Super Review

ASIC warns how to communicate performance test failures

ASIC has conducted a review into how superannuation funds communicated their performance test failures to members, revealing some may have risked misleading members.

Super funds retreat further in May

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.

Merge

Merging ‘inevitable’ for smaller super funds

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.

Expect two more years of M&A in super: APRA

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.

Claiming deductions post-work test changes

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.

A letter from both APRA and the ATO has spelled out the degree to which super funds will have increased interactions with the ATO via SuperStream mechanisms.

24 June

ASIC warns how to communicate performance test failures

ASIC has conducted a review into how superannuation funds communicated their performance test failures to members, revealing some may have risked misleading members.

QSuper has worked with the ATO to help pay out a member’s tax savings when they retire and transition to an income account.

24 June

Advisers’ SMSF client assets double in three years

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.

24 June

Funds management

IFM launches climate transition fund

IFM Investors has launched a climate transition fund for Australian-listed equities to help superannuation funds meet their Your Future, Your Super requirements.

2022-05-31 14:00:00

Knowledge Centre

Engagement, education, & supporting super members.

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.

AIA

23 June

The challenge of predicting life expectancy

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.

The retail funds industry has traditionally focused on clients aged 45 and over but this will need to change as baby boomers draw down on their wealth, which could potentially pose a threat to industry funds, according to Tria Investment Partners. The fir

23 June

Younger generation leading spike in SMSFs

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.

23 June

People & products

Future Fund loses chief investment officer

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.

Super funds should avoid under-diversifying and prioritise country selection when it comes to emerging markets, according to a fund manager.

23 June

Funds management

Super funds look to increase EM allocations

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.

21 June

One-fifth of super funds to fail Choice performance test

Analysis from SuperRatings predicts that approximately 20% of Choice superannuation options will fail this year’s performance test due in August.

21 June

Super funds retreat further in May

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.

21 June

Squirrel Super fined for false and misleading marketing

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.

21 June

Active Super launches retail booster program

Active Super has launched a Super Booster reward program in association with retailers.

21 June

Funds management

Do we need to shake up the construction of portfolios?

Major shifts in the constructions of portfolios should not occur until a more permanent outlook on the global economy is gleaned.

21 June

Banned SMSF adviser convicted for breaching ASIC order

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.

The boards of Kinetic Super and Sunsuper have signed heads of agreement, giving in principle support for a merger. The final decision to merge had not been made as both funds needed to complete a comprehensive due diligence process. The funds would look

16 June

Merging ‘inevitable’ for smaller super funds

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.

16 June

APRA warns on impact of repeated performance test failures

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.

Quadrant and Tasplan have implemented a new contact centre, and administration function in Hobart following their merger.

16 June

The staffing problem with internalisation

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.

16 June

SMSF Association pushes for specialist adviser training

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.

With many claims involving significant sums of money, trustee decisions about who qualifies as a beneficiary and who doesn’t can have life changing impacts on individuals or family members at a time when they may be at their most vulnerable. And with the

16 June

Funds management

Australian private debt liquidity is in its early stage

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.

Actuarial firm Rice Warner has used its pre-Budget submission to urge a review of the Transition to Retirement pension arrangements arguing they now unduly favour high income earners.

16 June

Financial advice

Enabling super funds to provide cost-effective advice

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.

Many members of bank-owned or other retail super funds who make a choice on where to invest their super are paying more fees and getting fewer returns, according to a report.

15 June

Funds management

Why the rush to internalise?

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.

15 June

Funds management

YFYS and net zero targets ‘not working together’

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

15 June

YFYS forcing funds to deviate away from member objectives

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.

15 June

Expect two more years of M&A in super: APRA

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.

MLC has made give new hires in its group insurance team following the partnership between NAB and Nippon Life.

15 June

People & products

Supply/demand problem for ESG specialists

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.

14 June

ASIC issues guidance to identify ‘greenwashing’ funds

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.

New research suggests SMSF trustees are diversifying their asset allocations but many still cling to cash.

14 June

The ins and outs of contribution reserving

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.

14 June

Potential for Australia to be global leader on social governance

There is potential for Australia to be a world leader in setting the standards on social governance, according to a panel.

14 June

HESTA and Mercy Super to merge

HESTA and Mercy Super are set to merge their two funds, having signed a letter of intent to merge via successor fund transfer.

14 June

Super funds fall further in May

The median balanced superannuation option fell by -0.9% in May, according to SuperRatings, as funds face into global market headwinds.

A letter from both APRA and the ATO has spelled out the degree to which super funds will have increased interactions with the ATO via SuperStream mechanisms.

14 June

Financial advice

SoAs ineffective at engaging consumers: ASFA

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.

APRA has questioned whether lifting premiums represented an adequate answer to the problems confronting the group life market.

9 June

What qualifies as limited advice for super funds?

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.

9 June

Super merger complexity demonstrates benefit of advice

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 retail funds industry has traditionally focused on clients aged 45 and over but this will need to change as baby boomers draw down on their wealth, which could potentially pose a threat to industry funds, according to Tria Investment Partners. The fir

9 June

Engaging young people with insurance

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.

9 June

Active Super and Vision Super consider merger

Active Super and Vision Super have signed a Memorandum of Understanding to explore a potential merger between the two funds.

9 June

People & products

ACSI team grows with arrival of senior analysts

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.

7 June

Claiming deductions post-work test changes

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.

7 June

The untapped personalisation opportunity in super

It is likely there will be increased personalisation of superannuation funds as members demand the same type of service provided by their bank.

7 June

People & products

LGIAsuper unveils rebrand following M&A

LGIAsuper will change its name to Brighter Super from 1 July following merger and acquisition activity as the Queensland fund seeks to expand nationally.

7 June

Qantas Super invests $2b in sustainable listed equities

Qantas Super has allocated $2 billion to sustainable listed equities in its quest to reduce carbon intensity across its Australian and global equity portfolios.

7 June

People & products

Hostplus’s Self-Managed Invest integrates with Iress

Hostplus and Iress have announced an integration between Iress' Xplan financial planning platform and Hostplus' Self-Managed Invest onboarding solution.

2 June

Opt-in rates lowest for blue collar workers

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.

2 June

What are advisers asking ahead of EOFY?

The superannuation guarantee and the COVID-related measures on minimum pension drawdowns are among the top enquiries by advisers this end of financial year.

2 June

Post retirement

Cost of living increases for retirees

Data from ASFA shows the annual percentage increases in the comfortable budgets for Australian retirees are the largest since 2010.

2 June

Superannuation industry welcomes ministry

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.

31 May

No date yet for Vanguard Super

Over a year after announcing plans for Vanguard Super, there is still no date for its release according to the firm.

The Financial Services Council (FSC) has recommended removing the “default” superannuation option to give employees greater scope to choose their own default funds. In a joint report with Deloitte Access Economics titled ‘Choice and competition in the Au

31 May

AFCA abolishes superannuation levy

The superannuation levy will be abolished from 1 July under a new user-pays funding model from AFCA.

QSuper has worked with the ATO to help pay out a member’s tax savings when they retire and transition to an income account.

31 May

Funds management

Two ‘mega funds’ expected to reach $1t in AUM

Australian Super and Australian Retirement Trust are expected to see assets under management reach $1 trillion by 2040, according to KPMG.

31 May

HESTA welcomes AGL withdrawal plans

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.

30 May

Funds management

Ambitious plans for Mercer as merger doubles FUM

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.

ASIC has cancelled the registration of 133 SMSF auditors who failed to lodge their annual statements.

27 May

ASIC cancels registrations of 10 SMSF auditors

ASIC has cancelled the registration of 10 auditors of self-managed superannuation funds who failed to lodge their annual statements.

Market Insights

Engagement, education, & supporting super members.

Engagement, education, & supporting super members.

1 June 2022

GP

Personally I'm not in favor of this legislation but not for the reasons of the alarmist media...

Super for housing will torpedo funds’ returns 1 month 1 week ago

OknFD

"In comparison with the majority of other wagering sites, 1xBet Betting Company sets itself up...

Budget changes fall short of objectives 2 months 2 weeks ago

ay

What a surprise. Get out of Super you meddling incompetent fools.

Problems loom for conservative choice products in performance tests 3 months 3 weeks 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 11 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 10 months ago

Axl

That's 'toe the party line'.

We aren’t anyone’s secretariat says AustralianSuper 1 year 11 months ago