Superannuation
The uncertainties surrounding the COVID-19 pandemic have seen major superannuation administration company, Link, decline to provide financial guidance for the year ahead.
In a submission to the Quality of Advice Review, Aware Super has recommended the provision of a clear, expanded list of topics that a fund can advise on, arguing intra-fund is the “only viable way” to deliver affordable advice.
A disconnect exists between senior executives and superannuation fund product managers when it comes to their perception of their fund’s readiness to meet the deadline of the Retirement Income Covenant legislation.
ASIC has conducted a review into how superannuation funds communicated their performance test failures to members, revealing some may have risked misleading members.
While it is now almost certain that growth funds will finish the financial year in the red, members should resist hitting the panic button, according to Chant West.
The prudential regulator has confirmed it is expecting to see the rapid pace of consolidation among superannuation funds to continue for the next two years.
