POWERED BY MOMENTUM MEDIA
WSSA calls for 11th default super fund option
The Workplace Super Specialist Australia (WSSA) has called for an eleventh default superannuation be added to the recommended default fund list, telling its national conference that existing employer funds should be included.
The suggestion came in response to the recent Productivity Commission’s (PC’s) report that recommended that the Employee Assisted Model go ahead.
““We propose that the employer fund becomes the default if the employee doesn’t choose, because employer funds are not just off-the-rack funds. A lot of these funds have highly negotiated fees, special insurance arrangements and specialised education facilities,” WSSA chief executive, Douglas Latto, said.
Latto said that advantages to putting employer funds on the recommended list were that the employee would not lose benefits negotiated with the fund by workplace specialist advisers, the employer would remain an employer of choice by providing something extra to employees, and that all funds would be encouraged to innovate in order to remain in the top ten.
He also said that it would enable good funds outside of the top ten to survive, which would struggle to do so under the current proposal for ten default funds.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
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(%)
