POWERED BY MOMENTUM MEDIA
Budget reinforces ‘retirement covenant’
The Federal Government has used the Budget papers to reinforce its intention to impose a “retirement covenant” on superannuation funds.
The Budget papers confirmed the Government’s intention to amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) “to introduce a retirement covenant that will require superannuation trustees to formulate a retirement income strategy for superannuation fund members”.
The Budget papers said the Government would also amend the Corporations Act 2001 to introduce a requirement for providers of retirement income products to report simplified, standardised metrics in product disclosure to assist customer decision making.
The Budget announcement comes amid industry concerns that a one size fits all approach will not be appropriate with respect to the development of Comprehensive Income Products in Retirement (CIPRs).
Recommended for you
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment