Almost nine years after the law changed, AustralianSuper still had not updated its business rules to automatically merge multiple member accounts. During that period, more than 90,000 members were overcharged by almost $35 million and missed out on more than $24 million of investment earnings. On Friday the Federal Court imposed a $27 million penalty on the fund.
Insignia Financial chief executive officer Scott Hartley’s ambition is to make the company the most efficient wealth management business in the country to compete against its retail and profit-to-member superannuation competitors. But a vaguely ridiculous situation in its master trust division illustrates the kinds of challenges the business has yet to overcome to improve efficiency and become an effective competitor.
The MoU was signed November 2024 and represents a commitment to set up a super portability scheme between the countries.
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.
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