Australia: Superannuation & Funds Management - What's News - 16 October 2012

Last Updated: 22 October 2012
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

Productivity Commission recommends expert panel decide on suitable default super funds
TREASURER – 12 October 2012 - The Gillard Government releases the Productivity Commission's (PC) final report into default superannuation funds in modern awards. The Report notes that existing default arrangements have provided market stability with the net returns of default funds of 6.4% compared with 5.5% for non-default funds. More...

Big data 'big headache' for super: J.P Morgan
MEDIA – 12 October 2012 - Understanding the likely impact of "big data" is rapidly becoming a key differentiator for Australian super funds and other large financial institutions vying for customers, according to J.P Morgan. More...

$1bn unpaid contributions returned
MEDIA – 12 October 2012 - The Industry Funds Credit Control, the fund that collects bad superannuation debts from companies, has just passed the $1 billion threshold for how much unpaid super it has passed back to industry fund members (12 October 2012). More...

Trans-Tasman super portability a step closer
TREASURER – 11 October 2012 - The Minister for Financial Services and Superannuation introduces legislation to establish a trans-Tasman retirement savings portability scheme for Australians and New Zealanders to assist them to consolidate their retirement savings in their country of residence and avoid paying fees and charges. More...

APRA takes hands-off approach to multiple super directorships
MEDIA – 11 October 2012 - APRA has declared it will not actively be intervening to deal with superannuation trustees who hold trustee directorships on multiple funds. More...

APRA releases draft guidance on MySuper transition
APRA – 10 October 2012 - Released for public consultation the draft guidance is intended to assist registerable superannuation entity (RSE) licensees to meet their obligations under Prudential Standard SPS 410 MySuper Transition which was released as a final draft on 3 October 2012. More...

Large information gap on super fees
MEDIA – 10 October 2012 - Super members are unaware of how much their super fund is charging them and are seeking more information, an Investment Trends survey says. More...

Stakeholders question MySuper consultation
MEDIA – 08 October 2012 - Stakeholders within the financial planning, funds management and superannuation sectors have questioned Treasury's consultation process and understanding of the government's MySuper legislation. More...

APRA releases final MySuper details
04 October 2012 – APRA released proposed final details regarding the authorisation of MySuper products ahead of legislation for the low-cost superannuation passing through Parliament (04 October 2012). More...

APRA releases proposed final MySuper and eligible rollover fund authorisation requirements
APRA – 03 October 2012 - Wednesday, 3 October 2012 - The Australian Prudential Regulation Authority (APRA) has released its proposed final application form and instructions. More...

ASIC releases draft FOFA guidance
MEDIA – 02 October 2012 - ASIC has released a consultation paper on proposed guidance for the conflicted remuneration ban as outlined in the government's Future of Financial Advice (FOFA) reforms. On Friday, the corporate regulator released Consultation Paper 189 (CP 189) Future of Financial Advice: Conflicted remuneration. More...

ASIC to presume guilt on volume rebates
MEDIA – 02 October 2012 - Financial planning groups and product manufacturers will not be granted the presumption of innocence where volume rebates are concerned, under the ASIC proposed regulatory approach to the Government's Future of Financial Advice (FOFA) changes. More...

Superannuation Data and Payment Regulations (Rollover and Contributions) - Draft Regulations
DEPARTMENT OF THE TREASURY - 02 October 2012 - The Government has released draft Regulations which support the operation of the superannuation data and payment standards. Under the scheme, superannuation funds and employers will be required to send contributions and rollovers electronically. More...

Default Superannuation Funds in Modern Awards
PRODUCTIVITY COMMISSION – 12 October 2012 - The full report and recommendations. More...

APRA: proposed final MySuper and eligible rollover fund authorisation requirements
The proposed final Prudential Standard SPS 410 MySuper Transition sets out requirements for the movement of accrued default amounts into a suitable MySuper product before 1 July 2017.

The proposed MySuper authorisation package can be found on the APRA website here. (02 October 2012)

FINSIA: Sequencing risk: securing sustainable retirement outcomes for fund members
FINSIA will present breakthrough research on strategies to manage the impact of sequencing risk for superannuation fund members at their breakfast seminar Sequencing Risk: Securing sustainable retirement outcomes for fund members on 22 October in Melbourne. It challenges many of the prevailing ideas about the management and generation of superannuation investment returns (01 October 2012). More...


Alcoa of Australia Retirement Plan Pty Ltd v Frost [2012] VSCA 238
TRUSTS AND TRUSTEES – Superannuation Retirement Plan – Terms and conditions – Application for total and permanent disablement – Dispute as to whether appellant totally and permanently disabled – Conflict of medical advice before trustee – Whether onus on appellant to persuade trustee – Trustees' powers and duties – Duty of trustee to obtain sufficient information to make properly informed decision – Review of decision made by trustee – Finch v Telstra Super Pty Ltd [2010] HCA 36; (2010). More...

Fraser and Commissioner of Taxation [2012] AATA 655
SUPERANNUATION – whether payment of superannuation contribution by Applicant deductible in a year where he did not work the full year – Applicant not 'eligible person' – not deductible – decision under review affirmed. More...



Bills Progress

Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 [2012]
Senate 9/10/2012 Standing Committee report tabled, report to be published.

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012
Parliamentary Joint Committee on Corporations and Financial Services report into Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, tabled 9 October 2012.

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012
Parliamentary Joint Committee on Corporations and Financial Services hearing into Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012, 5 October 2012.


[Draft] Superannuation Industry (Supervision) Amendment Regulation 2012 (No. )
Commencement 1 July 2013 Schedule 2.
The Government has released draft Regulations which support the operation of the superannuation data and payment standards. The proposed regulations will amend the Superannuation Industry (Supervision) Regulations 1994. Under the scheme, superannuation funds and employers will be required to send contributions and rollovers electronically. Events16 October 2012 Submissions close 16 October 2012.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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