POWERED BY MOMENTUM MEDIA
AIST wants independent super oversight body
The Australian Institute of Superannuation Trustees (AIST) has urged the establishment of an independent, publicly-funded body tasked with assessing the degree to which future superannuation policy complies with the legislated purpose of superannuation.
In a submission filed with the Treasury on the purpose of superannuation, the AIST acknowledged that the idea of such an independent body had been considered by the Financial System Inquiry but, ultimately, was dismissed largely on the basis of concerns about appropriate accountability mechanism.
However, the AIST said it supported the establishment of an independent publicly funded body for the role and was urging the Government to revisit this issue.
"The funding of such a body should be subject to regular review by Government, with the funding tied to a performance audit undertaken as part of a review," the submission said.
The AIST said the body should be chosen following a competitive evaluation or tender process.
"This body should use objective measures such as the AIST-Mercer Super Tracker to assess performance and policy against the key principles of fairness, adequacy and sustainability," the submission said.
It said that while, of itself, this would not guarantee impartiality or consensus, it would "nonetheless institutionalise a process that will add transparency, objectivity and stability".
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
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(%)
