Some industry superannuation funds have been just as guilty of investment under-performance as some retail funds, according to the Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume.
Interviewed on radio, Hume reiterated her call for an end to the culture wars between the various types of superannuation funds while acknowledging that while some industry funds had performed exceptionally well, there were also some industry funds which underperformed.
“The most important thing now is that we put aside the sector wars, whether it's between industry or retail, whether it's between self-managed super funds (SMSFs) and industry and retail super, and say, right, well, what's in the best interest of members?” she said. “That's what we're all about, the best member outcomes that we can get to.”
Hume also signalled that the Government had no intention of altering the existing time-table for lifting the superannuation guarantee, noting that it had been legislated and there was no intention to alter that approach.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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