One-minute update: sensible superannuation reforms

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The changes to superannuation arrangements will generate $900 million over the forward estimates to 2015/16 (0.2 per cent of annual receipts) and Federal Treasury estimates that the main measure affecting earnings from superannuation assets will affect just 0.4 per cent of retirees in 2014/15. What do the figures show? Full details of the reforms can... Read more continue reading

Morningstar Australian Superannuation Survey – March 2013

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Morningstar has published interim results of the Morningstar® Australian Superannuation Survey, providing comprehensive coverage of the performance of Australian-offered retirement savings vehicles to 28 February 2013. The Survey includes both commercial for-profit and industry superannuation options. Morningstar classifies funds according to a proprietary classification system created to facilitate meaningful peer-relative comparisons. Key Findings The solid... Read more continue reading

Post retirement products aren’t mission impossible, says Russell

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There is no one right post-retirement solution for all superfunds according to Russell Investments. The global asset manager says building a post-retirement solution is a complex task for funds, due to the numerous variables unique to their member profile and business objectives, but not impossible. In the new paper Retirement Solutions: A Roadmap for Super... Read more continue reading

How super funds can maximise member data

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Cost has historically inhibited many superannuation funds from developing best-of-breed member data analytics solutions often available to larger retail funds with institutional backing, according to Madeline Dermatossian, Managing Director of superannuation administrator FuturePlus.  Member data analytics as a science is not new and the benefits to complex operations are well understood, however, super funds are... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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. ... Read more continue reading

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... Read more continue reading

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... Read more continue reading

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... Read more continue reading