers’ Pension Plan.

1 March

CSC super fund turns 100

The superannuation fund for Australian Government and defence force personnel is passing its 100-year anniversary this week.

28 February

QSuper and Sunsuper complete merger to create $230b fund

QSuper has completed its merger with Sunsuper, Australia’s largest superannuation merger, to create a combined fund with more than $230 billion in funds under management.

24 February

SMSFs make up a quarter of super assets

There are now over 600,000 self-managed superannuation funds in the industry, according to the Australian Taxation Office, with total assets rising to $820 billion.

Accountants are aggressively discounting to retain clients, with competition for compliance fees becoming more cutthroat, according to new research within Grant Bloxham's 2016 Bstar Accountants Research Report.

24 February

SMSF Association cautiously welcomes performance calculations changes

The Self-Managed Super Fund Association has welcomed adjustments made by the Australian Tax Office to align SMSF performance calculations with that of the Australian Prudential Regulation Authority but says the changes do not go far enough.

24 February

Balancing marketing with members’ best financial interest

Brand and marketing expenses by superannuation funds can be demonstrably linked to members’ best financial interest, as long as the appropriate framework is applied, according to consultancy Forethought.

The Australian Prudential Regulation Authority has urged more work by insurers and fund executives to sort out complex policy definitions.

24 February

Super system still too complex for many members

There is still education that needs to be done for superannuation fund members to help them understand the stapling changes, according to Allan Gray.

24 February

Super M&A activity weighs on Link revenue

Industry merger activity in the superannuation space has led to revenue for Link’s retirement and superannuation solutions business declining 2.3%.

23 February

Vale Helen Hewett AM

Helen Hewett, former chief executive of Cbus Super from 1997-2004 and founding member of Women in Super, has died this week.

New global data from Willis Towers Watson confirms the importance of superannuation to Australian asset management.

23 February

HESTA urges super funds to adopt new super splitting procedures

HESTA is urging super funds to adopt a new universal, streamlined process to make the splitting of superannuation assets easier, faster and fairer following the results of a successful pilot program involving two HESTA members.

22 February

Financial advice

Regulator challenged on ethical considerations in performance test

Questions have been raised during Senate estimates as to whether a superannuation’s fund ethical framework should be taken into account during the annual performance test.

Superannuation funds can and should be allowed to play a greater role in collecting unpaid superannuation guarantee (SG) contributions directly from employers, according to major building and construction industry fund Cbus. Cbus, which found itself in tr

22 February

ATO shines light on unpaid superannuation structural issues

The Australian Taxation Office (ATO) estimates the unpaid super gap to be $2.45 billion, and has shined a light on structural issues around the lag between superannuation information reporting and actual payments.

KPMG’s Adam Gee looks at the new superannuation fund players to enter the market but questions whether their emergence represents the start of a new era.

22 February

GigSuper enters administration

Start-up superannuation fund GigSuper has entered administration despite a recent capital raise, owing $2.7 million to unsecured creditors and $200,000 to employees.

22 February

‘Stickiness’ rife as 1.3m remain in underperforming super funds

While 89,000 members have exited an underperforming superannuation fund, more than a million members have opted to remain, according to figures from the Australian Prudential Regulation Authority.

2017 already a year of exits Rollover notes that 2017 is already emerging as a year of change for the superannuation industry – well certainly where job changes are concerned. Your elderly correspondent was just coming to terms with the exit of Paul Cahil

22 February

People & products

Rest Super PM moves to asset manager

Portfolio manager, Mike Younger, has left REST Super after five years as in its Australian equities small caps team in order to join Prime Value Asset Management.

22 February

ATO questioned over lack of superannuation stapling advertising

Labor Senator Jess Walsh has pressed the Australian Taxation Office as to why it failed to commission a mass advertising campaign for superannuation stapling changes.

QIC has established a Memorandum of Understanding with China’s Ping An Asset Management Company.

22 February

Institutional investment

Aussie instos look to China for improved returns

Australian institutional investors looking at Chinese onshore equity market cannot overlook the risks and its uniqueness but will also benefit from its alpha and diversification.

21 February

APRA pushes for superannuation data transparency

The Australian Prudential Regulation Authority (APRA) is consulting with industry on plans to expand the breadth and granularity of the superannuation data it publishes.

Mercer has won the key implemented consulting mandate with TAL Superannuation (TASL). TAL announced the mandate this week, stating it had appointed Mercer for six years following the results of a tender process completed earlier this year. Confirming the

18 February

ASIC consults on PDS remake, super dashboard and FSG

The Australian Securities and Investments Commission is seeking industry feedback on remaking relief contained in seven legislative instruments relating to specific financial services disclosure requirements.

18 February

Hostplus and Maritime Super sign merger MoU

Hostplus and Maritime Super have jointly announced that the funds have entered into discussions in relation to a merger.

A new survey has confirmed continuing industry fund antipathy towards self-managed superannuation funds but less certainty about how they should be regulated.

17 February

ASIC questioned over lack of SMSF expertise on FSCP

The regulator has been questioned by Senate as to why it failed to include a specific expert on self-managed superannuation funds in the Financial Services and Credit Panel.

17 February

Super returns off to a rough start to 2022

Superannuation returns have returned to earth, tumbling 2.2% in January as inflation spooks markets, according to Chant West.

MySuper products are hitting its target demographic according to latest Australian Prudential Regulation data.

17 February

Heatmaps lead to 22 MySuper funds leaving market

Some 22 MySuper products have closed, merged or left the market since the introduction of the heatmaps, according to the Australian Prudential Regulation Authority.

17 February

AustralianSuper to spend big in Europe

AustralianSuper will funnel £23 billion ($36.3 billion) into its European portfolio over the next four years, targeting high-quality investments such as sustainable mixed-use real estate as well as digital infrastructure.

17 February

People & products

SMSF Association appoints chair

Scott Hay-Bartlem has been appointed as chair of the SMSF Association, replacing Andrew Hamilton who is stepping down after two terms.

17 February

Iress targets super as area for growth in 2022

Iress has named superannuation as one of its growth priorities for 2022 as recurring revenue in this sector increased to $23.3 million.

17 February

People & products

Challenger targets retirement market with merger plan

Challenger has signed a non-binding memorandum of understanding with Apollo Asset Management to improve its retirement offering in Australia.

16 February

People & products

Vision Super appoints new director

Industry super fund, Vision Super, has announced the appointment of new director, Vijaya Vaidyanath, to its board.

Alignment policies300

15 February

SMSFs with $200,000 competitive with APRA funds

A recent report by the SMSF Association and University of Adelaide has found self-managed super funds with balances of $200,000 or more are cost-effective compared with industry and retail superannuation funds.

Investor confidence fell globally as aggressive easing by the European central bank was not enough to boost sentiment, according to State Street.

15 February

Median balanced super option falls 2.1% in January

SuperRatings has estimated a 2.1% decline in the median balanced option in January following the market sell-off, despite some of the initial losses being recovered towards the end of the month.

New global data from Willis Towers Watson confirms the importance of superannuation to Australian asset management.

15 February

Australian Super to increase externally-managed assets to $80b

The fund wants to complement assets managed in-house with specialist external managers, with the proportion rising from $50 billion to $80 billion.

15 February

Assets under custody reach $4.7t

Clearstream, Netwealth and Citigroup are the winners in the custody space, all increasing their assets under custody by 20% or more in the last six months.

14 February

REST awards responsible investment mandate to Calvert and Parametric

Parametric Portfolio Associates LLC and Calvert Research and Management will implement ethical and sustainable screens and tilts across Rest Super’s listed real assets portfolio.

Sarah Jane Busteed has been charged after dishonestly obtaining a financial advantage by deception in relation to SMSF property investments.

14 February

Falinski questions QSuper court case

Liberal MP, Jason Falinski, has used a superannuation Parliamentary hearing to ask why QSuper failed to notify its members of changes to its deed structure following court approval.

11 February

Industry responds to scrapping of the $450 threshold

The Government has passed a bill to scrap the $450 superannuation threshold receiving universal support from unions and the superannuation sector.

10 February

Insurance is where the "rubber meets the road" with Section 56 amendment

Appearing before a House Economics Committee public hearing, UNSW’s Professor Scott Donald, says insurance implications of the Section 56 amendment is where the “rubber meets the road”.

Superannuation funds cannot be held responsible for correcting or preventing mistakes by financial planners in circumstances where they don’t know every member’s personal circumstances.

10 February

Admin errors could leave funds insolvent without risk reserves

The inability to build and maintain a risk reserve could leave a superannuation fund insolvent from an administrative error, according to the Australian Prudential Regulation Authority.

Market Insights

Driving Growth in Asset Management: The Next Chapter

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Steve

That intra-fund advice system is going gang-busters lol. Time we got rid of the annual fee...

Service quality complaints on the rise 3 weeks 2 days ago

GP

Personally I'm not in favor of this legislation but not for the reasons of the alarmist media...

Super for housing will torpedo funds’ returns 2 months 4 weeks ago

OknFD

"In comparison with the majority of other wagering sites, 1xBet Betting Company sets itself up...

Budget changes fall short of objectives 4 months 1 week ago

Dave Peckitt

Hi do you have any info on financial planners in perth? I'm looking to consolidate my super...

Six superannuation consultancies prove stand outs 3 years 1 month ago

Anonymous

This is the most ill informed comment I have ever seen. Why on earth would you think Superannuation...

We aren’t anyone’s secretariat says AustralianSuper 2 years 1 week ago

Axl

That's 'toe the party line'.

We aren’t anyone’s secretariat says AustralianSuper 2 years 1 month ago