POWERED BY MOMENTUM MEDIA
(May-2005): STA offers free clearing house
The big Superannuation Trust of Australia (STA) has joined a number of other funds by offering a free clearing house service to assist employers ahead of the implementation of choice of superannuation fund.
The chief executive of STA, Mark Delaney said the clearing house service would be available from July 1 and was aimed at cutting administrative red tape and reducing costs.
He said the service would be offered through Automatic Data Processing (ADP), the world’s largest provider of payroll services, and would be offered free to employers who made STA their default fund for at least 50 per cent of employees.
Delaney said that employers who did not nominate STA as their default fund would also be entitled to the service, with the fund having negotiated preferential pricing.
“We have talked to employers and found that many are concerned that the new choice regulations will place additional burdens on their business,” he said. “Our aim is to assist employers meet their obligations and this is a tangible way of doing so.
“Managing the implementation of choice is a critical a issue for employers,” Delany said.
AUTHOR
Mike Taylor
Recommended for you
Australian super funds have delivered mixed results in the latest global rankings, with industry funds climbing, while government schemes fell sharply.
The Future Fund posted a $27.4 billion increase in value to $252.3 billion, driven by strong equity markets, resilient private market investments, and strategic portfolio shifts to anticipate changing global trading conditions.
The fund has introduced new portal features for advisers, streamlining administration and enabling quicker, more convenient client authorisations online.
APRA-regulated funds have reportedly raised concerns with the government over Division 296, as news of potential policy tweaks makes headlines.
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(%)
