Willis Towers Watson’s Australian advisory team has been appointed by the New Zealand Minister of Finance, Grant Robertson, to conduct the statutory review of the Government’s Superannuation Fund Authority (GSFA).
GSFA managed and administered the nation’s Government Superannuation Fund.
The review, which took place every five years, would aim to determine how effectively and efficiently the GSFA performed its functions, in particular with regards to ethical investment framework in the context of international best practice standards.
“This includes consideration of how the Authority is taking account of and reporting on climate change,” Tim Mitchell, global head of governance consulting for Willis Towers Watson said.
The review would also address the legislative requirements under the Government Superannuation Fund Act in terms of assessing the GSFA’s statements of investment policies, standards and procedures for their appropriateness and compliance, as well as the fund’s investment performance.
The final report would need to delivered to the Treasury by mid-May this year, the firm 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.