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Showing 11 - 20 of 41 results for "PYS"

AustralianSuper PYS fee under scrutiny again

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 JUL 2020
ASIC has been questioned over whether it should have intervened when AustralianSuper introduced a new fee named after the Protecting Your Super legislation. In January AustralianSuper increased its admin fee, saying that from April 1 members would start ...

How PYS changes caused 34% premium hikes

ELIZABETH MCARTHUR  |  THURSDAY, 2 APR 2020
... 34%. A spokesperson for TAL said the insurer does not comment on specific client arrangements but did say that the impact of PYS legislation is being felt. "The effect of legislation introduced in 2019 in relation to the provision of life insurance through ...

Group premiums rise 34%

ELIZA BAVIN  |  WEDNESDAY, 4 MAR 2020
... members the changes were as a result of recent legislative changes, such as the introduction of the Protecting Your Super (PYS) and Putting Members' Interests First (PMIF) legislation. Defence Bank Super said TAL advised that the legislative changes ...

Industry fund hikes admin fees

ELIZA BAVIN  |  MONDAY, 17 FEB 2020
A $3 billion industry super fund is the latest to hike fees ahead of the Protecting Your Super (PYS) and Putting Members Interest First (PMIF) legislation. First Super announced an increase to its administration fee, going from $1.50 per week to $2.25 ...

HESTA hikes default insurance cover

KANIKA SOOD  |  THURSDAY, 13 FEB 2020
... standard cover at HESTA, has remained unchanged after the review. HESTA is not the only one to rejig its insurance fee after PYS changes. Other funds who also changed fees include MTAA Super and Rest.

Problems persist with PYSP communication: ASIC

ELIZA BAVIN  |  WEDNESDAY, 12 FEB 2020
ASIC said that common problems have been persistent in its review of superannuation trustees' PYSP communication with members, with some trustees failing to present facts and instead focusing on member and insurance retention. The regulator launched ...

Industry split over super fee hike

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  TUESDAY, 4 FEB 2020
... for Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume told Financial Standard the PYS fee cap would only hurt AustralianSuper for accounts with balances under $4000; the number of which has not been disclosed ...

AustralianSuper ups admin fees

JAMIE WILLIAMSON  |  WEDNESDAY, 22 JAN 2020
... than a year after the fund increased admin fees by 50% in March 2019, adding a further $39 per year to member fees. With the PYS legislation seeing fees and costs incurred by members with less than $6000 in retirement savings capped at 3%, the new fee ...

ASIC puts trustees on notice

ELIZA BAVIN  |  THURSDAY, 31 OCT 2019
The Australian Securities and Investment Commission has warned superannuation trustees to improve the standard of communication to fund members about Putting Members' Interests First (PMIF) reforms, hinting it may take action against funds if necessary. ...

Statewide still keen on mergers

KANIKA SOOD  |  MONDAY, 9 SEP 2019
All options are on the table at Statewide Super, including looking at potential retail fund partners, but three-way mergers are too much execution risk, according to chief financial and operating officer Grant Eastwood. Statewide canned plans to merge ...