Australia: Superannuation & Funds Management - What's News - 27 November 2013

Last Updated: 4 December 2013

In the media

Pension age more than just an economic decision

ASFA – 22 November 2013 – The Association of Superannuation Funds of Australia (ASFA) is urging policy makers to look at a range of factors when considering an increase to the qualifying age for the Age Pension, in light of the suggestion from the Productivity Commission that this be increased to 70 to accommodate the economic implications of Australia's ageing population. More...

Super assets hit $1.75 trillion

MEDIA – 22 November 2013 – Superannuation assets increased by 17.2% in the past 12 months, bringing total assets to $1.75 trillion. APRA's Quarterly Superannuation Performance report showed a 5.7% increase in superannuation assets over the September quarter, after adjusting for changes in reporting requirements. More...

Industry welcomes "Son of Wallis" framework

MEDIA – 22 November 2013 – The financial services industry has broadly welcomed the draft terms of reference for the Financial System Inquiry, along with the appointment of David Murray. Financial Services Council (FSC) chief executive John Brogden said he expected the export of Australian financial services to Asia to be a particular emphasis of the inquiry. More...

David Murray to head financial system inquiry

MEDIA – 21 November 2013 – Future Fund inaugural chair David Murray has been appointed to head the inquiry into Australia's financial system, the Government has announced. The Government said the new review of the financial system will make recommendations to foster an "efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness". More...

Practice valuations stable despite grandfathering

MEDIA – 21 November 2013 – Radar Results principal John Birt said many practice sales have stalled since the implementation of the FOFA regulatory regime on 1 July 2013. Corporate superannuation clients saw the biggest fall in value over the six months to 31 October as MySuper threatens to eclipse the sector (down from 0.8-1.3, to 0.5-1 times); and mortgage clients rose in value from 1.2-1.7 to 1.5-1.9 times as planners look to cross sell. More...

Super and regulators on agenda for Financial Systems Review

MEDIA – 21 November 2013 – The draft terms of reference of the Government's Financial Systems Review will see both the performance and structure of the regulators brought under the spotlight along with the role and governance of superannuation funds. More...

ASIC releases revised guidance on custody

ASIC - 21 November 2013 – ASIC has today released revised guidance on the custody of assets and standards to be met by asset holders, renamed Managed investments and custodial or depository services: Holding assets ( RG 133), and updated Regulatory Guide 166 Licensing: Financial requirements ( RG 166) to accommodate industry practice of custody of certain assets. More...

Government open to advice ownership disclosure

MEDIA – 20 November 2013 – The Federal Government's moratorium on financial services regulation will not exclude additional disclosure by financial advice firms about their ownership, according to the assistant treasurer. More...

Funds on track for highest calendar year returns since the GFC

SUPERRATINGS – 20 November 2013 – 2013 is shaping up to be a strong year for Australian superannuation members, as funds remain on track to deliver their highest calendar year returns since the GFC. The median superannuation Balanced option recorded a 1.8% gain for the month of October, bringing the return over the first four months of the 2013/14 financial year to 6.9%. More...

ASFA Statement on Financial System Inquiry

ASFA - 20 November 2013 - The Association of Superannuation Funds of Australia (ASFA) welcomes the release of draft Terms of Reference for the Financial System Inquiry. The Financial System Inquiry will provide the opportunity for the superannuation industry to demonstrate how superannuation capital contributes to the Australian economy. More...

New research shows Industry Funds outperform over all time periods

INDUSTRY SUPER AUSTRALIA - 20 November 2013 – The latest independent rating of superannuation fund performance has found that industry super funds have outperformed retail superannuation funds, typically owned by banks, over all time periods (based on median returns). The SuperRatings' Fund Credit Rate Survey to 31 October 2013 has found that the median industry superannuation fund outperformed the median retail fund over 1, 3, 5, 7 and 10 years. More...

Super fund directors chastised on conflicts

MEDIA – 15 November 2013 - Superannuation fund directors must be more diligent in disclosing their potential or actual conflicts of interest, the prudential regulator has warned. More...

Australians want plenty of notice on superannuation changes

ASFA – 15 November 2013 – The Australian community wants to be given plenty of notice, and a reasonable transition period, when it comes to the Government making any major changes to the superannuation system, according to the results of the ASFA White Paper consultation, Vision for Sustainable Super, released today. More...

ISA applauds the Government's early attention to infrastructure

MEDIA – 13 November 2013 – Industry Super Australia (ISA) welcomes the inquiry and looks forward to supporting the Productivity Commission's important work. Industry superannuation funds have pioneered direct infrastructure investment, from water and energy, to transport and social infrastructure CEO. More...

ASIC's whistleblowing demands too extreme: ACSA

MEDIA – 12 November 2013 – Whistleblowing requirements for custodians proposed by the Australian Securities and Investments Commission (ASIC) are too stringent, according to David Braga, the new chair of the Australian Custodian Services Association (ACSA). More...

Quarterly superannuation statistics for September 2013 (13.37)

APRA – 21 November 2013 – Superannuation assets increased by 17.2% in the past 12 months. Contributions totalled $21.5 billion over this period for superannuation entities, with $50 million or more in assets. Contributions for the year ending September 2013 were $90.3 billion, down 0.8% from the same period last year. More...

The future regulatory landscape: ASFA 2013 Conference

APRA – 13 November 2013 – Helen Rowell, (APRA) outlines the Authority's perspective on the future superannuation landscape. ASFA 2013 Conference, Perth. More...

ASFA National Conference 2013

ASFA – 13 November 2013 – Opening Speech by outgoing Chair, Tony Lally

Australia's superannuation system is the envy of the pensions world. While many factors have contributed to its success, there are three key factors which have helped create a system that is delivering and will continue to deliver income in retirement to provide a better life for Australia's retirees. More...

Quarterly Bulletin: September 2013

SCT – November 2013 – The tribunal received 612 new written complaints during the quarter – down slightly on the June quarter. Just over half (55%) of the written complaints received by the SCT during the September quarter were within the tribunal's jurisdiction (down from 62% in the previous quarter). More...

SCT: New time limits for TPD complaints

SCT – 15 November 2013 – As part of the Government's Stronger Super reforms, changes have been made to the legislation under which the Tribunal operates to extend the time limits for some types of TPD complaints from 2 years up to a maximum of 6 years. More...

Fair Work Australia – Superannuation fund reviews

FAIR WORK COMMISSION – 8 November 2013 – Beyond the Transitional Review of modern awards that commenced in 2012, the Fair Work Commission (the Commission) is responsible for further reviewing superannuation in relation to modern awards in 2013 and then as part of the 4 yearly review of default fund terms of modern awards commencing as soon as practicable after 1 January 2014. From this site you can access information about the reviews, including the procedure for submitting applications. More...

ASIC Class Order [CO 13/1420]

COMLAW – 15 November 2013 – This class order provides temporary relief from regulation 7.9.20(2A) of the Corporations Regulations 2001, which requires that superannuation trustees separately report low income superannuation contributions in members' periodic statements. The instrument provides conditional exemption from complying with regulation 7.9.20(2A), subject to compliance with two options, which provide for an alternative method of disclosure. More...

APRA second set of final Prudential Practice Guides (PPGs) for superannuation

APRA – 7 November 2013 – APRA has today released eight final prudential practice guides (PPGs) for the superannuation industry together with a response paper, Second set of prudential practice guides for superannuation. More....


Parliamentary Trustee of the Parliamentary Contribution Superannuation Fund v Commissioner of Taxation [2013] FCAFC 127

CONSTITUTIONAL LAW – Powers of the Commonwealth Parliament – Taxation – Superannuation contributions surcharge – State parliamentary pensions – Implied limitations on Commonwealth legislative power – Discrimination against the States – Laws imposing taxation – Whether law discriminates against State of Victoria – Whether tax significantly impairs State's capacity to exercise its powers to remunerate its parliamentarians. More...

Ludowyk v Superannuation Complaints Tribunal [2013] FCA 1153

PRACTICE AND PROCEDURE – application for an extension of time to appeal – application of relevant principles – whether sufficient merit in proposed grounds of appeal

Superannuation (Resolution of Complaints) Act 1993 (Cth) ss 12, 22, 37, 46

Superannuation Act 1976 (Cth) ss 137, 157. More...

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