POWERED BY MOMENTUM MEDIA
Minister reassures on safety of super
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has flagged the imminent introduction of reforms to boost self-managed superannuation fund trustee education at the same time as acknowledging reports of superannuation fraud in NSW.
Reacting to reports that a Sydney-based fraud syndicate was using stolen identities to steal from victims’ superannuation accounts, the minister sought to issue a reassurance that Australian super fund members were protected by law against theft and fraud.
“The vast majority of Australian workers are in superannuation funds that are soundly regulated by the Australian Prudential Regulation Authority (APRA), and Australians should be reassured by the fact that they are protected by law against theft and fraud relating to APRA-regulated funds,” the minister said.
“That said, as a general rule, Australian workers should seek to protect their superannuation statements and account details from identity fraud by shredding any personal financial information they want to dispose of,” he said.
Senator Sherry pointed out that SMSFs were overseen by the Australian Taxation Office and that the Government had undertaken a comprehensive review of the sector and would shortly progress reforms to boost the standard of trustee education.
AUTHOR
Mike Taylor
Recommended for you
SuperRatings has shared the top 10 balanced options of the last financial year.
Rest Super remains “fully committed” to equities, even as it anticipates higher market volatility than experienced in previous decades.
Australian superannuation funds have again generated strong returns for FY25, with the median growth fund returning 10.5 per cent for the year, according to Chant West.
The US remains a standout destination for innovation and commercialisation, according to MLC Asset Management chief investment officer Dan Farmer.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
