Retail super fund members are misinformed, and they don’t know it

Many retail super fund members are misinformed about their super funds, and they don’t know it, research released by AIST has revealed. The research, commissioned by the Australian Institute of Superannuation Trustees, found a “high level of confusion” amongst retail super fund members. While many retail fund members were confident, what many of them thought… Continue reading Retail super fund members are misinformed, and they don’t know it

Delay to super fund disclosure “disgraceful”, will hurt consumers: AIST

The Australian Institute of Superannuation Trustees (AIST) has criticised further delays to super fund disclosure requirements as “disgraceful”, warning that the delays will negatively impact retirement outcomes for members. Earlier this week ASIC announced that consumer disclosure requirements for Choice (non-default) super products were being further delayed by up to four years, until 1 July… Continue reading Delay to super fund disclosure “disgraceful”, will hurt consumers: AIST

Super fund Choice product dashboards delayed until 2023

ASIC has, yet again, delayed the start date for new disclosure obligations on super funds. Super funds now won’t have to provide product dashboards for Choice super products until, potentially, 1 July 2023 – previously the requirement would have applied from 1 July 2019. Enhanced disclosure obligations were part of the 2012 Stronger Super reforms,… Continue reading Super fund Choice product dashboards delayed until 2023

ASIC again delays Stronger Super disclosure start dates

ASIC has further pushed back the starting date of superannuation disclosure requirements from the Stronger Super reforms. ASIC announced that two parts of the Stronger Super reform package, the product dashboard requirements for choice products and portfolio holdings disclosure requirements, would start two years later than previously planned – on 1 July 2019. This means… Continue reading ASIC again delays Stronger Super disclosure start dates

Actuaries Institute calls for super fund dashboards to be overhauled

The Actuaries Institute has called on policymakers to overhaul superannuation fund ‘dashboards’ to give consumers better information. Super fund dashboards were originally mandated to help consumers compare superannuation funds, including based on risk, return, fees and costs. But the Institute says the current dashboards are “technically unsound and need to be amended”. Andrew Boal, Convenor… Continue reading Actuaries Institute calls for super fund dashboards to be overhauled

ASIC delays Portfolio Holding Disclosure reporting till 2017

ASIC has delayed the start date for Portfolio Holding Disclosure reporting and Choice Product Dashboards until 30 June 2017. Both these measures, part of the Stronger Super regime, were due to start on 1 July 2016. ASIC says the deferral was “aimed at providing the superannuation industry with certainty around the start dates for key… Continue reading ASIC delays Portfolio Holding Disclosure reporting till 2017

Carve-outs make super fund disclosure “useless”, says ISA

Industry Super Australia has criticised changes to the disclosure rules for large superannuation funds, saying there “will be next to no benefit for consumers in weak ‘transparency’ measures introduced into federal Parliament”. “Instead, banks and their ‘for-profit’ super funds will continue to bury facts about fees and investment returns for too many of their investment… Continue reading Carve-outs make super fund disclosure “useless”, says ISA

Super fund choice and disclosure Bills put before Parliament

The Government has introduced three superannuation-related Bills to the House of Representatives just before the Parliament rises for the long break ahead of the Budget. These Bills include expanding choice of super fund, changes to the disclosure requirements on large super funds and the Statutory Remedial Power for the ATO. Expanding choice of super fund The Superannuation… Continue reading Super fund choice and disclosure Bills put before Parliament

“Nearly impossible” to compare super funds under changes

Proposed changes to the disclosure of super funds fees, costs and investment return could make it “nearly impossible” for Australian to make informed decisions about their superannuation, Industry Super Australia has claimed. “The new federal Government proposals carve out bank-owned super funds held through platforms and some legacy products from having to disclose details on… Continue reading “Nearly impossible” to compare super funds under changes