POWERED BY MOMENTUM MEDIA
RC delay to help super industry to focus on members
The Association of Superannuation Funds of Australia (ASFA) has welcomed the deferral of Royal Commission implementation, having previously advocated for a delay.
The association said the superannuation industry, in particular, had been heavily involved in the COVID-19 pandemic as a result of the early release of super measures.
ASFA said in a statement: “Superannuation funds have dedicated their focus towards effectively delivering the vital services their members need at this difficult time. This sensible deferral by Government will ensure funds can continue to focus on supporting the immediate needs of their members.
“Maintaining the stability of the superannuation system over the course of the pandemic has been paramount, especially while administering over $9 billion in early release of super payments to more than one million Australians.”
The implementation of the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was deferred last week to allow firms to deal with the economic fall-out of the COVID-19 pandemic.
Recommendations due in June would be deferred until December while those which had been due in December would be deferred until 30 June, 2021.
The delay would also allow the Government to assess if the industry’s handling of the pandemic had impacted any Royal Commission recommendations or if anything could be learnt from it, ASFA said.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
