POWERED BY MOMENTUM MEDIA
Strong support for more competition in super admin sector
Just weeks out from the Australian Competition and Consumer Commission (ACCC) making its final decision around those eligible to bid for Pillar Administration, a new survey has revealed overwhelming support for more competition in the superannuation administration sector.
The survey, conducted by Super Review during the recent Association of Superannuation Funds of Australia (ASFA) conference, noted that the outsourced administration service provider market was very concentrated with limited choice and asked how important respondents believe it was for new providers to enter the market.
The survey found that nearly half of all respondents (48.9 per cent) believed it was very important, while a further 49.2 per cent believed it would be useful, while only 6.3 per cent believed it was unimportant.
The survey findings come as the ACCC considers whether Link Market Services should be allowed to bid for Pillar which is being sold by the NSW Government subject to a number of conditions.
The ACCC has already issued a preliminary opinion indicating that it believes Link has already achieved a dominant market position but subject to further representations on the issue.
In the absence of Link being permitted to bid for Pillar, the likely contenders are Mercer and private equity interests.
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(%)
