POWERED BY MOMENTUM MEDIA
Bill Shorten 'wins the war' on superannuation
Minister for Financial Services and Superannuation Bill Shorten claims he has won his war against "rogue superfund directors", with the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 passing through the lower house yesterday.
The bill implements changes recommended in the Cooper Review that increase the power of trustees, members of super funds, and the Australian Prudential Regulation Authority (APRA).
Under the bill, trustees will be required to put fund member interests first, directors of superannuation funds will be held accountable for their decisions, and APRA will have the power to make prudential standards for superannuation.
Shorten is a long supporter of superannuation reform, flagging his allegiance to the changes in December 2010.
"Today this government passed legislation through the lower house that gives the regulator and members new powers to go after rogue superfund directors," Shorten said.
Shorten said giving further power to APRA - which will come into affect the day after Royal Assent - will close a regulatory gap.
He said, however, that the fight is not over and he will be bringing further changes before parliament, including additional disclosure requirements for trustees and enhanced data collection and publication powers for APRA.
Enhancements to trustee obligations will come into affect 1 July 2013.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 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(%)
