Super Review

Expanding CSLR only fair way to share costs: SMSFA

Broadening the compensation scheme of last resort would be a fairer way of sharing costs and prevent financial advisers from being burdened, according to the SMSF Association.

Will the election be a barrier to unfinished business in super?

There are uncertainties as to whether yet-to-be-legislated superannuation reforms will get a chance to be legislated before the election, such as the Retirement Income Covenant and the removal of the $450 threshold.

Super funds not managing carbon will be left behind

Superannuation funds need to understand carbon productivity and efficiencies in their portfolios or they will lose the race to net zero and will be left holding companies that nobody will want.

The super funds allocating over 85% to equities

With younger members encouraged to opt for high growth superannuation funds which reflect their long-term time horizons, super funds targeting young people are holding over three-quarters of their weighting to equities.

Group life insurance

Risk re-pricing lifts in-force group business

Despite fewer superannuation members with default cover, in-force group business rose 7.4% to $6.9 billion over the year to 30 September, 2021, according to DEXX&R.

28 January

Financial advice

Advisers crucial for Retirement Income Covenant success

The Retirement Income Covenant is doomed to fail if there are a lack of advisers in the industry to convince consumers’ of its worth.

27 January

Expanding CSLR only fair way to share costs: SMSFA

Broadening the compensation scheme of last resort would be a fairer way of sharing costs and prevent financial advisers from being burdened, according to the SMSF Association.

A Senate Committee has been warned the Government may be significantly over-estimating the level of investments Australians hold outside of super.

27 January

Parent companies should be excluded from FAR: ASFA

Senior executives of parent companies with superannuation funds within their group should be exempt from responsibility of the subsidiary, according to the Association of Superannuation Funds Australia.

27 January

Balanced super funds up 13.4% over 2021

Superannuation fund performance continued to recover over the second half of 2021 as member accounts are likely to receive a windfall of over $400 billion, according to SuperRatings.

SMSF Association chief executive, Andrea Slattery has urged the incoming Government to address the need to make infrastructure investment easier for SMSFs.

27 January

Australian owned infrastructure and property attractive for super funds

LGIAsuper sees “significant advantages” in Australian-owned private infrastructure and property assets.

While people who choose an SMSF have a higher perception of their numeracy and financial literacy skills, they are often only partly satisfying their objectives, according to a study.

27 January

Funds management

Investor confidence up 4.5 points in January

An increase in investor confidence in Europe has led to a bounce back in the level of global investor confidence recorded in the State Street Global Investor Confidence Index.

2021-11-15 13:00:00

Knowledge Centre

The Digitization of Alternatives

Learn more about the tech transformation happening in alternative asset servicing and considerations when adopting them into an investment strategy

Northern Trust

Australia’s industry superannuation funds have turned their attention to agricultural investment, releasing a discussion paper which suggests that with the right incentives they would be prepared to direct funding to the area. Industry Super Australia (IS

27 January

Institutional investment

Packhorse acquires first NSW property

Regenerative agri business, Packhorse, which is aimed at institutional investors has given investors annual total returns in excess of 12% while improving soil health across Australia.

27 January

Institutional investment

Centuria secures $202m retail asset on behalf of insto mandate

Centuria Capital Group has announced it has secured an off-market $202 million asset on behalf of an existing international sovereign wealth fund institutional mandate.

25 January

Still a place for niche super funds

If niche superannuation funds end up merging with larger funds the industry could end up looking like the banking sector with not a lot of product or service differentiation, an association believes.

25 January

Which growth super fund performed best in 2021?

In another year of the pandemic, which growth superannuation fund was best able to navigate the market environment for its members?

25 January

Telstra should not be subject to the FAR

TelstraSuper is concerned the draft Financial Accountability bill may give rise to a potential interpretation that employer sponsors are a “significant related entity of the fund”, making them subject to the Financial Accountability Regime.

The Australian Taxation Office has reached out to small businesses it believes are struggling with SuperStream implementation.

25 January

Consumer Data Right to be expanded into super

Consumers could access better deals on their superannuation in the future as the Government announces plans to expand the Consumer Data Right into financial products.

25 January

Super at Raiz approaches $200 million

Raiz has seen its superannuation funds under management more than double after growing by 136% year-on-year.

24 January

ASIC bans ex-Spaceship CEO

Paul Kevin Bennetts has been banned from providing financial services for six years after asking a compliance officer to complete his Australian Institute of Company Directors assessments on his behalf.

20 January

Will the election be a barrier to unfinished business in super?

There are uncertainties as to whether yet-to-be-legislated superannuation reforms will get a chance to be legislated before the election, such as the Retirement Income Covenant and the removal of the $450 threshold.

Tax avoidance (2)300

20 January

Dixon clients warned to act fast to meet tax deadline

It is the responsibility of self-managed super funds trustees to file their tax return on time, meaning clients of failed Dixon Advisory need to act promptly to find a new provider before the deadline.

20 January

10 consecutive years of positive growth super returns

Growth superannuation funds finished 2021 with a median return of 13.4% with Hostplus Balance topping the charts at 19.1%, according to Chant West.

20 January

Board changes at Cbus Super

Wayne Swan has taken over as chair of Cbus Super, following his appointment last August while two new directors have also joined the board.

19 January

Statewide Super penalty not to be paid by members

Statewide Super has responded to the Federal Court’s $4 million penalty and says it will undertake the remediation process over the coming weeks.

The lack of robust data is the most influential barrier for institutional investors to further incorporate environmental, social, and governance (ESG) into investment decision making, according to BNP Paribas Securities Services. BNP Paribas Securities Se

18 January

Institutional investment

Super funds not managing carbon will be left behind

Superannuation funds need to understand carbon productivity and efficiencies in their portfolios or they will lose the race to net zero and will be left holding companies that nobody will want.

Appointment (2)300

18 January

People & products

CFSIL appoints John Brogden as director

Former Financial Services Council chief executive, John Brogden, has been appointed as a director of Colonial First State Investments and Avanteos Investment Limited.

A Super Review survey has confirmed the ACCC is on the money in identifying that super funds regard technology platforms as being a key element in selecting admin.

18 January

Aware Super retains Link Group through VISSF merger

Link Group will retain its contract to provide administration duties for former Victorian Independent Schools Superannuation Fund defined benefit members in the newly merged entity, Aware Super.

Sarah Jane Busteed has been charged after dishonestly obtaining a financial advantage by deception in relation to SMSF property investments.

18 January

Statewide Super given $4m penalty

The superannuation fund is the first licensee to have a civil penalty imposed for failing to report breaches to the corporate regulator since its new penalty powers were introduced in 2019.

17 January

ASIC cautions against mixing crypto with SMSFs

The corporate regulator has noticed an increase in marketing recommending Australians to switch to self-managed superannuation funds that invest in crypto, and has warned against some of the trappings.

Sarah Jane Busteed has been charged after dishonestly obtaining a financial advantage by deception in relation to SMSF property investments.

17 January

CareSuper member fee for penalties justified by court

CareSuper’s proposal to reserve a portion of member assets for future Commonwealth penalties, which was in response to recent law changes, has been found to be justified by the Supreme Court of Victoria.

14 January

Cbus Super launches new investment options

Cbus Super, which is targeting growth to $150 billion, has announced six new investment options to be launched next month.

Dutch-based asset manager Robeco has been awarded a $265 million investment mandate from superannuation fund Tasplan for its enhanced low-volatility Global Conservative Equities strategy. The mandate was confirmed by Tasplan’s head of listed investments

13 January

The super funds allocating over 85% to equities

With younger members encouraged to opt for high growth superannuation funds which reflect their long-term time horizons, super funds targeting young people are holding over three-quarters of their weighting to equities.

13 January

Should school leavers be stapled to balanced options?

While the performance tests are a good idea, they fail to take into account the age or risk levels of members, meaning younger members may not in the best fund for their circumstances.

Strong support exists for independent directors on super boards

13 January

People & products

LGIAsuper and Energy Super appoint new CIO

Mark Rider has been appointed as the merged fund’s chief investment ahead of the planned acquisition of Suncorp’s superannuation business.

13 January

Mercer looks to merge

With the flurry in merger activity in the superannuation space, Mercer is the latest super fund looking at mergers for growth.

Research house Milliman has added its voice to calls for a move away the Association of Superannuation Funds of Australia (ASFA) comfortable retirement standard to a more personalised member approach. At the same time as universities-based industry fund,

13 January

Identification of deregistered persons needed: AIST

The Financial Accountability Regime should include a facility to enable accountable entities to check if potential accountable person candidates have been deregistered, the Australian Institute of Superannuation Trustee believes.

13 January

Institutional investment

Inflation to rise rapidly but not unexpected

It might be a good time now for investors to prepare their portfolios for high inflation and allocate to value stocks by taking advantage of below-zero real interest rates to purchase real assets.

13 January

People & products

Aon aligns super, wealth consulting and actuarial services

Aon has appointed Saffron Sweeney to the role of head of wealth solutions, Australia and chief actuary wealth solutions, Asia Pacific.

The Australian Securities and Investments Commission (ASIC) has confirmed it has initiated a project which will closely examine life insurance within superannuation. The regulator has flagged that it intends on publishing a report on life insurance within

11 January

Risk re-pricing lifts in-force group business

Despite fewer superannuation members with default cover, in-force group business rose 7.4% to $6.9 billion over the year to 30 September, 2021, according to DEXX&R.

The Superannuation Complaints Tribunal has confirmed that super fund rollover processes produce inevitable winners and losers.

11 January

RIC guidance needed as soon as possible

Aware Super has called on the Government to ensure appropriate Retirement Income Covenant guidance is made available by early 2022 to provide time for trustee compliance before the mid-year deadline.

Lift the bar on super objective says ASFA The Association of Superannuation Funds of Australia wants the purpose of super to be a comfortable retirement, not just a supplement to the Age Pension. The Association of Superannuation Funds of Australia (ASF

11 January

Super funds need to consider more holistic retreatment outcomes

Despite the Your Future, Your Super performance test’s focus on fees and performance, superannuation funds need to focus on retirement outcomes and benefits for members, according to Mercer.

Industry Super Australia (ISA) has called on the Government to defer the implementation of the corporate regulator’s new Regulatory Guide 97 (RG97) on new fee and cost disclosure rules to take effect in less than a week. ISA said RG97 was fundamentally fl

11 January

Proxy-advice reforms flawed

The recent proxy-advice regulations changes are flawed across major fronts and will not improve investor outcomes, according to an analysis.

The Association of Superannuation Funds of Australia and the Actuaries Institute have urged comprehensive consumer testing of super choice product dashboards.

11 January

Tracking error management needed for YFYS test

A portfolio tracking error of 2% to 3% is the sweet spot for superannuation funds with the luxury of an eight-year investment time horizon for their active risk, according to Schroders.

11 January

IFM PE portfolio achieves carbon neutrality

The move to achieve carbon neutrality was part of the fund manager’s target to reduce net zero greenhouse gas emissions by 2050.

With the spotlight on governance intensifying, Mercer has acquired a new web-based risk management solution.

11 January

TTS launches tailored super options

Trustee Tailored Super has developed a ‘Smart Default’ technology that it says will significantly increase retirement balances.

6 January

Voluntary super contributions up almost 30%

The voluntary super contributions jumped almost 30% due to a greater engagement with super during the COVID pandemic.

5 January

Choice heatmap will purge weaker products: APRA

Margaret Cole says the pressure on trustees from the 2021 Choice Heatmap will lead to the removal of weaker performing products and drive better returns and transparency for members.

5 January

Institutional investment

Investor confidence down in December

The Investor Confidence Index dropped 25.9 points in December due to the Omicron emergence and the hawkish pivot from the US Federal Reserve.

5 January

Proxy advisers need to be more independent

The proxy advice reforms aim to improve transparency and accountability across the sector and will force proxy advisers to be more independent from their institutional clients.

17 December

EISS Super finds new merger partner in Cbus

EISS Super has signed a memorandum of understanding with Cbus Super in 2022 after TWUSuper pulled out earlier this year.

17 December

Post retirement

Citi and IFM invest $300 million into Household Capital

Citi and IFM Investors have invested $300 million into Household Capital’s securitisation debt facility to help the business meet the increasing demand of seniors tapping into home equity to fund retirement.

16 December

60% of Choice funds deliver below APRA heatmap benchmark

The prudential regulator has published its annual MySuper heatmap along with the first Choice heatmap.

16 December

SG rise is going ahead: Hume

Lifting the superannuation guarantee to 12% is going ahead as it is legislated, says Senator Jane Hume, but Labor wants a clearer commitment the schedule will not be touched.

16 December

Industry funds to have half of market share by 2041

Industry superannuation funds will have 51% of the super market share by 2041 as the Your Future, Your Super package will favour industry funds, Deloitte projects.

16 December

Every super fund will fail the YFYS test within 10 years: Labor

Shadow assistant treasurer, Stephen Jones, says he agrees with superannuation performance testing but that he will review the Your Future, Your Super benchmarking metrics if Labor is elected.

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An Old Timer

Seems a bit superfluous to penalize the members who will ultimately be paying the fine when the...

Statewide Super given $4m penalty 1 week 3 days ago

john

So that $4 million penalty will now be paid by the members themselves as in come out of their...

Statewide Super given $4m penalty 1 week 3 days ago

B Real

So, who pays the penalty? The members? That seems somewhat odd.

Statewide Super given $4m penalty 1 week 3 days ago

Dave Peckitt

Hi do you have any info on financial planners in perth? I'm looking to consolidate my super...

Six superannuation consultancies prove stand outs 2 years 6 months ago

Anonymous

This is the most ill informed comment I have ever seen. Why on earth would you think Superannuation...

We aren’t anyone’s secretariat says AustralianSuper 1 year 6 months ago

Axl

That's 'toe the party line'.

We aren’t anyone’s secretariat says AustralianSuper 1 year 6 months ago