There has not been a material shift in investment strategies nor has there been a shift to wholesale indices as a result of the superannuation heatmaps, according to the Australian Prudential Regulation Authority.
Australia’s superannuation system means the country has an advantage over other countries when it comes to helping its citizens prepare for retirement, according to Larry Fink, chief executive of BlackRock.
While super funds focused on geared Aussie equities returned higher than any other equity-focused super fund sector, the top-performing funds have not recovered losses incurred during the sell-off earlier this year.
The complaints authority has proposed a change to its rules to allow the Australian Financial Complaints Authority to accept and consider complaints that are not resolved by the Superannuation Complaints Tribunal.
Government backbenchers have pointed to evidence that AustralianSuper chief executive, Ian Silk, spoke to a critic of the Victorian Government COVID-19 lockdown as evidence of industry funds influence.
The Government’s proposed superannuation performance test would likely pressure funds to forgo opportunities for long-term outperformance to mitigate the risks of underperformance against a nominated benchmark, Rice Warner believes.
In what represents a strategic concession in the face of a private equity led bid for the company, Link Administration has allowed non-exclusive due diligence and flagged its continuing thinking around a demerger of its property settlements business, PEXA.
Superannuation funds identified as having delivered advice which might be detrimental to their members were asked to do no more than put it right and confirm they had done so to the Australian Securities and Investments Commission.
The Australian Labor Party might have wanted to get rid of franking credits at the last Federal Election but it is now being suggested that they should be embedded by superannuation funds as part of their strategy approaches for retiree members.
Most issues relating to the early release of superannuation were surrounding member identification and members “jumping the gun” if their funds were not received within five business days, according to the Australian Financial Complaints Authority.
The pandemic has allowed superannuation funds to have more iterative dialogue and real conversations with the regulator rather than crafting perfect communications, according to the Australian Prudential Regulation Authority.
Only superannuation advice regarding consolidating other accounts including defined benefit along with retirement advice should be classified as ‘complex personal advice’, while all self-managed super fund advice should be categorised as ‘specialised personal advice’, according to a report.
Median growth superannuation funds performed well in the September quarter thanks to strong international shares and have mostly recovered losses experienced in February and March, according to Chant West.
The Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones, has challenged whether advice is actually affordable or not given Australians are retiring with more savings than ever.