Cbus would welcome 17,000 new members and now manage some $80 billion in retirement savings on behalf of over 900,000 members.
Investment Trends data has found super members’ appetite to switch funds has surged to a 13-year high, with some 9 per cent intending to switch in the next 12 months.
Smaller super funds with lower average member balances are being penalised by APRA’s “blunt” measurement of their fund fees, according to Prime Super.
AustralianSuper will remediate around $70 million to 100,000 members after a review discovered the fund had failed to identify every instance of multiple member accounts.
There could be political resistance to ESG if super fund members feel they are given a lack of choice when it comes to their investments, according to this political science professor.
HESTA chief executive, Debby Blakey, has warned companies and superannuation funds cannot just “divest away” problem companies and should be pushing them for improvements.
“There's a limit to what we can do in the equity agenda,” said Stephen Jones.
Super funds look on track to deliver strong absolute returns by the end of the financial year, though inflation continues to pose an ongoing challenge, according to SuperRatings.
The SMSF Association has pushed the government to re-open its consultation into the higher tax rate for members with more than $3 million in their total super balance.
Super funds and organisations have given a thumbs up to Treasurer’s Jim Chalmers’ federal budget but highlighted opportunities to improve the gender super gap were missed.