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.

10 February

Post retirement

Inflation increases impact retiree budgets

Fuel and healthcare cost increases are driving the largest annual rises in budgets since 2010, according to the Association of Superannuation Funds of Australia.

After six years Equip CEO, Danielle Press, will be leaving the fund for the Myer Family Company.

10 February

Post retirement

Retirees’ mental challenge in shifting to decumulation

There is a “golden opportunity” for advisers to service those retire-ready Australians, according to Vanguard, as they struggle with the mental shift from accumulation to decumulation.

Appointment (2)300

9 February

People & products

Club Plus Super CEO takes up retirement solutions role following merger

Former Club Plus Super chief executive, Stefan Strano, has joined Australian Super as business lead for retirement solutions following the merger between the two superannuation funds.

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

UniSuper appoints BNP as new custodian

8 February

AIST announces partnership with MetLife

The Australian Institute of Superannuation Trustees has announced a two-year partnership with MetLife.

8 February

Should the education requirement for SMSF advisers be raised?

The SMSF Association is urging the Government to introduce an education requirement for self-managed superannuation funds to prevent advisers with poor knowledge from advising on the products.

Customer analytics

8 February

Super fund satisfaction up in December

Superannuation fund satisfaction has been on the rise compared to a year ago, and has seen UniSuper and Macquarie top the ranking, according to Roy Morgan’s report.

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

Growing money300

8 February

ASFA calls for $5,000 Super Baby Bonus

A ‘Super Baby Bonus’ of $5,000 should be paid to women who take time out of the workforce to have children in order to reduce the gender gap, according to the Association of Superannuation Funds of Australia.

8 February

Time is running out to remove super income threshold

Rest and Women in Super have urged Parliament to prioritise superannuation legislation that will improve retirement outcomes for low-income Australians earning less than $450 a month.

8 February

ASFA calls for SG payments to be covered by the FEG

The Association of Superannuation Funds of Australia has called for Super Guarantees to be included in the Fair Entitlements Guarantee, which will make the Commonwealth cover unpaid super claims for employees of insolvent businesses.

Appointment head300

8 February

People & products

AustralianSuper grows European advisory team

AustralianSuper has expanded its presence in Europe with the appointment of former PGGM chief investment manager to its European investments advisory committee.

Piggy bank stress300

3 February

APRA cracks down on failing super funds preparations

Superannuation funds that failed the performance test last year could be asked by the regulator to prepare “pre-contingency” plans for member transfers in the event they fail for a second time.

3 February

Annual reporting deadlines needed for SMSFs

It would be difficult for smaller self-managed super funds to keep on top of their compliance if a move went ahead for quarterly reporting of transfer balances, according to a pre-Budget submission.

Growing money300

3 February

Tens of thousands coerced to access super early: AIST

The Australian Institute of Superannuation Trustees is calling on the Government to assess how many women were coerced to access their super early by a domestic partner during the pandemic.

The FSC’s definition of super orientates towards the outcome the system aims to achieve, rather than how it is achieved.

3 February

Simplified Transfer Balance Caps needed for super

The SMSF Association has called for the Transfer Balance Caps (TBCs) to be simplified in its 2022-23 Federal Budget submission to Treasury.

3 February

People & products

UniSuper adds trio of females to leadership team

UniSuper has made three newly-created leadership appointments with the trio joining from MetLife, Sunsuper and Link Group.

3 February

People & products

Rest expands investment team

Rest Super’s appointment of David Duncan to transformation, operational risk and governance, investments is aimed at supporting the transformation of its investment operating model and technology platforms.

3 February

Disqualification changes for SMSF trustees

Trustees of self-managed super funds could be disqualified if a restructuring practitioner is appointed to their fund, according to the Australian Taxation Office.

1 February

Total super assets hit $3.3trn

Total superannuation assets in Australia grew to about $3.3 trillion as at the end of June, 2021, from $1.9 trillion in 2015, as industry funds dominate over retail ones.

Appointment (2)300

1 February

People & products

ASFA appoints chair as Easson retires

The Association of Superannuation Funds of Australia has appointed Gary Dransfield as independent chair.

1 February

The three areas for improvement in super

There are three key areas where the superannuation system could be improved, according to the Australian Institute of Superannuation Trustees, as it makes 20 recommendations in a pre-Budget submission.

Custodian cautions trustees not to ignore the investment implications flowing from climate change.

1 February

People & products

HESTA impact head quits to set up ESG consultancy

Former head of impact at HESTA, Mary Delahunty, has left the superannuation fund to launch a consultancy focused on holding companies to account on environmental, social and governance (ESG) matters.

1 February

Funds management

IFM Investors appoints non-exec director

Former Schroders co-chief executive, Asia Pacific, Chris Durack, has been appointed as a non-executive director at IFM Investors.

1 February

Institutional investment

Cbus Super acquires stake in WA airport

Industry super fund, Cbus Super, has acquired a 33.3% interest in Perth’s Jandakot Airport’s joint venture.

Superannuation funds and other institutional investors have not had enough incentive to invest in affordable housing in Australia, according to the Federal Treasurer, Scott Morrison. Addressing an Australian Council of Social Services (ACOSS) event in Vic

1 February

Super for housing idea a ‘detraction’ for Government

Pushing matters such as superannuation for housing detracted the Government from serious financial issues during the pandemic, according to Stephen Jones.

28 January

Financial advice

Advisers crucial for Retirement Income Covenant success

The Retirement Income Covenant is doomed to fail if there are a lack of advisers in the industry to convince consumers’ of its worth.

27 January

Expanding CSLR only fair way to share costs: SMSFA

Broadening the compensation scheme of last resort would be a fairer way of sharing costs and prevent financial advisers from being burdened, according to the SMSF Association.

A Senate Committee has been warned the Government may be significantly over-estimating the level of investments Australians hold outside of super.

27 January

Parent companies should be excluded from FAR: ASFA

Senior executives of parent companies with superannuation funds within their group should be exempt from responsibility of the subsidiary, according to the Association of Superannuation Funds Australia.

27 January

Balanced super funds up 13.4% over 2021

Superannuation fund performance continued to recover over the second half of 2021 as member accounts are likely to receive a windfall of over $400 billion, according to SuperRatings.

SMSF Association chief executive, Andrea Slattery has urged the incoming Government to address the need to make infrastructure investment easier for SMSFs.

27 January

Australian owned infrastructure and property attractive for super funds

LGIAsuper sees “significant advantages” in Australian-owned private infrastructure and property assets.

While people who choose an SMSF have a higher perception of their numeracy and financial literacy skills, they are often only partly satisfying their objectives, according to a study.

27 January

Funds management

Investor confidence up 4.5 points in January

An increase in investor confidence in Europe has led to a bounce back in the level of global investor confidence recorded in the State Street Global Investor Confidence Index.

Australia’s industry superannuation funds have turned their attention to agricultural investment, releasing a discussion paper which suggests that with the right incentives they would be prepared to direct funding to the area. Industry Super Australia (IS

27 January

Institutional investment

Packhorse acquires first NSW property

Regenerative agri business, Packhorse, which is aimed at institutional investors has given investors annual total returns in excess of 12% while improving soil health across Australia.

27 January

Institutional investment

Centuria secures $202m retail asset on behalf of insto mandate

Centuria Capital Group has announced it has secured an off-market $202 million asset on behalf of an existing international sovereign wealth fund institutional mandate.

25 January

Still a place for niche super funds

If niche superannuation funds end up merging with larger funds the industry could end up looking like the banking sector with not a lot of product or service differentiation, an association believes.

25 January

Which growth super fund performed best in 2021?

In another year of the pandemic, which growth superannuation fund was best able to navigate the market environment for its members?

25 January

Telstra should not be subject to the FAR

TelstraSuper is concerned the draft Financial Accountability bill may give rise to a potential interpretation that employer sponsors are a “significant related entity of the fund”, making them subject to the Financial Accountability Regime.

The Australian Taxation Office has reached out to small businesses it believes are struggling with SuperStream implementation.

25 January

Consumer Data Right to be expanded into super

Consumers could access better deals on their superannuation in the future as the Government announces plans to expand the Consumer Data Right into financial products.

25 January

Super at Raiz approaches $200 million

Raiz has seen its superannuation funds under management more than double after growing by 136% year-on-year.

24 January

ASIC bans ex-Spaceship CEO

Paul Kevin Bennetts has been banned from providing financial services for six years after asking a compliance officer to complete his Australian Institute of Company Directors assessments on his behalf.

20 January

Will the election be a barrier to unfinished business in super?

There are uncertainties as to whether yet-to-be-legislated superannuation reforms will get a chance to be legislated before the election, such as the Retirement Income Covenant and the removal of the $450 threshold.

Tax avoidance (2)300

20 January

Dixon clients warned to act fast to meet tax deadline

It is the responsibility of self-managed super funds trustees to file their tax return on time, meaning clients of failed Dixon Advisory need to act promptly to find a new provider before the deadline.

20 January

10 consecutive years of positive growth super returns

Growth superannuation funds finished 2021 with a median return of 13.4% with Hostplus Balance topping the charts at 19.1%, according to Chant West.

20 January

Board changes at Cbus Super

Wayne Swan has taken over as chair of Cbus Super, following his appointment last August while two new directors have also joined the board.

19 January

Statewide Super penalty not to be paid by members

Statewide Super has responded to the Federal Court’s $4 million penalty and says it will undertake the remediation process over the coming weeks.

The lack of robust data is the most influential barrier for institutional investors to further incorporate environmental, social, and governance (ESG) into investment decision making, according to BNP Paribas Securities Services. BNP Paribas Securities Se

18 January

Institutional investment

Super funds not managing carbon will be left behind

Superannuation funds need to understand carbon productivity and efficiencies in their portfolios or they will lose the race to net zero and will be left holding companies that nobody will want.

Appointment (2)300

18 January

People & products

CFSIL appoints John Brogden as director

Former Financial Services Council chief executive, John Brogden, has been appointed as a director of Colonial First State Investments and Avanteos Investment Limited.

A Super Review survey has confirmed the ACCC is on the money in identifying that super funds regard technology platforms as being a key element in selecting admin.

18 January

Aware Super retains Link Group through VISSF merger

Link Group will retain its contract to provide administration duties for former Victorian Independent Schools Superannuation Fund defined benefit members in the newly merged entity, Aware Super.

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

18 January

Statewide Super given $4m penalty

The superannuation fund is the first licensee to have a civil penalty imposed for failing to report breaches to the corporate regulator since its new penalty powers were introduced in 2019.

17 January

ASIC cautions against mixing crypto with SMSFs

The corporate regulator has noticed an increase in marketing recommending Australians to switch to self-managed superannuation funds that invest in crypto, and has warned against some of the trappings.

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

17 January

CareSuper member fee for penalties justified by court

CareSuper’s proposal to reserve a portion of member assets for future Commonwealth penalties, which was in response to recent law changes, has been found to be justified by the Supreme Court of Victoria.

14 January

Cbus Super launches new investment options

Cbus Super, which is targeting growth to $150 billion, has announced six new investment options to be launched next month.

Market Insights

Driving Growth in Asset Management: The Next Chapter

Driving Growth in Asset Management: The Next Chapter

1 August 2022

Holding chemical companies to account

Holding chemical companies to account

1 August 2022

Asset Owners Create a More Powerful Voice

Asset Owners Create a More Powerful Voice

7 July 2022

What’s ahead for Private Credit?

What’s ahead for Private Credit?

1 August 2022

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