POWERED BY MOMENTUM MEDIA
Put members’ interests over politics: ISA
Ahead of the Federal Parliament sitting this week, Industry Super Australia (ISA) has called on the legislators to put superannuation fund members’ interests above politics and debate and pass the Protecting Your Super Bill and proposed laws to improve unpaid super rates.
“By the end of this week super could be better for everyone. Fees could be lower, with limits on what a fund can charge people with low account balances,” ISA chief executive, Bernie Dean, said. “Long delays to these bills and partisan politicking needs to stop for members’ sake. Every week that passes without agreement risks Australians losing millions in retirement savings.”
He called on the Senate to agree to “sensible amendments” to the Protecting Your Super Bill and on the House of Representatives to act on a bill to increase transparency and penalties for unpaid super.
ISA yesterday launched an advertising campaign aimed at increasing public awareness of unpaid super, with the aim of increasing legislative change on the issue.
While another bill listed, the Member Outcomes 1 Bill, contained “important measures” such as civil and criminal penalties for super trustees, Dean said that other parts of it required “significant amendment” to reflect the Productivity and Royal Commissions’ recent findings.
“Unless significant amendments to the member outcomes assessment and reporting standards are made, they should be split from the bill in order to get the detail right,” Dean said. “The Parliament should not be passing a weak and ineffective member outcomes test, reporting standards and disclosure regime that lets dud super funds off the hook.”
He still called for the Bill to be expedited however, saying that “this should not distract from landing critical changes where the detail is right”.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
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(%)
