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 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.
Getting members information and advice earlier in their superannuation journey has a significant positive impact on their confidence in retirement, according to Brighter Super, and might provide a more holistic outcome than the soft defaults currently being considered at the system level.
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.
Investment Magazine can reveal that the Brisbane-headquartered Brighter Super has appointed its head of diversified portfolios David O’Donnell to head up investments until a permanent replacement for Mark Rider, its former CIO of four years, is found.
There will always be questions about private asset valuations, and super funds can do more to make them robust and consistent. But the ability for members to switch rapidly between options will always be problematic, and might need to be reassessed.
Australia’s “Super Six” are helping shape the direction of institutional investing globally, according to a new report from the Thinking Ahead Institute, which says that asset owners all around the world must move quickly on AI adoption to “stay ahead of the curve”.
As the dust settles on COP30 in Belém, one message stands out: the global energy transition is no longer a question of if, but how fast. But that doesn’t mean the work is done – in fact, the stakes have never been higher.
New global research reveals that Australia’s housing affordability crisis might be denting confidence about retirement, with Australians revealed as more pessimistic than their global peers, and property prices pinpointed as a culprit.
If super funds are to act as genuine ‘retirement partners’ to the coming wave of retirees, the Sole Purpose Test must be refashioned to allow funds to support members more broadly than they currently do.
The old perception of “risky” emerging markets and “stable” developed markets is being turned upside down as emerging market economies show more disciplined fiscal and monetary policy than many of their developed peers.
Cbus has partially sold its stake in Frontier Advisors to the $4 billion First Super in the wake of the asset consultant’s move to lift out State Super’s investment team and create an “independent chief investment officer” business.
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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.
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