per cent

Investment Strategy

Eliminating commercial interests from awards

The process for shortlisting finalists in the third annual Conexus Financial Superannuation Awards was setup with the express purpose of eliminating commercial interest from the decision making procedure, Colin Tate, chief executive of Conexus Financial said. Tate said what separates these awards from others in the superannuation sector is the independent nature of the selection process. “The […]
Administration

Average operational costs per member rising

Operational costs are on the rise and on a per member basis have nearly doubled in ten years, shows analysis carried out by consultant group Bridge. APRA data on operational and administration costs and released in January shows that in 2004 the average per annum amount spent on operational costs per member was $94, but […]
Custody

Fees not fair enough yet

Negotiate harder and be prepared to walk away if you cannot agree a fair fee structure that meets your needs, Fiona Trafford-Walker of Frontier Advisors told delegates of the Australian Institute of Superannuation Trustees Australian Superannuation Investment conference. She said the growing size of mandates was not being properly matched in lower fees. To make […]
Policy and Regulation

Opposition to delay SG rise

The Coalition has said it will delay the increase of the super guarantee from 9 per cent to 12 per cent if it wins the September federal election. “The measured change we announced last night helps us fund income tax cuts and pension increases without a carbon tax, which will leave most people better off […]
CMSF

Age and tax restrictions inevitable for Super

Restriction of tax cuts to superannuation contributions and the raising of the age at which funds can be accessed to 67 are inevitable regardless of which political party is in power, says Nick Sherry. Speaking at the CMSF conference in Brisbane, the former superannuation minister said the pressure for restrictions will grow as individual retirement […]
CMSF

Super fraud on the rise

Payment interception by male internal staff in non-management positions represents the biggest risk of fraud for superannuation funds, KPMG’s biennial fraud survey has revealed. The profile was created from a survey of 281 financial services organisations who had detected $372.7m worth of fraud in the last two years. Three quarters of this fraud was committed […]
CMSF

Super funds rank low
in customer service

According to the old adage, the customer is always right, but that’s no longer the case, says Angela Baker, general manager of customer experience and insights at ME Bank. “The focus now is not so much on the customers being right all the time and delivering an experience that delights customers, but actually just getting […]
Unintentional

First Super: two chairs, one goal

Allan Stewart and Michael O’Connor may be on either side of the employer/union divide but when it comes to issues of superannuation, they are as one. The two are co-chairs of the First Super industry fund, with Stewart the employer representative and O’Connor, who is also national secretary of the Construction, Mining, Forestry and Energy […]
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