POWERED BY MOMENTUM MEDIA
Link loses CareSuper, confirms Budget impacts
Major superannuation fund administration parent company, Link Group has notified the Australian Securities Exchange (ASX) that the Government’s Budget superannuation changes will have a material impact on the number of members administered by its fund administration division.
The administrator also confirmed that it had lost the administration mandate for CareSuper – something which represented about one per cent of its proforma revenue.
It said the likely reduction in members being administered would flow from the Budget changes to the treatment of inactive superannuation accounts from 1 July, next year, when member balances of less than $6,000 which had been subject to no contributions for 13 months would be transferred to the Australian Taxation Office and the account closed.
The Link ASX announcement said that, in its current form, the Government’s proposal might have a material impact on the number of members administered by Link Administration Holdings.
However, it said Link could not yet quantify the net effect on its fund administration revenue at this time.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
