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.
In an interview with Super Review, Mercy Super, which is set to merge with HESTA, believes the “writing is on the wall” for smaller superannuation funds and they will have to decide between merging now or later.
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.
Clients are still going to need to meet the work test if they want to claim a deduction for a personal contribution despite the removal of the work test for voluntary contributions up to age 74.
ASIC has conducted a review into how superannuation funds communicated their performance test failures to members, revealing some may have risked misleading members.
Net assets per adviser in self-managed superannuation funds have more than doubled since 2019 as the adviser exodus means remaining firms are taking on more clients.
IFM Investors has launched a climate transition fund for Australian-listed equities to help superannuation funds meet their Your Future, Your Super requirements.
While the value of insurance in superannuation continues to be scrutinised, AIA Australia contends that engagement and education are key to balancing sustainability, suitability, and affordability for members.
The difficulty of designing products for decumulation is superannuation funds are unable to accurately predict how long members will need the funds, according to a panel, meaning members fear running out of money.
A joint Vanguard and Investment Trends study has found the new cohort of self-managed superannuation fund trustees are younger, confident and more engaged with their superannuation.
The Future Fund Management Agency has seen the departure of its chief investment officer, Sue Brake, who has cited family reasons as the reason for leaving the organisation.
The market is approaching a crossover point where superannuation funds may look to capitalise on further investments in emerging markets, according to Loomis, Sayles &. Company.
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 Federal Court has ordered Squirrel Superannuation Services Pty Ltd to pay a $55,000 penalty for false and misleading marketing regarding investing in residential property via self-managed superannuation funds.
Former Queensland financial adviser, Lawrence Toledo, has been convicted and fined $1,500 after pleading guilty to three charges of breaching an Australian Securities and Investment Commission banning order.
In an interview with Super Review, Mercy Super, which is set to merge with HESTA, believes the “writing is on the wall” for smaller superannuation funds and they will have to decide between merging now or later.
APRA has warned funds which fail the Your Future, Your Super performance test for two consecutive years will be unable to accept any new beneficiaries for members until they pass a future test.
How to hire and retain staff is the big question for superannuation funds to solve when it comes to internalisation of investment management, according to a panel.
The SMSF Association is urging the Quality of Advice Review to “set in stone” the need for specialist training for those advising the self-managed superannuation fund sector.
It will be 10-15 years before the level of liquidity in the Australian private debt market matches that offshore in the US and Europe, according to Schroders Capital’s head of private debt.
Industry Super Australia has revealed its 18 recommendations for the financial services industry that it believes would enable superannuation funds to provide cost-effective advice and guidance to members at scale.
There is no need to internalise fund management, according to Hostplus, as fees are already low and external managers are willing to negotiate with superannuation funds on price.
The Your Future, Your Super performance test is not aligned with the Government's agenda to achieve net-zero carbon emissions by 2050, according to Mercer’s Jillian Reid.
The Your Future, Your Super legislation is having an unintended outcome of forcing superannuation funds to move away from meeting promises to members in order to meet the performance test.
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.
There is a keen need for more specialists in environmental, social and governance in superannuation, according to a panel, if the industry is going to be able to work towards achieving net zero.
ASIC has issued information to crack down on superannuation funds which fall foul of ‘greenwashing’ which it says will remain a priority for its regulatory oversight.
Self-managed superannuation fund clients wishing to make a large concessional contribution over and above the concessional contribution cap should aim to split it over this financial year and the next, according to BT.
The cost of providing a Statement of Advice to superannuation fund members are thousands of dollars more than for a Record of Advice, according to ASFA, and consumers find them difficult to understand.
Clarity is needed for superannuation funds on what they can provide to members to qualify as limited advice as they seek to increase their digital advice delivery, according to ASFA.
The proliferation of superannuation fund mergers and possible insurance changes for members should be a talking point for advisers to demonstrate their value when it comes to insurance advice.
The idea that young people don’t need insurance is a misguided idea, according to Rest chief executive, Vicki Doyle, as over a quarter of the fund’s 18-24 year old members have dependents.
The Australian Council of Superannuation Investors has appointed Fiona Manning to ACSI’s engagement team as a senior analyst and Hannah Armitage will lead its research program as research manager.
Clients are still going to need to meet the work test if they want to claim a deduction for a personal contribution despite the removal of the work test for voluntary contributions up to age 74.
LGIAsuper will change its name to Brighter Super from 1 July following merger and acquisition activity as the Queensland fund seeks to expand nationally.
Qantas Super has allocated $2 billion to sustainable listed equities in its quest to reduce carbon intensity across its Australian and global equity portfolios.
Hostplus and Iress have announced an integration between Iress' Xplan financial planning platform and Hostplus' Self-Managed Invest onboarding solution.
The highest-risk demographic of blue collar workers has the lowest opt-in rates to insurance in superannuation, according to research by ASFA and Deloitte.
The superannuation guarantee and the COVID-related measures on minimum pension drawdowns are among the top enquiries by advisers this end of financial year.
The superannuation industry has welcomed Prime Minister Anthony Albanese’s incoming ministry and congratulated Stephen Jones on his appointment as assistant treasurer and minister for financial services.
HESTA has welcomed the decision by AGL to scrap its de-merger plan, after spending an estimated $160 million, and the chief executive and chairman resigned.
The merger between BT Super and Mercer will help advance Mercer on its mission to be the best superannuation fund in the market while members could see more than 25% fee reduction.