ASIC has released new rules for how super funds will have to disclose fees and costs in PDSs and statements, but an industry group says the changes will leave consumers more confused. ASIC has released an updated version of Regulatory Guide 97 Disclosing Fees and Costs in PDSs and Periodic… Read More »Updated RG 97 fee disclosure rules will leave consumers more confused
The Government has asked for expressions of interest on a consumer advocacy body for superannuation, as announced in the Federal Budget. The Government has commenced an Expression of Interest (EOI) process for a ‘Consumer Advocacy Body for Superannuation’. Announcing the process, Assistant Minister for Superannuation, Financial Services and Financial Technology,… Read More »Superannuation Consumer Advocate expression of interest process opens
Total assets within superannuation is closing in on the $3 trillion mark. The latest statistics from APRA have over $2.927 trillion in superannuation as at the end of September 2019. Superannuation assets increased by 7.1% over the 12 months to the end of September 2019, though this was uneven across… Read More »Total superannuation closing in on $3 trillion in assets
Assistant Minister for Superannuation Jane Hume has defended the ATO when it comes to reuniting people with their lost super, saying the ATO has reunited twice as much super in three weeks than an industry super owned fund has in two decades. Senior members of the superannuation industry were recently… Read More »Minister defends ATO versus AUSfund on reuniting lost super
The Government has reintroduced legislation to Parliament to expand super choice to more employees, allowing them to choose which super fund receives their employer contributions. The Government has introduced the Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 to the House of Representatives. The Bill would, if passed, let… Read More »Expansion of employee super choice Bill returns to Parliament
APRA has started the process to implement recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on super funds obtaining insurance from related parties, and how they classify members as smokers or other categories. APRA has written to the trustees of all large super… Read More »APRA acts on related party insurance Royal Commission recommendation
The 2020 SMSF Association National Conference will open with a ‘crystal ball’ discussion of what the superannuation landscape will be like in 2030. First up on the three-day conference schedule is a thought leadership breakfast, with Jeremy Cooper, Chairman of Retirement Income at Challenger, and who headed the Super System… Read More »2020 SMSFA national conference to open with ‘crystal ball’ into superannuation in 2030
Treasurer Josh Frydenberg has returned to the language of ‘no plans’ to change increases in the Super Guarantee rate, only days after the Review of Retirement Incomes started. The Treasurer was asked on ABC’s Insiders if the Government was committed to increasing the SG rate to 12% by 2025. Frydenberg… Read More »Treasurer returns to ‘no plans’ to change SG rate timetable language
The Retirement Income Review has started, with Treasury releasing the consultation paper. The Government has tasked the three-person Retirement Income Review panel with investigating how the retirement income system supports retirement, the role of each pillar of the system, impacts over time and across the population, and the impact of… Read More »Retirement Income Review consultation paper released
The outlook for super fund returns for the rest of 2019 is positive, with firm Chant West saying funds have a “good chance” of finishing the calendar year with double digit returns. The ‘median growth fund’, which has 61-80% invested in growth assets, was up 0.4% in the month of… Read More »Super funds have “good chance” of double digit returns in 2019