POWERED BY MOMENTUM MEDIA
AIST backs MySuper and data disclosure
The Australian Institute of Superannuation Trustees (AIST) has come out in support of the Australian Prudential Regulation Authority's (APRA) plan to publish solid statistics on MySuper products.
AIST executive manager, policy and research, David Haynes said the move is congruent with the super body's push for full disclosure of fee information, including for large employer MySuper products.
"Full disclosure of MySuper products will provide better transparency and comparability within the superannuation system," Haynes said.
"With so much focus on superannuation fees in particular, fund members need this data to make informed decisions."
Haynes said AIST is particularly satisfied APRA has declared only a small amount of data will be grouped as confidential despite pressure from a lot of organisations to keep a large amount of MySuper information confidential on commercial grounds.
In its submission in January last year, the AIST supported APRA's move for vested benefit index to remain confidential, saying the actual actuarial data on this should be attached to fund actuarial reports for context.
AIST also supported APRA's move to keep the operational risk financial requirement (ORFR) confidential for a limited time, saying funds themselves are transitioning to their ORFR levels.
AIST is also pleased APRA will be consulting with industry stakeholders on the importance of classifying data into industry segments.
"Segmentation plays an important role as the majority of consumers choose between not-for-profit, retail and self-managed funds," Haynes said.
"We hope that the data will be segmented into such groups."
Recommended for you
Australia’s superannuation sector is being held back by overlapping and outdated regulation, ASFA says, with compliance costs almost doubling in seven years – a drain on member returns and the economy alike.
Two of Australia’s largest industry super funds have thrown their support behind an ASIC review into how stamp duty is disclosed in investment fee reporting, saying it could unlock more capital for housing projects.
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
