POWERED BY MOMENTUM MEDIA
Keep existing default regime - AIST
The current system of default funds under modern awards works well and should not be opened up to unfettered competition, according to Australia Institute of Superannuation Trustees (AIST) chief executive, Tom Garcia.
Opening the Conference of Major Superannuation Funds (CMSF) on the Gold Coast, Garcia said the not for profit funds would be reinforcing the value of the existing default super arrangements and the dangers inherent in any change.
His comments have come at the same time as the Financial Services Council has increased its calls for the Government to change the default fund arrangements to allow all eligible MySuper funds to be available for selection as default funds and for the removal of the Fair Work Commission from the process.
Garcia said that despite what the critics might say employers were afforded choice under the existing default funds regime and those funds which are available have been identified as best suited to meeting the best interests of members.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment