POWERED BY MOMENTUM MEDIA
Still work to do on SG
The raising of the superannuation guarantee to 12 per cent may be within reach, but the industry should not take it for granted.
Fiona Reynolds, chief executive of the Australian Institute of Superannuation Trustees (AIST), urged delegates at the Conference of Major Superannuation Funds (CMSF) to continue to work together on reform issues, because the raise of the SG depended on it.
“Can we really advocate to the nation for an increase in the SG with any credibility if we can’t get our own house in order and implement reforms that deliver lower-cost, more efficient, user-friendly superannuation?”
She cited problems such as $18 billion in lost super, having 33 million accounts for 11 million workers and a lack of mandated data standards as three issues that needed to be addressed.
Reynolds also listed the problems with increasingly difficult rollovers, and the fact that commissions still exist on compulsory super contributions.
To promote the raising of the SG to 12 per cent AIST has launched an online campaign including the ‘12 per cent’ website and Facebook page in the hopes of engaging both young and old members alike.
Reynolds said that the community and future Governments would measure their confidence in the superannuation system in the ability of the industry to put aside differences and reach agreement on fundamental reforms now.
“If we get our act together we might just be able to save the 12 per cent,” she said.
AUTHOR
Ashleigh McIntyre
Recommended for you
The Super Members Council has outlined a bold reform plan to boost productivity, lift retirement savings, and unlock super’s full potential.
Women beginning their careers in 2025 could retire with hundreds of thousands of dollars more in super due to the 12 per cent super guarantee rate, HESTA modelling shows.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
