The Australian Institute of Superannuation Trustees (AIST) has pledged to continue to advocate for key amendments to the Protecting Your Super legislation, despite the Senate Economic Legislation Committee this week backing the reforms.
The organisation said it remained concerned that the legislation would see some members lose valuable benefits, especially around insurance.
It warned that the measures proposed in the Federal Budget on low-balance and inactive accounts would “have a major impact on super fund members, removing insurance cover from large numbers of members and transferring millions of accounts to the Australian Taxation Office (ATO)”.
The AIST had previously sought the following amendments both before the Senate and in various stakeholder consultations, and said it would continue to do so next week:
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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