POWERED BY MOMENTUM MEDIA
NZ super fund eyes Australian QROPS opportunities
New Zealand-based Lifetime Asset Management Limited has talked up the launch of its Garrison Bridge Superannuation Scheme in Australia at the same time as announcing former NZ Deputy Prime Minister, Sir Michael Cullen, had joined its board.
The company issued a statement this week in which its chief executive, Ralph Stewart, expressed optimism about the Garrison Bridge Australian play.
“We see huge opportunity in the Australian market with our Garrison Bridge scheme, launched late last year to meet growing demand from investors with UK pension savings,” he said.
The Garrison Bridge scheme is a New Zealand Superannuation Scheme with dual registration in New Zealand and Australia.
In pointing to the company’s strategy, Stewart pointed to the recent problems encountered by Australian superannuation funds in terms of the UK’s approach to qualifying overseas pension schemes (QROPS) and changes announced by HM Revenue and Customs in 2015.
He said UK expatriates in Australia were hit hardest with the previous 1600 schemes reduced to just one.
Stewart said since that time, a growing number of individual self-managed super funds (SMSFs) had registered to receive pension transfers, but such a solution was mainly focused on the over age 55 sector.
“Combined with our expertise in the QROPS space, and the new flexi access rules that are expected to be implemented in April 2017, we expect to ramp up our Australian operations,” he said.
“Adding Sir Michael Cullen to our board will help us do just that.”
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
