Minor tweaks to the Your Future Your Super performance test will not provide consumers the protection they require. A broad structural review of the test remains a far better idea than simply tinkering with it yet again, leaving many of its shortcomings unresolved and requiring further review in the not-too-distant future.
Through professional and personal upheaval, neurosurgeon Dr Charlie Teo has dealt with his own mental health issues, and he told the Investment Magazine Insurance in Super Summit that the experiences have left him with a clearer understanding of what mental health is and how it should be treated.
Treasurer Jim Chalmers’ confirmation that the government will likely tweak the annual super performance test is welcome, as the investment herding and ‘no frills’ operational mindsets exacerbated by the policy undermine the ability for funds to rise to their trustee obligations. Many of the critics pushing back against amendments to the test are fully displaying their anti-super bias.
One of the world’s largest pension investors, APG Asset Management, is buying into Australian renewable assets, attracted by the nation’s stable political and regulatory environment. In an interview with Investment Magazine, the fund says it’s also looking to invest more alongside like-minded partners including super funds and international pension players.
The superannuation industry prudential regulator says reforms to the Your Future Your Super performance test should be made if the downsides of the test no longer outweigh the benefits to members. APRA chair John Lonsdale said the regulator aims to strike a balance between financial system stability and allowing the entities it regulates freedom to innovate, and that it is nearing the end of its inaugural system stress-testing program.
Insignia Financial continues to stage a comeback in its superannuation business, but CEO Scott Hartley says it needs to invest more in member acquisition and improve member engagement processes that are still “circa 2000s”.
An Investment Magazine roundtable of senior super sector executives, in partnership with Northern Trust, has heard that the herding and peer ranking mentalities exacerbated by the Your Future Your Super performance test pose a risk to the long-term fiduciary thinking of investment teams. The conversation was informed by research on the systemic impact of ‘big super’ from The Conexus Institute and warnings from agencies including the Reserve Bank of Australia and International Monetary Fund.
APRA deputy chair Margaret Cole has praised super funds for experimenting with digital advice offerings ahead of the DBFO reforms, while ASIC Commissioner Simone Constant has urged industry leaders to push back against overbearing internal compliance officers. The comments reflect a change in tune from both agencies, which even extends to a possible ‘regulatory sandbox’ to promote innovation in financial services.
Leading an organisation when things are good is one thing; leading it when the entire organisation is under stress and scrutiny is something else. UniSuper chief executive officer Peter Chun, who has been named the 2025 FEAL Fund Executive of the Year, has experienced both scenarios since joining the fund and says good leadership demands adaptability.
We are currently in the midst of an important national conversation about productivity and the inhibitors to growth ahead of the government’s Economic Reform Roundtable next week. The Prime Minister and Treasurer deserve much credit for putting the spotlight on ideas to propel Australia into a new era of prosperity so early in their new … Read more
UniSuper has developed an AI-enabled system for reviewing the currency and compliance of more than 113,000 digital assets in a matter of seconds, inspired by a presentation at an AI conference about airport safety in Singapore. But the $190 billion fund’s head of digital and customer experience, Brendan Donoghue, says despite the immense potential of AI within funds, they should never let technology define the process, or the customer experience.
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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.
