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.

9 December

Super on Raiz sees 158% growth

Superannuation funds under management on the Raiz investing platform has risen 158% to $183 million in the first quarter of 2022.

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

8 December

Avanteos pleads guilty for fees-for-no-service charges

Part of the Royal Commission final report, former Commonwealth Bank subsidiary Avanteos has pleaded guilty to 18 criminal charges which included charging fees to deceased members.

7 December

APRA requires Christian Super to merge

Christian Super has been imposed with additional licence conditions after it failed the MySuper performance test with the prudential regulator requiring it to implement a strategy to merge with a larger and better-performing fund.

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

7 December

What will innovation look like in a consolidated super industry?

Superannuation innovation post-mergers will look similar to the banking industry with several big players competing for dominance against a backdrop of technological disruption, according to a fintech.

7 December

Super regulatory change spooking pre-retirees

The prospect of regulatory changes is impacting peace of mind for many Australians either heading towards or in retirement, according to Investment Trends.

7 December

QSuper and Sunsuper to re-brand

The merger has been delayed for a second time until February 2022 but the funds have announced a new name.

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

7 December

40% of super members expect a comfortable retirement

Younger people are less likely to expect comfort in retirement, according to a survey of over 3,000 superannuation fund members aged over 45.

7 December

Super switching a ‘double-edged sword’

Analysis of investment switching during the COVID-19 pandemic has found poor decisions have been made due to the absence of advice, with older members and women the most affected.

Local Government Super’s divestment in climate changing assets has been given top marks by the Asset Owners Disclosure Project.

7 December

Does AustralianSuper properly assess climate risk?

One of the fund’s members has questioned the way it has assessed the climate risk of the $1.4 billion invested in Vanguard index funds given it had been internationally criticised for its climate risk management.

6 December

SMSF disputes on the rise: Equity Trustees

Self-managed super funds have grown to 1.1 million members and Equity Trustees are reporting a rise in legal disputes and calling for trustees to adopt solid succession plans.

3 December

AvSuper seeks merger partner

In the latest sign of consolidation in the superannuation space, AvSuper has issued an expression of interest for a potential merger partner.

2 December

Post retirement

Retirement income products should not need advice: panel

Superannuation funds and product providers creating retirement income products should look to create effectively default products as products requiring advice will not be sustainable, according to a panel.

2 December

Super funds behind banks and insurers in crisis preparedness

Superannuation trustees could be subject to new standards by the prudential regulator that aim to strengthen preparedness when responding to future financial crises.

The Insurance in Superannuation Working Group is expected to release its first discussion paper within the next few months.

2 December

RIC presents challenges in four areas

Trustees will need to focus on understanding membership, design and distribution obligations, member education and advice, and compliance and governance to be able comply with the Retirement Income Covenant, according to KPMG.

2 December

Funds management

Responsibly investing super funds outperform peers

Super funds that invest responsibly are expected to take a bigger share of assets and are financially outperforming their peers.

2 December

How super funds should implement AI

Superannuation funds should use artificial intelligence to address individual and current business challenges rather than consider it through an academic lens.

2 December

Data key for membership growth

With the Your Future, Your Super signalling the end of default membership flows, the potential of a superannuation fund’s chief marketing officer to leverage data is rising.

2 December

Super funds are undermining climate commitments: Market Forces

Seven of the biggest superannuation funds with net zero commitments have voted against two or more key climate-related proposals in Australia since September, according to Market Forces.

1 December

Club Plus Super completes AustralianSuper merger

Club Plus Super has completed its merger with AustralianSuper to create a $207 billion fund.

1 December

UniSuper and ACS explore merger

UniSuper and Australian Catholic Superannuation have signed a memorandum of understanding to explore a merger and both have started due diligence.

1 December

Aware Super completes VISSF merger

Aware Super has announced it has completed the fund transfer to finalise its merger with the Victorian Independent Schools Superannuation Fund.

30 November

Mergers and regulation slowing super innovation

Merger and regulatory trends have stretched the resources of super funds to the point that it has stifled technology adaptation and cracks are beginning to show, according to SS&C Technologies.

30 November

ASIC asked to monitor Sect 56 communication by QSuper

QSuper will have to communicate clearly with members of Sunsuper, ahead of their merger in February, that they could be liable to pay a fee for fines or penalties incurred by the fund’s activities.

30 November

Funds management

AMP looks to serve retirement market

AMP Limited will look to “better serve” the retirement market and take its products direct to clients following the demerger with AMP Capital’s private markets business.

30 November

Hostplus finalises merger with Intrust Super

The merger of the two industry superannuation funds would create a $69 billion fund as Hostplus also looks to merge with Statewide Super in 2Q22.

30 November

Digital literacy is required for super funds to transform

Superannuation funds will need to educate their entire staff to leverage the entire benefits of an imminent technology revolution, according to a panel.

30 November

Super funds lagging behind on digital transformation

Super funds should re-engineer their operations rather than just digitalise manual processes if they want to catch up to other industries, according to a panel.

30 November

People & products

Spirit Super’s Turner to retire

Spirit Super chief executive Leeanne Turner will retire from her role after 11 years at the helm.

The Australian Council of Superannuation Investors (ACSI) has call for legislation to require companies to monitor and address slavery risks in their operations and supply chains. ACSI urged the government to introduce laws that required companies to repo

30 November

Super funds need to ‘dig deeper’ on modern slavery

Only 5% of surveyed funds conduct risk assessments of supply chains beyond tier one of assets despite modern slavery being more likely identified at tiers three and four, according to JANA.

Rice Warner argues the creation of scope for joint super accounts would help create greater clarity around male and female member investment.

30 November

Pendal expands relationship with Northern Trust

After a relationship with Pendal’s US business for the last decade, the relationship has been extended to provide asset services to its Australian, UK and Irish businesses.

30 November

CareSuper sets net-zero by 2050 goal

CareSuper says it will provide details on how it will achieve net-zero by 2050 over the coming months.

Appointment (2)300

26 November

People & products

Ian Silk to join KPMG as adviser

Former AustralianSuper chief executive, Ian Silk, will join as a special adviser working on environmental, social and governance matters.

Longevity risk300

25 November

Post retirement

Opportunity to mitigate retirement risk

About 11% of financial advisers use longevity products for retiree clients, while 50% use a cash bucket investment approach.

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

25 November

QSuper members file class action

The class action alleges QSuper failed to notify members of changes to its life insurance premiums which resulted in financial loss for up to 140,000 members.

25 November

Class action brought against Dixon Advisory

A class action has been brought against Dixon Advisory and Superannuation Services to freeze $7.2 million in assets.

Many superannuation funds are losing the scale war and will need to master the art of member acquisition and retention to survive, according to Rice Warner. The research house’s latest analysis said leveraging data would be crucial for funds to avoid beco

25 November

Don’t penalise disengaged members: APRA

Members who are disengaged should not be disadvantaged as a result, according to the prudential regulator.

Tasplan Super has this week introduced a new lifecycle option for members to align better with their needs over time.

25 November

Group lump sum still suffering losses

Despite some improvements in risk product profits, group lump sum and group disability income insurance made losses over the year to September.

25 November

Trustees raise concerns with AFCA funding

Superannuation trustees have raised their concerns about the funding of the Australian Financial Complaints Authority in an independent review.

25 November

ASFA welcomes passage of RIC

The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 has been introduced to Parliament and will codify the the obligations for trustees to improve retirement outcomes for members.

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

25 November

The worst unpaid super electorates revealed

About three-in-10 workers from the worst 20 unpaid super electorates are being “ripped off”, according to Industry Super Australia.

25 November

SMSFs need to look outside the box to find better investment options

The self-managed super funds trustees are looking at new investment options such as listed and unlisted trusts, managed investments and private real estate debt, according to AltX.

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

25 November

Institutional investment

Investor confidence down in November

State Street Investor Confidence Index has dropped 3.6 points in November to 110.5, driven down by falls in North America and Europe.

25 November

Aware Super CEO named FEAL executive of the year

Aware Super chief executive, Deanne Stewart, has been awarded executive of the year by the Fund Executive Association.

23 November

‘Retrograde step’ to charge for building reserves: Hume

Superannuation funds should not be able to charge members for building a trustee financial contingency reserve, according to Senator Jane Hume.

With many claims involving significant sums of money, trustee decisions about who qualifies as a beneficiary and who doesn’t can have life changing impacts on individuals or family members at a time when they may be at their most vulnerable. And with the

23 November

Post retirement

APRA chooses engagement over retirement solution guidance

The prudential regulator will not be issuing extensive or detailed guidance on retirement income solutions in the short-term as it wants to give the industry time to develop approaches.

23 November

CareSuper proposes to reserve assets to pay for new fine system

In response to the Government’s ‘Section 56’ amendment which would affect industry super funds, CareSuper has proposed to reserve a portion of its assets to help pay for future federal law breaches.

23 November

Superannuation assets reach $3.4 trillion

Superannuation assets increased to $3.4 trillion, a 17.5% increase for the year ending 30 September, while member contributions increased by 43.6%.

23 November

People & products

Equip appoints head of retirement

Equip has announced the appointment of Sam Higgie to head of retirement, following the appointment of Andrew Howard as its chief investment officer.

The Superannuation Complaints Tribunal received 1,739 complaints of which 91 per cent were resolved, according to its annual report.

23 November

Superannuation complaints on the decline: AFCA

The complaints authority has received over 5,000 superannuation-related complaints last financial year and was able to close over 6,000 of its complaints.

A fundamental challenge for super funds using digital advice is the ability to define the scope and parameters of their advice offering, and how to manage conflicts, Decimal believes.

23 November

Specialist advice may be required for SMSF relief extension

Following the extension of self-managed super fund COVID-19 relief, the SMSF Association is urging self-managed super fund holders to seek specialist advice to assess their eligibility for the measures.

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