POWERED BY MOMENTUM MEDIA
ASIC urged to amend class order to include age pension
The age pension can and should be included in superannuation forecasts, Association of Superannuation Funds of Australia (ASFA) and the Institute of Actuaries.
The two organisations have taken issue with an Australian Securities and Investments Commission (ASIC) decision not to grant superannuation funds class order relief if they include age pension calculations when providing superannuation forecasts.
In a letter to ASIC signed by ASFA chief executive Pauline Vamos and Actuaries Institute chief executive Melinda Howes, the two organisations insist that the age pension will be an important part of superannuation fund members' post retirement income.
"For these members, any consideration of the adequacy or otherwise of their income in retirement without having regard to the age pension is meaningless," the letter said.
It said that, accordingly, ASIC should carefully reconsider the issue and amend the class order to take account of the age pension.
The letter said that it should be up to superannuation fund trustees to decide whether the age pension was taken into account in calculations, but it was likely to be important for a majority of superannuation fund members.
Recommended for you
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
Super balances have continued to rise in August, with research showing Australian funds have maintained strong momentum, delivering steady gains for members.
Australian Retirement Trust and State Street Investment Management have entered a partnership to deliver global investment insights and practice strategies to Australian advisers.
CPA Australia is pressing the federal government to impose stricter rules on the naming and marketing of managed investment and superannuation products that claim to be “sustainable”, “ethical”, or “responsible”, warning that vague or untested claims are leaving investors exposed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
