The Australian Institute of Superannuation Trustees (AIST) has pledged to continue to advocate for key amendments to the Protecting Your Super legislation, despite the Senate Economic Legislation Committee this week backing the reforms.
The organisation said it remained concerned that the legislation would see some members lose valuable benefits, especially around insurance.
It warned that the measures proposed in the Federal Budget on low-balance and inactive accounts would “have a major impact on super fund members, removing insurance cover from large numbers of members and transferring millions of accounts to the Australian Taxation Office (ATO)”.
The AIST had previously sought the following amendments both before the Senate and in various stakeholder consultations, and said it would continue to do so next week:
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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