Australia: Superannuation & Funds Management - What's News - 4 September 2013

Last Updated: 9 September 2013

In the media

ASFA hits back at CPA findings
MEDIA - 29 August 2013 - The Association of Superannuation Funds of Australia (ASFA) has disputed the findings of a recent CPA Australia report that suggests the benefits of increased super balances are being eaten up by household borrowing to pay debt and fund lifestyles. More...

CSIRO research cluster to examine super
MEDIA - 29 August 2013 - A new $9 million research centre jointly funded by the CSIRO, Monash University, the Government and industry will look at post-retirement and super fund asset allocation in the context of an evolving superannuation system. More...

New Chair and Deputy Chair for Industry Super Network
ISN - 29 August 2013 - The Hon Peter Collins AM QC, former Minister for Health, Attorney General and Treasurer of NSW has been appointed as Chair of the Industry Super Network Board, with the Hon John Brumby, former Premier and Treasurer of Victoria appointed as Deputy Chair of the Board. More...

SCT uses funding to cut complaints backlog
MEDIA - 29 August 2013 - The Superannuation Complaints Tribunal (SCT) has used its increased funding in the federal Budget to put a five-member team in place to deal with a backlog of complaints. Along with the creation of the new complaints team, the SCT is also trying to make the complaints process more efficient. More...

Gates open on new rollover standards
MEDIA - 27 August 2013 - The first electronic rollover transactions to use new SuperStream rollover standards have been processed, with eight gateways are signed up to the new SuperStream standards. More...

Tick-box compliance unwelcome: APRA
MEDIA - 27 August 2013 - APRA is expecting regulated superannuation funds and trustees to go above and beyond the body's prudential standards in relation to the latest industry reforms. APRA senior manager Katrina Ellis said there are a lot of new policies, frameworks and procedures that need to be documented through the prudential standards. More...

Super contributions on track
MEDIA - 26 August 2013 - Members and employers put more into super in the June quarter with total assets increasing by 2.2 per cent or $35.1 billion, according to the Australian Prudential Regulation Authority's (APRA's) quarterly superannuation data. More...

Lost account clean-up hits super membership
MEDIA - 26 August 2013 - Super fund membership has dropped for the first year in Australia's superannuation history, with numbers to continue dwindling over the next 12 to 18 months, according to SuperRatings. With the first broad tranche of lost member transfers to the ATO taking place in the June 2013 quarter, membership of Australian superannuation funds dropped by 1.5 per cent. More...

ISN criticises "irresponsible" CPA super report
MEDIA - 26 August 2013 - CPA Australia's latest report on the superannuation system is "irresponsible" and based on "flawed" methodology, according Industry Super Network (ISN) chief executive. The central finding of the report was that the gradual rise in superannuation savings correlated to an increase in household debt). More...

Too much super diverted to pay personal debt: CPA report
MEDIA - 26 August 2013 - Australia's superannuation policy is at risk of failing unless laws are introduced to quarantine savings for actual retirement income streams, warns CPA Australia in a major new report released. More...

Executive pay under spotlight in new ACSI guidelines MEDIA - 21 August 2013 - The Australian Council of Superannuation Investors (ACSI) has published new governance guidelines outlining how it will assess the behaviour and performance of public company directors. The updated guidelines, developed in consultation with ACSI member funds, focus on investor expectations of board practices, executive pay structures and conduct during capital raisings. More...

More Australians flock to industry super funds than ever before
ISN - 23 August 2013 - Industry super funds have recorded strong growth and outperformed all other superannuation sectors over the last financial year, according to a report released by prudential regulator APRA. The report found that industry super funds grew more than all sectors. More...

Stricter governance bodes well for super fund AMGs
MEDIA - 22 August 2013 - The Australian Council of Superannuation Investors (ACSI) has released its updated governance guidelines, which it says will help super investors make voting recommendations on issues such as director elections. More...

Super assets hit $1.6 trillion, investment returns at 4 year high
MEDIA - 22 August 2013 - Superannuation assets surged 15.5% last financial year to reach $1.6 trillion, reveals the regulator APRA in its just released June report. The pace of the asset surge corresponds with the super fund industry achieving its best investment returns in four years at 15.5%. More...

Policy improved through big data, says AIST
MEDIA - 22 August 2013 - "Big data" could provide a sound basis for future policy decisions, Australian Institute of Superannuation Trustees (AIST) chief executive Tom Garcia. More...

ASIC publishes sixth market supervision report
ASIC - 21 August 2013 - ASIC have published our sixth report on the supervision of Australian financial markets and market participants. More...

ACSI Governance Guidelines 2013
Author: Australian Council of Superannuation Investors Limited (ACSI)

These Guidelines have been prepared to be used by both companies and superannuation funds. They are designed as a reference for chairpersons, directors and senior executives of listed companies on the contemporary governance expectations of superannuation fund investors (Released on 21 August 2013). More...

ASIC Regulatory Guide 84 Super switching advice withdrawn: questions and answers
ASIC has removed Regulatory Guide 84 Super switching advice: Questions and answers from 20 August 2013. The content is now included in INFO 182 (20 August 2013)

Executive pay under spotlight in new ACSI guidelines
The Guidelines are also a tool for superannuation funds to help manage their investments in Australian listed companies. These Guidelines provide a framework by which superannuation funds can assess the ESG practices of investee companies, particularly when exercising their voting rights. (21 August 2013) More...

Forthcoming Events

Superannuation Insurance Symposium 2013
AIST's Super Insurance Symposium (SIS) will cover the important issues in relevant to group insurance, case law, insurance design and regulator updates to provide superannuation personnel the most current information and case studies to improve their internal insurance practices. Date: 23 October 2013 More...

Fund Governance Symposium 2013
The FGS will cover the crucial issues in fund governance and works to place trustee directors and senior superannuation personnel in the best position to review and refine current governance practices and frameworks. Date: 22 October 2013 More...

ASFA 2013 Conference
The ASFA 2013 National Confernece and Super EXPO will be held at the Perth Convention and Exhibition Centre. Date: 13-15 November 2013 More...

Australian Superannuation Investment Conference (ASI) 2013
The ASI Conference will be held on the Gold Coast. This year ASI will focus on global perspectives starting with the opening plenary showcasing some of the financial industry's heavy hitters. Date: 4-6 September 2013 More...


KFBC and Commissioner of Taxation [2013] AATA 577
TAXATION – Superannuation – Non-concessional contributions – Excess contributions – Commissioner's discretion regarding excess contributions – Special circumstances – Objection decision affirmed. More...

Erzurumlu v Kellogg Superannuation Pty Limited [2013] NSWSC 1115
CONTRACT - superannuation - insurance - claim for benefit - whether plaintiff totally and permanently disabled within the meaning of the relevant superannuation trust deed and insurance policy - duty on a trustee of a superannuation fund in determining a claim for a benefit - duty on an insurer in determining a claim for a benefit – dismissed with costs. Superannuation Industry (Supervision) Regulations 1994 More...

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