POWERED BY MOMENTUM MEDIA
NSW Govt keeps options open on Pillar
While this week’s NSW Budget did not specifically include Pillar Administration in its list of potential asset sales, the Budget documents have made clear that the future of the Government-owned business is still under active review.
The superannuation administrator has been placed on the block for sale by successive Governments, but the latest Budget papers indicate the current Government is taking a more pragmatic approach.
However at the core of that approach is the reality confronting the Government that Pillar is not expected to be a significant contributor to the Government’s coffers over the foreseeable future.
The Budget papers state, “Pillar is one of Australia’s leading providers of superannuation administration services. It manages superannuation accounts for around 1.2 million members with assets of $92 billion.”
It notes that Pillar is operating in a highly cost competitive industry, but that in the face of significant technology investment demands, [Pillar] is not expected to pay dividends after 2014-15 across the forward estimates period”.
“The Government continues to examine options for its future operations,” the Budget papers said.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
