Members need more than ‘growing recognition’ of lagging retirement solutions

The Retirement Income Covenant has been in place for more than three years, but last week the chair of the country’s largest superannuation fund was reported as saying there is still only “a growing recognition” that funds need to do more to support members in retirement. It is a scenario familiar to anyone who’s closely watched any industry attempting fundamental change, but that is cold comfort to members.

UniSuper’s digital advice offering matches output of 18 advisers 

UniSuper’s digital advice offering has seen the service replicate the output of 18 human advisers since launching it last year. But the $166 billion fund, which expanded its external advice offering last year, says its digital advice proposition is complementary, not competing with human-led advice.

Liberals must bring more than ‘leftovers’ to super policy debate

Newly elected Liberal leader Angus Taylor faces an uphill battle to keep the Coalition from splitting apart again and to reinvent the party as a viable force in politics. Superannuation might not immediately top the policy to-do list, but when it does get there it will need to bring fresh ideas to serve the best interests of fund members.

Aware culls TelstraSuper investment team

Aware Super has axed TelstraSuper’s entire investment team, including its acting CIO Kate Misic, as a result of the merger between the two funds. A TelstraSuper spokesperson confirmed to Investment Magazine that a “decision was made not to duplicate TelstraSuper’s investment functions” due to Aware’s existing 150-person strong investment team across Australia and the UK.

Chair pay increases as fund complexity and scrutiny rises 

Super fund chair remuneration is up this year, averaging around $140,000 as the demands on them and the complexity of superannuation funds increase. With the need for genuinely long-term planning and governance, and on overarching fiduciary duty to members, the role of chair is a unique position in financial services and requires particular skills to do well.