In particular there has been a suggestion that the tax treatment of interest on bank deposits be brought into line with the tax on returns to superannuation. Any change to the tax treatment of superannuation relative to other forms of savings puts at risk the retirement incomes of Australians, the pool of savings that sustained Australia through the global financial crisis and the Government’s five-point plan to reduce pressure on prices and interest rates. Earnings from superannuation funds are currently concessionally taxed at 15 per cent. There are dual policy reasons for superannuation to be concessionally taxed. Superannuation allows people to save towards becoming selffunded retirees which reduces the dependence on the age pension and ultimately reduces the burden on the Commonwealth Budget.
Online education switches on the viewers
AIST and FTV TalkingPoints TV have just launched Conferencein- a-Box to deliver online education for professional development points and super fund employees’ training. AIST is rolling it out to fund CEOs this week, said general manager Maryann Mannix White, and then to the wider industry. “This release of LearningOnLine is an opportunity for funds to share CMSF with colleagues who could not attend the event,” she said, “but want to take advantage of the content and want to accrue CPD points.” FTV TalkingPoints TV’s founder, Andrew Dawson, said Conference-in-a-Box (CIAB) is an online education and assessment tool based on existing conference content and includes: 1. conference sessions online 2.
Funds must face retirement challenges
Super funds must provide flexibility in their post-retirement product and service offerings as individual members’ needs dictate there is no one-size-fits-all, according to Wade Matterson, practice leader at Milliman speaking at the Investment Magazine Post Retirement Solutions for Super Funds conference. While these were the recommendations of Matterson, they were also supported throughout the day by all the speakers who presented research and opinion on the burgeoning sector. New research by Towers Watson, presented by Nick Callil and Duncan Rawlinson, demonstrated the appropriateness of blending different combinations of products, including annuities and the aged pension, depending on individual circumstances.
Mercer shows insight into the Cloud
Investment managers are the target of MercerInsight MPA, Mercer’s in-the-Cloud and latest version of its MPA performance analytics tool, with most of Australia’s managers already using the current version, according to Andrew Harrex, Mercer principal. MercerInsight MPA will “enable subscribers to slice-and-dice performance data” from more than 200 Mercer “universes” populated by 3,700 investment managers who manage more than 20,000 different strategies, Harrex says. The data in MercerInsight MPA is sourced almost entirely from Mercer’s Global Investment Manager Database (GIMD).
PineBridge heritage blends with new Asian ownership
With the change of ownership for what is now PineBridge Investments, investors can expect a greater focus after two years of turbulence for the US$88 billion manager. PineBridge, the former funds management arm of American International Group (AIG), was acquired by Hong Kong-based investment company Pacific Century Group (PCG) in March. Under the new ownership, PineBridge will gradually issue “a significant minority” of shares in the company to management, according to the long-standing chief executive, Win Neuger. Neuger, who started PineBridge after joining AIG about 15 years ago, said the major change for the firm was that it would be more entrepreneurial, with a focused group of about 900 staff as opposed to being part of a company with more than 115,000 as AIG was before it began to be split last year following its financial crisis in 2008.
Mercer looks at new approach to asset allocation
After a lengthy review, Mercer has embarked on a significant shift in its thinking on asset allocation for its $16 billion master trust and other funds, widening the net for new asset classes and moving towards a fundamentally different paradigm. Following the review, which took place over much of last year, Mercer has refined its categorisations of growth and defensive assets and has instituted a “new interim” asset allocation with plans to move towards a final goal over the next year or so, depending on markets. Longer term, according to Russell Clarke, the Mercer chief investment officer, the firm would like to move away from its traditional approach to asset allocation and towards a risk premia-based asset allocation.
Hermes hires exec to run Sydney office
Hermes, the multi-boutique asset manager backed by British Telecom Pension Scheme, has opened an Australian office helmed by the prominent former local boss of another global funds manager.
…and picks first currency overlay manager
Jon Glass
No Y2K expected as SG ramps up
Private super clearing houses, the proposed Medicare clearing house, and payroll tax experts are sanguine in the face of the ratcheting-up of the super guarantee, in contrast to the technology meltdown that was expected with the Y2K problem.
‘No Y2K’ expected when SG changes by the year
Private super clearing houses, the proposed Medicare clearing house, and payroll tax experts are sanguine in the face of the ratcheting-up of the super guarantee, in contrast to the technology meltdown that was expected with the Y2K problem.
Comment: Thanks anyway, Ken
While the superannuation industry can well be grateful for the Government’s initial response to the report of the Tax Review Panel, under Ken Henry, the broader community looking for significant tax reform cannot.
AMP Capital scoops senior PM from ipac
Sean Henaghan
