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Separating the hype from AI reality to improve super fund operations

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Senior superannuation fund executives must learn how to separate the artificial intelligence reality from the hype that currently surrounds it, or else run the risk of investing in projects that don’t achieve the desired results. A good starting place is to recognise along with any claimed benefits, there will inevitably be challenges in implementation and executives need to be wary of advice that communicates only upside.

Govt to introduce cooling off period for super switching after Shield, First Guardian

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The government will introduce a cooling-off period for consumers switching super funds, limit “inappropriate” financial advice fee charging and make changes to anti-hawking laws in a win for profit-to-member super funds. But they will also have to contribute to the Compensation Scheme of Last Resort.

Why trying to protect members with switching waiting period could make them worse off

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The government’s package of consumer protection reforms are well intentioned and address issues that led to losses in the First Guardian and Shield managed investment schemes. But there are some thorny questions that need to be answered before a so-called “waiting period” for fund switching can be said to be in members’ best interests.

Regulatory double act: the twin peaks model

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The spectre of a standalone regulator for the superannuation sector has been kept at bay partly through increased collaboration and alignment between the Australian Securities and Investments Commission and Australian Prudential Regulation Authority, especially on the Retirement Income Covenant. But shifting deckchairs at the two agencies, and the increasing systemic importance of the super sector, make the “twin peaks” project a perennial work in progress.

Delivering retirement income fulfils the promise of the superannuation guarantee

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The legislated purpose of superannuation is to deliver income for a dignified retirement and under the Retirement Income Covenant trustees are required to support all members approaching or in retirement, regardless of account balance, engagement with super or access to advice. Most trustees would admit there is still work to be done, and APRA will continue to push funds to do better.

The heart of the deal is delivering to your customers in retirement

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The success of Australia’s superannuation industry to date cannot be an excuse for trustees not delivering on the essential promise at the heart of the system to help members – customers – fulfil their retirement ambitions. But many trustees are limping, not running, towards implementing retirement solutions; and they are overlooking a “golden thread” between robust governance, placing members at the centre of decision making, and better retirement outcomes.

New research to shine a torch on trustee board make-up

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The Conexus Institute has commenced a research project on superannuation fund trustee board skills, composition and competency, seeking to bring an evidence-based fact set to a controversial conversation that continues to dog the sector. A sneak peek at the research will be unveiled at the annual Investment Magazine Chair Forum, which will be attended by sector leaders including the chairs of ART, Cbus, Hesta, Hostplus, UniSuper, MLC and Mercer.

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Investment Magazine provides in-depth, monthly analysis of trends and developments for all the businesses in which superannuation funds engage‚ including asset allocation, investment manager selection, custody and fund accounting, member administration, group insurance and compliance.

We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.

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