Commonwealth Superannuation Corporation has entered a partnership with Novigi to combine its existing systems for five distinct superannuation schemes onto a unified administration platform, with Novigi supporting all platform operations for a seven-year term.
Data from ProductRex, a product recommendation platform for financial advisers, has highlighted the impact of negative media coverage on troubled profit-to-member fund Cbus which is experiencing advised net outflows at the same level as AustralianSuper, a super fund four times its size.
Asset owners and managers may not always agree on fees, but one thing both parties are thinking a lot more about these days is creating innovative structures which – if done right – could provide rewards for the former and value for the latter.
The first half of next year will be a pivotal period in the reinvigoration of AMP’s superannuation division under group executive Melinda Howes, who joined the business in January this year and is driving a renewed focus on member service and engagement underpinned by a simplified product line-up and a soon-to-be-released digital advice offer.
Investors often assume that the regulatory climate risks to a business are likely to be front-loaded and, therefore, more relevant to valuation than the more ‘distant’ physical damages that are expected to fade in significance by virtue of being ‘discounted away’, according to a recent report. But physical and transition costs are two sides of the same valuation coin.
The government’s brazen demand that the Future Fund invest more in housing supply and renewable energy is just the latest in a string of major incursions into the institutional investment industry by politicians of both stripes around the world. While some may cheer on the flow of capital to these particular causes, it sets a dangerous precedent that undermines fiduciary independence.
Linda Scott, chair of $53 billion fund CareSuper, has questioned whether the Your Future Your Super performance test is driving good outcomes for the superannuation system and advocated for the role of smaller funds. Her comments came after CareSuper and Spirit Super completed its so-called “merger of equals”, instead of chasing scale with larger peers.
Treasurer Jim Chalmers has unveiled a policy agenda targeting the retirement phase of superannuation, including a legislative change that will allow funds to provide new retirement product features like money back guarantee. The reform package was described by Chalmers as “necessary” and the result of “consultation and collaboration” with industry in his foreword to the inaugural edition of Retirement Magazine.
For nearly 40 years, the superannuation system has helped Australians save, invest and grow their super. But it needs to change if it is to continue to effectively serve the needs of members as they negotiate a complicated time in life.
As Australia navigates its evolving retirement landscape, looking to the lived experience in offshore markets for insights can be invaluable. Drawing on the US experience, where innovative solutions have shaped retirement planning for over a decade, can offer crucial perspective.
Dr Jim Chalmers outlines his vision to preserve and improve a proud public policy achievement.
Around 11 per cent of HESTA’s membership, or 121,000 individuals, will see adjustments in the number of investment option units they hold in coming weeks, as the healthcare industry super fund looks to rectify a price discrepancy caused by its revaluation decisions during the pandemic.
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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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