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Statewide’s new CEO steps in at right time
Richard Nunn has stepped into his new role as Statewide's chief executive at the right time with figures showing Statewide's MySuper product returning 2.48 per cent above the median, according to the fund.
The industry fund said, according to Chant West, it ranked in the top three funds for investment returns in 2015.
Its MySuper product returned 8.28 per cent, well above the 2015 of 5.8 per cent, the fund said.
Nunn said the strong investment returns demonstrated the exceptional value offered by Statewide.
"Superannuation is a lifetime investment. While positive short-term figures are important for business confidence, we take a broader vew and are committed to successfully combining strong long-term investment returns and low fees to deliver faster growing savings and high retirement incomes for our members," Nunn said.
"…our primary goal is to protect and grow our members' retirement savings by diversifying across a range of asset classes and investing for the long-term."
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The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
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