Standard Risk Measure already throwing up anomalies

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The Standard Risk Measure adopted by superannuation funds to help investors assess investment risk may already be misleading them, according to van Eyk Head of Strategic Research Jonathan Ramsay.  Mr Ramsay warned that, while he supported the concept of a standard measure of risk, the current version was already producing anomalies because it allowed funds […]

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AMP reminds customers to stop super from walking

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AMP is reminding customers to consolidate their super following a successful campaign to reunite members with their lost super. Approximately $4.8 million in lost super has been returned to AMP customers so far after 17,000 members with 23,000 accounts were contacted in the first tranche.  The average customer has been returned $12,000, with amounts ranging […]

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Superannuation funds: size isn’t everything

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The prevailing view that superannuation funds must merge in order to survive and achieve scale does not stand up to scrutiny, according to Madeline Dermatossian, Managing Director of FuturePlus.  “Many funds of a certain size¹ are feeling that they have to merge as it is the only way to achieve the scale required,” she said.  […]

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BT Financial Group statement on Productivity Commission findings

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One of Australia’s leading superannuation providers has said the Productivity Commission’s recommendations for the selection and ongoing assessment of default funds in modern awards was a win for Australian workers.  BT Financial Group head of superannuation Melanie Evans said, if implemented, the recommendations would result in a more transparent and competitive superannuation system.   “The Productivity Commission’s […]

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Automatic consolidation of low-balance accounts

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 From January 2014, the ATO will help super funds to auto-consolidate accounts with low balances by providing details of these accounts to members’ active funds. The information will be provided annually and will include details of: lost accounts accounts that have not received a contribution or rollover for two years with balances under $1,000 accounts […]

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SISFA questions wealth tax: “surcharge reincarnated”

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The Small Independent Superannuation Funds Association (SISFA) has questioned the intentions of the Government in imposing a wealth tax on high income earners making superannuation contributions.  “If this goes ahead, it’s clearly a disaster and really is just the surcharge reincarnated. Although it is proposed to only apply to high income earners, the reality is […]

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BT Financial Group statement on Productivity Commission inquiry

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One of Australia’s leading superannuation providers today said the Government’s announcement of a Productivity Commission Inquiry was an important step for millions of Australian workers.  BT Financial Group head of superannuation Melanie Evans said for the superannuation system to deliver higher retirement savings, Australians needed a more open and competitive market.  “We welcome the fact […]

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AFA congratulates Minister Shorten on SG increase

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The Association of Financial Advisers (AFA) congratulates the Minister for Financial Services and Superannuation, Bill Shorten, for taking the first step towards ensuring a better standard of living in retirement. “Minister Shorten is to be congratulated for taking what we consider to be a very important step forward,” said AFA CEO Richard Klipin. “In moving […]

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Bendigo Wealth announces release of Bendigo SmartStart Super

Bendigo Wealth has announced the release of Bendigo SmartStart Super™. Bendigo Wealth, the wealth management division of Bendigo and Adelaide Bank, is backed by the heritage and strength of over 150 years of banking, investment and lending expertise. SmartStart Super features a full suite of low cost (0.39 to 0.99bp) index and actively managed funds – […]

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Socialist approach of MySuper encourages member disengagement

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The Government’s Stronger Super package released this week unnecessarily dumbs down superannuation, encourages Australians to disengage with their super and wilfully ignores the fact that there are already many viable, low-cost superannuation plans that cater to the needs of everyday working Australians, according to the Corporate Super Specialist Alliance (CSSA). “The Government’s socialist approach to […]

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