Cultural and structural issues are hampering Indigenous people’s ability to engage with superannuation funds, especially when it comes to meeting identification requirements.
A report by the Indigenous Super Summit 2019 said meeting basic identification requirements of super funds – such as a driver’s license of passport – was a key obstacle for Indigenous members needing to access information about their fund and/or process claims.
It also noted that other challenges included:
Australian Institute of Superannuation Trustees (AIST) chief executive, Eva Scheerlinck, said the industry and regulators were working towards standardised identification requirements and binding death nomination forms, but more needed to be done to improve outcomes and achieve consistency across the industry.
“While super fund representatives are working with regulators on an industry approach to some of the bureaucratic issues, there is also a need for greater collaboration between funds and services providers, such as financial counsellors,” she said.
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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