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.
Last year, Australia’s three CFA Societies united to form one community and one voice. The historic merger has catapulted CFA Society Australia to being one of only 10 CFA Global Financial Centres, elevating Australia’s global standing and influence. On February 19, the merged national entity will host the CFA Institute Board of Governors and hold its Investment Leader Forum.
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.
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