MySuper is unlikely to boost the overall retirement savings of Australians, according to a survey of chief executives in the financial services industry.
Sixty per cent of the 86 chief executives surveyed as part of the Financial Services Council/DST 2012 CEO Report said MySuper would have "no impact at all" on overall retirement savings.
Ten per cent of chief executives thought MySuper would be "very effective", and 28 per cent thought it would provide a "modest lift".
However, respondents to the survey were more confident about the productivity gains likely to be generated by the SuperStream legislation - particularly when it came to the reduction in account proliferation and the expected reduction in the number of people holding multiple accounts.
Only 32 per cent of chief executives thought account consolidation would have no effect at all on the level of overall retirement savings. Four per cent thought it would be very effective, and 64 per cent said it would provide a modest lift.
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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