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.
With younger members encouraged to opt for high growth superannuation funds which reflect their long-term time horizons, super funds targeting young people are holding over three-quarters of their weighting to equities.
The Financial Accountability Regime should include a facility to enable accountable entities to check if potential accountable person candidates have been deregistered, the Australian Institute of Superannuation Trustee believes.
Citi and IFM Investors have invested $300 million into Household Capital’s securitisation debt facility to help the business meet the increasing demand of seniors tapping into home equity to fund retirement.
With $5 billion missing each year from Australian worker’s super accounts, Labor will “hold the Australian Taxation Office’s feet to the fire” over how it collects data and enforces unpaid super claims, if elected.
The level of regulation has created distrust from superannuation members who are now looking to take more control of their super investments to make sure they are not getting ripped off, according to an adviser.
About a third of Australian superannuation account holders are not confident about retiring at their desired age or seeing their savings last throughout their lifetime, compared to one-in-five Americans.
If superannuation trustees are seeking judgement from the court to charge a fee to enable adequate financial resources, they need to have a plan B if the decision does not favour the fund, according to the regulators.
Industry Super Australia is calling on any future federal government to bridge the gender super gap, fix the unpaid super issue, protect members from joining underperforming funds, and stop the tinkering of the foundations of superannuation.
The demand for interoperable data between superannuation funds and third parties will increase across various parts of the superannuation industry due to the cost savings it can provide, according to Novigi.