POWERED BY MOMENTUM MEDIA
Cost of SuperStream to reach up to $2 million
The cost of implementing the Government's SuperStream changes will impose costs ranging from $500,000 to $2 million.
That was the analysis of delegates visiting the Conference of Major Superannuation Funds (CMSF) attending a session dealing with the cost and implications of the Government's new Stronger Super regime.
As well, delegates were warned of the need to be ready for the changes, irrespective of whether the legislation had actually passed the Parliament.
The chief executive of the Retail Employees Superannuation Trust (REST), Damian Hill, said that with or without knowing the final shape of the legislation, superannuation funds should have been moving in the general direction of SuperStream.
"We are not taking the course of looking for legislative certainty, we take the view that these changes should be on the agenda anyway," he said.
Hill said that for REST, SuperStream represented a "massive deal" because the fund was dealing with 160,000 employers.
However, he said funds should be embracing channel changes and progressing those changes now rather than waiting for finality with respect to the legislation.
AUTHOR
Mike Taylor
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(%)
