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APRA releases draft guidance on MySuper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the draft guidance is intended to assist registerable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...
Cases
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...
Legislation
Commonwealth
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.
Submissions
[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.