POWERED BY MOMENTUM MEDIA
Default regime hits women says Loane
Financial Services Council (FSC) chief executive, Sally Loane has blamed the current default superannuation fund regime for playing a part in hampering women from better engaging in their superannuation.
Addressing a Women, Super and Wealth Summit in Sydney, Loane claimed that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engages them, on the right platforms.
“Our superannuation system today defaults to ambivalence,” she said. “Too many people in parts of the super system assume that young people, particularly young women, can’t or won’t make decisions about their long-term future, that they’re chronically disengaged. That they need decisions made for them.”
Loane said she did not believe this attitude was justified.
“More importantly, this paternalistic attitude is not sustainable if we genuinely want the gender wealth gap closed,” she said. “We can no longer be ambivalent about wealth inequality.”
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
