POWERED BY MOMENTUM MEDIA
Govt help may be needed to counter balance erosion
The superannuation and insurance sectors may need some Government help with putting in place measures to overcome the problems generated by members holding multiple accounts and the manner in which low-balance accounts are being depleted by insurance premiums.
The chair of the Insurance inside Superannuation Working Group (ISWG), former TAL chief executive, Jim Minto told the Financial Services Council (FSC) Leaders Summit in Sydney that all segments of the industry had combined to address the problems, but some Government help was likely to be needed.
In explaining the work of the ISWG, Minto said that he was not going to apologise for the workload being inflicted on those involved, because the structure which he hoped would be delivered needed to be “built as if it could be enforced by the Australian Securities and Investments Commission [ASIC]”.
He said he believed the industry needed to understand the importance of delivering a long-term and sustainable solution in circumstances where it was already obvious the Government would continue to focus on insurance within superannuation.
However, Minto said the ISWG process was not involved in “solving the minister’s problems but, rather, seeking to create the future”.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
