POWERED BY MOMENTUM MEDIA
Legislation closes the super corporate box
The Federal Government believes it has closed the door to the superannuation fund corporate hospitality box with the passage through the Senate of key legislation last week.
According to Treasurer, Josh Frydenberg the passage of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill represented the effective implementation of a key recommendation of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
In doing so, Frydenberg specifically referenced the Royal Commission’s Recommendation 3.6 that trustees be prohibited from “treating” employers in return for “having the recipient nominate the fund as a default fund for having one or more employees of the recipient apply or agree to become members of the fund”.
The Treasurer said the legislation would also see directors of superannuation funds face criminal penalties for breach of their best interests duty and provide the Australian Prudential Regulation Authority (APRA) with more powers to deal with underperforming superannuation funds.
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
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
