POWERED BY MOMENTUM MEDIA
Stronger Super receives positive response from retail superannuation funds
The Government's Stronger Super reforms have received a positive response from some of Australia's retail superannuation funds, with the key elements of the reforms in line with expectations.
BT Financial Group (BT) welcomed the flexibility included in the Government's Stronger Super announcement, which the super-fund manager said would provide "a solid foundation for the future of retirement savings in Australia".
BT Financial Group's head of superannuation and platforms, Melanie Evans, said the Cooper Review findings announced last year recommended a framework that may have led to a "one size fits all" approach to superannuation.
"The Government's announcement [on Wednesday] has recognised the need for flexibility in super. In a compulsory system which at its core should be tasked with maximising the retirement savings of every Australian worker, it's imperative there are a range of solutions to meet a wide range of needs," Evans said.
Evans said the Government's focus on governance was particularly reassuring, and that BT supported the move to clearly define the duties and obligations of trustees.
Mercer also praised the Stronger Super announcement in what it said was "a welcome step forward in the reform rollercoaster the superannuation industry is experiencing".
Mercer's managing director for Australia/New Zealand, David Anderson, said the firm was pleased with the progress made on the reforms, and that future reform opportunities and challenges facing super funds and members had been clarified somewhat.
Anderson said now that the industry had some certainty around MySuper pricing, large employers have an opportunity to review their superannuation and design the most suitable insurance and retirement savings products for their workforce.
AMP also responded with open arms to the Stronger Super announcement. An AMP spokesperson told Money Management the key elements of the reforms were "as expected", and showed a willingness by the Government to listen and broadly consult on the proposed reforms.
AUTHOR
Angela Welsh
Recommended for you
Aware Super has made a $1.6 billion investment in a 99-hectare industrial precinct in Melbourne’s North which, the fund clarified, also houses the nation’s first privately funded open-access intermodal freight terminal.
ASFA has affirmed its commitment to safeguarding Australia’s retirement savings as cyber activity becomes an increasing challenge for the financial services sector.
The shadow treasurer is not happy with the performance of some within the super sector, telling an event in Sydney on Thursday that some funds are obsessed with funds under management, above all else.
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
