The introduction of MySuper represented one of the greatest wastes of time and money ever to be encountered by the Australian superannuation industry, according to Deloitte partner, Russell Mason.
Participating on a panel at Super Review’s Future of Superannuation Conference in Melbourne, Mason said he believed the money and time had been wasted because, ultimately, it had simply amounted to a rebadging of existing default funds.
However, his fellow panellist, Rice Warner chief executive, Andrew Boal disagreed with Mason arguing that, if nothing else, MySuper had succeeded in reducing fees.
Boal said he, himself, was a member of a MySuper fund and he had remained within it because he believed it was appropriate to his needs.
Grow Super head of strategy, Adam Gee said that while he agreed that MySuper had served to contain fees, he believed it had nonetheless fallen sort in many other aspects.
The panel had been asked whether the Cooper Review push for MySuper had failed the superannuation industry in the context of lowering the need for member engagement.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Russell Mason is spot on with his comment & I could not agree more. That Andrew Boal should disagree is exactly the response I would expect from Rice Warner. A little more practical involvement in the day to day administration might change the theoretical views that are so often expressed by Rice Warner.
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