A delegation of industry superannuation fund and association leaders will arrive in the US next week to promote Australia as the world’s most reliable source of long-term patient capital. It is part of a collective approach by funds to compete effectively with giant pension funds in north America, Europe, the Middle East and Asia in unlocking global investment opportunities.
UniSuper has partnered with Ignition Advice to create a new digital advice platform which will be rolled out from June this year.
Investment Magazine can reveal that Aware Super’s retirement leader Jacki Ellis has jumped ship to AustralianSuper as its head of retirement. Her move comes as big funds race to lift their game in decumulation to both meet regulatory obligations and to retain members.
The rationale behind the creation of The Conexus Institute is even more pertinent on the think-tank’s fifth birthday, as the conversation around superannuation policy remains hopelessly partisan and contentious. The institute can take some credit for progress on better outcomes for Australian retirees – but there is much more work to do.
Super fund CEOs at the Advice Policy Summit were united on the principles of preservation and compulsion as key parts of a retirement saving system which is considered to be the “envy of the world”. However, Brighter Super CEO Kate Farrar suggested there could be specific circumstances where exceptions to these principles might be justified, and where a contribution rate of 12 per cent might not be appropriate.
CSC has sold 50% of its investment in CDC Data Centres (CDC) to is existing co-investors, including Future Fund, locking in a return of almost 43 per cent a year since inception.
An interim report tabled by a Senate Economics Committee chaired by Coalition Senator for NSW Andrew Bragg addresses the contentious issue of who should foot the bill for fines incurred by superannuation fund trustees – trustees themselves, or fund members. But the report has been labelled as “unserious” by Labor Senator for Victoria Jess Walsh, and its proposals could plunge some trustees into insolvency.
A focus on retaining existing customers has helped AMP to lift assets under management in its superannuation and investments division to $56.4 billion and to report an improved underlying net profit after tax. Chief executive Alexis George says that, while its retail super competitor Insignia has attracted significant private equity investor interest, AMP’s business is “very different” from Insignia’s and “far further down the simplification agenda”.
Former federal Treasurer for successive Coalition governments, Joe Hockey, would rather Labor remain in power than a minority government with independents “governed by self-interest”. In a wide-ranging interview with Investment Magazine, the former Ambassador to the United States also elaborated on the future of global trade in the second Trump era.
Australia is tipped to become the second-largest global pension market by 2030 if it maintains its current growth momentum, even as large defined contribution (DC) markets pushed global pension assets to new heights in 2024, according to a new Thinking Ahead Institute study.
The Grattan Institute’s recent proposals to improve decumulation underscore the urgency for industry to take the lead on designing an improved system, before the government steps in with its own mandate, writes The Conexus Institute. Only an industry-led retirement system that delivers quality retirement products and services, and doesn’t facilitate laggards will suffice.
The Albanese government is expected to release draft legislation for the contentious second tranche of the Delivering Better Financial Outcomes reforms before the election despite almost no chance of getting the bill through Parliament. Industry consensus was reached at the historic Professional Planner Advice Policy Summit, with leaders and lobby groups now able to present a united front to the next government of either stripe.
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