The Australian Superannuation Mission will bring together senior executives and investment officials from Australian and UK funds, along with members of the UK Government, civil servants, and regulators.
It will also bring together several major Australian and British financial institutions for discussions designed to stimulate and reduce barriers to superannuation investment. Set to begin on 20 October, the two-day event will be held across London and Birmingham.
It follows the Australian Superannuation Investment Summit, attended by Australian super funds in Washington DC earlier this year.
At present, Australian superannuation funds allocate nearly half of their members' retirement savings to international markets, including the US and the UK.
Given the UK government’s significant infrastructure funding requirements - with hundreds of billions needed to modernise the nation’s transport, energy, housing, and digital networks over the next decade - it relies heavily on attracting long-term pension capital.
Australia's $4.3 trillion superannuation system is frequently held up as an exemplary model, demonstrating how such investments can simultaneously fund infrastructure, generate employment, and boost retirement savings.
Super Members Council CEO, Misha Schubert, praised the event, reaffirming earlier comments by the US summit delegation that Australia's superannuation system is "the envy of the world."
Similarly, David Whiteley, IFM Investors' head of global external relations, noted that the event aligns with the recent efforts of IFM Investors and industry super funds as they scour investment opportunities across the globe.
“As both countries work together to address critical infrastructure needs and drive sustainable growth, the Summit reflects the growing global influence of Australia’s super system,” said Whiteley.
Australia's pension capital is already playing an increasingly important role in the UK economy.
For example, a fund managed by IFM Investors, in partnership with Manchester City Council and other Greater Manchester councils, holds a stake in Manchester Airports Group (MAG), which operates Manchester, Stansted, and East Midlands Airports.
MAG is investing significantly in airport infrastructure, with a £1.3 billion transformation of Manchester Airport nearing completion and plans underway for a £1.1 billion expansion of Stansted Airport. The expansion is projected to create over 5,000 jobs and double the airport's annual economic contribution to £2 billion.
In addition, a 14.3MW on-site solar farm has been proposed to help meet the airport's increasing energy demands and support the UK's net-zero targets.
Mary Delahunty, CEO of the Association of Superannuation Funds of Australia, highlighted the UK's strong partnership in the project, noting its deep capital markets, thriving private investment sector, and familiar regulatory and legal frameworks.
“Aussie super funds are providers of capital to international economies and we look for offshore opportunities to diversify and grow member returns. This is a key element of giving working Australians the best chance at a dignified retirement,” Delahunty concluded.
An ASIC review has identified superannuation trustees are demonstrating a “lack of urgency” around improving their retirement communication and still taking a one-size-fits-all approach.
Superannuation funds have welcomed the boost that Treasury’s improvement on the Low-Income Superannuation Tax Offset will have for women and younger members.
The proposed changes to the Low-Income Superannuation Tax Offset (LISTO) has been applauded by the superannuation sector.
The regulator plans to claim compensation from Equity Trustees after Macquarie’s payout to affected Shield investors.