Australia’s largest Catholic superannuation fund is lifting its total and permanent disablement (TPD) cover without increasing premiums, but confusion still surrounds the tax deductibility of those premiums. Australian Catholic Superannuation & Retirement Fund (ACSRF), in conjunction with its group insurer ING, has increased the value of each TPD unit between 8 and 28 per cent depending on the member’s age. The Australian Taxation Office (ATO) maintains that TPD premiums are not always fully tax deductible, particularly for policies with ‘own occupation’ definitions, and that this rule should have applied since July 1, 2004.
Macquarie tops the alternative pops
Australia’s Macquarie Group has maintained its position as the largest institutional alternatives manager in the world, according to the latest Towers Watson survey, as pension fund investors have adopted a steady-as-she-goes approach to asset allocation in the alternatives space.
Window of opportunity: corporate super takes its DTAs to Plum
Plum Financial Services has attributed some of its $4.7 billion of corporate super inflow over the past year to the government ‘window’ allowing the transfer of deferred tax assets, with a $500 million fund formerly administered by Mercer and invested with Russell the latest example.
FuturePlus to be sold, stripped of staff
One of the two owners of FuturePlus Financial Services, the $6 billion Local Government Super (LGS), has resolved to sell its stake in the services provider while also recruiting up to 40 of its staff members.
New-look MLC investment team takes shape
As MLC Investment Management reaches the shortlist stage in its search for a chief investment officer, it has hired the former asset allocation chief at UBS Global Asset Management to an investment strategist role.
Forget G7 government debt: Kapstream
Record-low government bond yields now fully reflect a slowdown in economic growth over the next year, and upside is limited according to boutique bond house, Kapstream Capital.
Palisade adds two as $300m comes in the door
Palisade Investment Partners, an unlisted infrastructure boutique, has simultaneously netted $300 million in new flows and added two investment staff to its team, among them a former partner with Access Capital Advisers.
Key SocGen and Credit Agricole salesmen exit Amundi
Amundi Asset Management has lost four distribution staff – including the chief salesmen from Societe Generale and Credit Agricole’s domestic funds management arms – from its Australian business.
Consultant for admin tender of the year decided
The two consultancies which will run what is likely to be 2010’s biggest superannuation administration tender have been finalised.
