Nick Sherry talks super
The former senator and minister for superannuation, Nick Sherry, talks to investmentmagazine.com.au about future trends in super tax policy as well as the ins and outs of self-managed superannuation funds.
How to trust a trustee
Magazine editors from time immemorial have used the simple device of listing 10 things – 10 ways to lose weight, to pay off mortgages, achieve better orgasms, discover the best ciders, harness the real you, and so on – simply to keep readers from dozing off and tuning out. Whether there’s any science to it, … Read more
Cass creates principles for DC model
As almost every market in the world looks to move from defined benefit to some sort of defined contribution model, academics at the Pensions Institute of the Cass Business School, City University London have developed a set of 15 principles for designing a defined contribution model. The principles, consistent with the recently published OECD guidelines, are based … Read more
Media Super wary of SMSF grab
Retail advisers placing clients into self-managed superannuation funds (SMSFs) have come under fire from Media Super chief executive Graeme Russell. In his first week on the job, Russell told IM that industry funds are seeing members being rolled out into SMSFs despite meagre savings, and industry has to take note. “Every fund’s seeing people being … Read more
Industry questions GetUp! super campaign
A new video campaign by advocacy group GetUp! criticising the tax concessions afforded higher income earners has drawn a mixed response from the superannuation industry, with some questioning the accuracy and validity of the message. On its website, GetUp! is calling for the public to sign up for “fairer super”, with a video that says a … Read more
FEAL launches industry mentor program
The Fund Executives Association Limited (FEAL) has launched a mentoring program, drawing on the experience and expertise of industry leaders. The initiative, in partnership with Franklin Templeton Investments, is a platform for senior industry executives in superannuation to guide the next generation of leaders. Executives who have signed up to offer mentorship include the chief … Read more
Group insurance grapples with change
A combination of greater regulatory requirements, higher data standards and an increasing number of claims in group insurance have caused premiums to rise. According to a recent Conexus Financial/CommInsure roundtable, higher premiums are consequently here to stay. The Prudential Standard SPS 250 requires insurance records going back at least five years, covering claims, membership, the … Read more
How to muck up a super system: lessons from the UK
Is there anything that the woebegone United Kingdom pensions sector can teach the internationally admired system of Australian superannuation? The best bet would be how not to get into the same mess. The UK industry was in a healthy state back in the 1980s, but some well-meaning pieces of legislation led to crisis. Giving employees … Read more
Women vulnerable in SMSFs
Those wishing to enter into a self-managed superannuation fund (SMSF) should have to meet a minimum balance under legislation, says HESTA chief executive Anne-Marie Corboy. Speaking at last week’s CMSF in Brisbane on the panel discussion A Long Way to the Finish Line, Corboy (pictured below) said women in particular are vulnerable when signing on … Read more
Segmenting member investments
QSuper has begun segmenting member investments according to age and account balances, in what it is heralding as the end of an era of one-size-fits-all default funds. Rosemary Vilgan, chief executive of QSuper, believes this approach matches best practice globally, meets new higher duty of care standards for MySuper and is being closely looked at … Read more
Super Fund Award finalists announced
The finalists of the Chant West/Conexus Financial Super Fund Awards have been revealed by the research house Chant West. The firm last week informed finalists across 10 categories, including Super and Pension Funds of the Year and Master Trust of the Year. The finalists for Super Fund of the Year are AMP Signature Super, AustralianSuper, … Read more
ASIC’s advice to industry
Gerard Fitzpatrick, senior executive leader of investment managers and superannuation at ASIC, talks to IM online about implementation of Stronger Super, and the issues facing superannuation funds. For ASIC’s guidance, go to its superannuation funds page on the ASIC website.
