The trustee of the $94 billion construction industry super fund Cbus, United Super, is under investigation by the regulator over whether it breached the SIS Act in making payments to the CFMEU, and has entered a court-enforceable undertaking to address behavioural, cultural and organisational issues that have plagued it since at least 2019.
Shadow Minister for Financial Services Luke Howarth has told the Advice Policy Summit theCoalition supports the superannuation guarantee at 12 per cent, and that under a Coalition government “superannuation is here to stay”. But his comments come at a time when new research shows Australians don’t believe either side of politics when it comes to taxing super. And as he departs parliament, Minister for Financial Services and Assistant Treasurer Stephen Jones has claimed a 12 per cent SG is “a damn good thing” and reflected on super as an “essentially liberal’ idea deserving of strong bipartisan support.
The Association of Superannuation Funds of Australia has announced new key team members and changes to its organisational structure to deliver on its strategy, provide a better member experience, and expand its learning and events program.
Four CEOs leading four very different super funds have cautioned that a one-size-fits-all regulatory model for delivering advice may not lead to the best member outcomes. Instead, regulation needs to recognise that funds must take different approaches to member needs, as long as the right guardrails are in place.
Delivering information, guidance and advice to super fund members at the scale that’s going to be required is too big a task to be tackled by any one part of the ecosystem on its own. The Advice Policy Summit has heard that it’s going to require connections, co-operation and collaboration between multiple players in superannuation and advice.
Former Insignia Financial chief operating and technology officer Frank Lombardo has been appointed as CEO of MUFG Retirement Solutions for Australia and New Zealand.
JANA Investment Advisers has promoted four senior members to various research teams.
A managed investment scheme holding 20 per cent or more in unlisted assets is deemed an illiquid scheme and is restricted from providing frequent liquidity, but there is no formal limit on how much super funds can allocate to these asset classes. The Conexus Institute writes this is a special privilege given to APRA-regulated super funds that should not be taken for granted.
TelstraSuper chief investment officer Graeme Miller will lead the investment operations of the $74 billion Mercer Super. Head of alternative investments and real assets, Kate Misic, will replace Miller in the interim ahead of the impending merger with Equip Super.
UK defined contribution pension scheme NEST will take a 10 per cent ownership stake in IFM Investors parent company Industry Super Holdings and commit to significant ongoing investment in the asset manager.
New research presented to the chairs of superannuation funds suggests external financial advisers are responsible for a significant portion of member switching in the market. CoreData global CEO Andrew Inwood urged funds to factor professional adviser needs into their user experience and operational infrastructure uplift efforts.
With the upcoming federal election, profit-to-member funds have found themselves under much scrutiny, despite their assets having increased significantly over the last three years. The sector is facing increasing demands to lift its game, such as investing in member services as millions of Australians enter the retirement phase.
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