POWERED BY MOMENTUM MEDIA
Was Stronger Super worth the trouble?
Have the Federal Government’s Stronger Super Reforms worked to the benefit of superannuation funds and their members?
That is the core of the post-implementation review of the 2013 legislation launched by the Australian Prudential Regulation Authority (APRA).
Announcing the review, APRA said the aim was “to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose”.
In doing so, the regulator signalled that while it would not be in the business of making major changes to the Stronger Super regime, it might be moved by the evidence to make changes at the margin.
“In conducting this post-implementation review, APRA’s objective is neither to weaken nor strengthen the prudential framework,” the regulator said. “APRA will, however, consider changes to the prudential framework to address any gaps identified or issues raised during the review process to improve its effectiveness.”
Among the questions APRA has opened for consideration by stakeholders is whether the prudential standards have provided increased clarity and certainty for trustees and, if not, how these can be improved or amended.
As well, the review poses the questions of whether the prudential standards continued to reflect current practices in the broader financial sector and whether any material gaps had been identified.
Importantly, the review is also examining what costs were incurred by funds in implementing Stronger Super and what on-going costs continue to be encountered by superannuation funds.
Recommended for you
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.
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(%)
