MySuper transition class action launched against NAB companies

In the latest class action stemming from the Financial System Royal Commission, NAB is being taken to court over how it transitioned members to MySuper products. Law firm Maurice Blackburn Lawyers has filed a class action against two NAB companies over how super fund members were transitioned to MySuper products, alleging consumers were left “idling”… Continue reading MySuper transition class action launched against NAB companies

2 year financial services ban for opt-in MySuper transition

ASIC has banned an individual from the financial services industry for two years, in connection to a flawed MySuper transition. The regulator announced that it has banned Thanh Huu Tran, formerly an authorised representative of Aon Hewitt Financial Advice Limited, from providing financial services for two years. “This follows an ASIC surveillance which found that… Continue reading 2 year financial services ban for opt-in MySuper transition

Class action filed against Colonial First State over MySuper transition

In yet another class action stemming from the Financial Services Royal Commission, Maurice Blackburn Lawyers have filed a class action against Colonial First State over its transitioning of members to MySuper products. It is alleged that super fund trustee duties were breached, causing “substantial losses to over 100,000 members over several years”. Maurice Blackburn announced… Continue reading Class action filed against Colonial First State over MySuper transition

$52.5 billion more in super if all Choice super switched to MySuper

Total superannuation could be $52.5 billion higher in a decade, in today’s dollars, if all Choice super accounts were switched over to MySuper, new research has found. “Higher returns and lower fees of MySuper products could continue to have a material impact on the superannuation market over the next 10 years,” says RiceWarner. RiceWarner was… Continue reading $52.5 billion more in super if all Choice super switched to MySuper

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ASIC reportedly investigating MySuper transition fee gouge

ASIC is reportedly investigating if super funds gouged fees from members by only transitioning them to MySuper products at the last minute. Default superannuation accounts were required to be transferred to MySuper products during a four year transition period, which ended 1 July 2017. In 2016 Industry Super Australia released a report accusing ‘bank-owned’ retail… Continue reading ASIC reportedly investigating MySuper transition fee gouge

‘Smart defaults’ for super could boost retirement savings by 35%

‘Smart defaults’ for super funds could boost annual super fund returns by 3.5%-4.5% per year, increasing balances at retirement by 35%. The Financial Services Council (FSC) says that new technology allows for individually tailored superannuation products, but the default MySuper system is not taking advantage of these opportunities. “Millions of Australians in MySuper are missing… Continue reading ‘Smart defaults’ for super could boost retirement savings by 35%

MySuper roll-over tax relief changes pass Parliament

Tax relief for mandatory roll-over to a MySuper product within a superannuation fund has passed the Parliament, over two years after the change was announced. The Treasury Laws Amendment (2017 Measures No. 4) Bill 2017 passed the Senate on Thursday, without amendment. It is yet to receive Royal Assent. The Explanatory Memorandum (EM) says that the… Continue reading MySuper roll-over tax relief changes pass Parliament

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MySuper roll-over tax relief Bill introduced to Parliament

A Bill to provide tax relief for the mandatory roll-over to a MySuper product within a superannuation fund has been introduced to Parliament, almost two years after the measure was announced. This change, among others, is contained in the Treasury Laws Amendment (2017 Measures No. 4) Bill 2017. “As a transfer of a default member’s… Continue reading MySuper roll-over tax relief Bill introduced to Parliament

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MySuper transfer CGT relief Bill to be introduced to Parliament

The Government plans to introduce legislation to Parliament to provide CGT relief where superannuation balances are transferred within a fund into a MySuper product. The Treasury Laws Amendment (2017 Measures No. 4) Bill is planned to be introduced in the winter sitting of Parliament, which starts today. The Bill will “provide a Capital Gains Tax… Continue reading MySuper transfer CGT relief Bill to be introduced to Parliament

Retail super members “gouged” $1.8 billion by slow MySuper transition

Industry Super Australian has accused retail and ‘bank-owned’ super funds of “gouging” up to $1.8 billion from superannuation fund members by slowing the transition to MySuper products. Industry Super Australia says retail super funds will collect between $800 million and $1.8 billion in additional fees from super fund members by leaving default super fund members… Continue reading Retail super members “gouged” $1.8 billion by slow MySuper transition