The Financial Services Council (FSC) is urging its member companies to following the example of Perpetual Limited in unilaterally lifting its superannuation guarantee contribution for employees to 10 per cent with a view to lifting it to 12 per cent by 2020.
The FSC chief executive, Sally Loane referenced Perpetual's example in her annual State of the Industry address last week at the same time as urging the Federal Government to speed up the timetable for lifting the superannuation guarantee to 12 per cent.
Discussing the move by Perpetual, Loane said it demonstrated the company's commitment to adequacy.
"[It's] a great move and one that deserves many followers," she said.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.