POWERED BY MOMENTUM MEDIA
Federal opposition targets rollover performance
The Federal Opposition has sought to make the handling of fund transfers and rollovers by industry super funds an issue.
The issue has been raised by Tasmanian Liberal Senator David Bushby, who has placed a series of questions on the Senate notice paper directly aimed at determining the time industry super funds take to handle rollovers and transfers, as well as the industry average.
The questions, directed at the Australian Prudential Regulation Authority (APRA) via the relevant minister, ask the status of funds taking less than 30 days to roll money over to a different fund or to a member following a member's request.
As well, they ask "what is the extent of non-compliance, listed by industry segment?".
Bushby has also asked whether the industry super fund sector generally takes significantly longer than the retail fund sector in arranging and administering rollovers.
The questions appear to follow on from long-running accusations within the financial planning industry that industry superannuation funds take longer than their retail fund counterparts in handling members' rollover requests.
Recommended for you
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
Add new comment