The Federal Government will not be pausing superannuation policy changes during a comprehensive review of the sector by the Productivity Commission (PC).
Assistant Treasurer, Kelly O'Dwyer, yesterday announced the broad terms of reference of the PC inquiry but made clear that the Government would be pursuing policy changes where necessary while that inquiry continued.
She said the PC exercise would be broke into three phases starting off with developing underlying criteria, followed by ooking at possible alternative default fund allocations and then finally examining the efficiency and competitiveness of the system.
However, she said this process did not "represent a moratorium on change" and that the Government would continue to pursue policy change where it believed it was necessary.
O'Dwyer said that a par of the Government's policy change agenda was already beingn pursued in the Senate - the governance changes requiring at least one-third independent directors including an independent chairman.
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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