Shorten suggests forcing retail super funds to have independent trustees

Opposition leader Bill Shorten has floated the idea of forcing retail superannuation funds to have “genuinely” independent trustees. “One idea that has emerged from some quarters is: should banks actually be in superannuation?” Mr Shorten is widely reported as saying, including in The Australian. “I don’t know about that. One idea, and it’s only an… Continue reading Shorten suggests forcing retail super funds to have independent trustees

Government drops proposed one-third independent directors for super funds

The Government has, reportedly, dropped plans to change the governance of large super funds by requiring at least one-third independent directors. The Government has for some time wanted to increase the number of independent directors on super fund boards – which would particularly impact industry funds. However this has now been dropped, the Australian Financial… Continue reading Government drops proposed one-third independent directors for super funds

Government’s superannuation changes “not dead”, says Minister

Three of the Government’s superannuation Bills are “certainly not dead”, says Minister for Revenue and Financial Services Kelly O’Dwyer. The Government delayed the Bills on Tuesday after it failed to get crossbench support for the governance, reporting and choice of fund changes. This pushes these key parts of the Government’s superannuation agenda into 2018. Minister… Continue reading Government’s superannuation changes “not dead”, says Minister

Government lacks votes on super changes, delays votes on Bills

The Government doesn’t have the votes to pass some key parts of its superannuation agenda through the Senate. On Monday the Government delayed votes on three superannuation Bills – which included changes to super fund governance, MySuper reporting and choice of super fund. Related: Government’s superannuation changes “not dead”, says Minister On Thursday last week Senator… Continue reading Government lacks votes on super changes, delays votes on Bills

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

Super changes would take control away from working people: ACTU

Changes to superannuation being debated in the Senate would take control away from working people and give more power to the banks, says the Australian Council of Trade Unions. The Senate began debating some of the superannuation changes today, including the requirement for large super funds to have at least one-third independent directors – a change… Continue reading Super changes would take control away from working people: ACTU

Government’s super Bills an “unprecedented ideological attack”

Industry Super Australia says the Government’s superannuation Bills, set for debate in the Senate today, are an “unprecedented ideological attack”. Most of the Government’s superannuation agenda is scheduled for debate, including changes to super fund governance and reporting. “The government has failed to present evidence that these Bills will improve the retirement incomes because there… Continue reading Government’s super Bills an “unprecedented ideological attack”

All Government super Bills set for debate today, except objective of super

All the Government’s superannuation Bills are set for debate in the Senate today, except for the Bill setting the objective for super. Update, Tuesday evening: The Senate didn’t debate the superannuation Bills today, only reaching the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 – the first Bill on the notice paper. The superannuation changes may be… Continue reading All Government super Bills set for debate today, except objective of super

Labor may yet support expansion of super fund choice

Labor will oppose the Government’s superannuation governance and reporting changes, but may yet support an expansion of super fund choice to more employees. Labor says it will oppose two of the Government’s superannuation Bills, but may support a third if it is amended. The House of Representatives on Monday passed the Treasury Laws Amendment (Improving… Continue reading Labor may yet support expansion of super fund choice

Liberal Party think tank attacks industry super fund spending

A Liberal Party think tank has attacked spending by industry super funds at the same time the Government is trying to change the governance and disclosure rules for super funds. “Industry super funds have spent millions on a lavish advertising campaign designed to portray privately operated funds as the fox in the hen house,” said… Continue reading Liberal Party think tank attacks industry super fund spending