Millions of Australians won’t be able to afford retirement
More than 4 million Australians worry they won’t be able to afford retirement, new research shows. Up to 20 per cent of Australians fear they will not gain enough from their super or other investments to ever stop working, while one in five said they will have to cut back on their spending, a study from […]
New super rules: how Coalition changes will wrap industry funds in red tape
Analysis: ‘Your future, your super’ reforms would require all decisions to come with documentary evidence of how they benefit members financially Industry super funds say new laws could prevent consumers escaping ‘crap’ for-profit funds In October this year, an industry superannuation fund joined with fund managers to use its $1tn portfolio for good. Hesta, working with […]
ASIC sues REST Super for misleading conduct
The corporate watchdog has accused the $60 billion REST Super of misleading and deceptive conduct, alleging the industry superannuation fund tried to stop members transferring their savings to a better performing fund. The Australian Securities and Investments Commission civil case, filed in the Federal Court on Tuesday, alleges REST gained a benefit from the deceptive […]
Thirteen Australian superannuation funds fail performance test
Thirteen superannuation funds, including two associated with the Commonwealth Bank, that collectively hold the retirement savings of 1 million Australians have failed a new performance test, Australian Prudential Regulation Authority data released on Tuesday morning shows. The funds, which manage $56bn in assets, will now have to write to their members informing them of the […]
Data shows majority of choice super funds in Australia perform poorly
More than 60% of super fund investment options where members can choose how to invest their money fail to deliver good returns, statistics released by the Australian Prudential Regulation Authority (Apra) show. Poorly performing funds in the “choice” sector also tend to have higher fees that eat into their returns, the data reveals. It is […]
ATO to ramp up use of powers against employers that don’t pay their workers superannuation
The Australian Taxation Office (ATO) says it will ramp up the use of its powers against employers who fail to pay workers their superannuation after being on “delay” with enforcement action against businesses during the COVID-19 pandemic. Emma Rosenzweig, the deputy commissioner of superannuation, told a parliamentary hearing into the unlawful underpayment of superannuation that […]