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|The government's proposed reform to MySuper products, which will involve naming and shaming underperforming MySuper products, could actually end up hurting fund performance, according to some critics. Advance Human Solutions managing director Alexandra ...|
|... Guarantee option had one-year returns of -0.39% and five-year returns of -0.11%. Perpetual also recently terminated its MySuper option due to underperformance, with members transferred to CareSuper.|
|Senator Jane Hume has clarified why the government's latest reforms will seek to identify underperforming MySuper products. Hume was speaking at a Financial Services Council (FSC) event about the Your Super, Your Future package announced as part of ...|
|... negative" for AMP, IOOF and Link Group but have no impact on Netwealth and HUB24. The government is proposing to subject all MySuper products to a new APRA-administered annual test from July 2021 and all trustee-directed super products from July 2022. ...|
|... and women." The Association of Superannuation Funds of Australia (ASFA) said it supports measures to lift standards for MySuper products but changes need to be carefully considered. "We don't suffer from a shortage of good funds and we need to ensure ...|
|Any MySuper products that fail a new APRA-administered annual test twice in a row will not be allowed to receive any new members until they improve their performance. The prudential regulator will conduct benchmarking tests on the net investment performance ...|
|... changes jobs, with Australians to be 'stapled' to their super account. Further, from July 2021, APRA will benchmark MySuper products, with products that have underperformed over two consecutive annual tests to be banned from taking on new members ...|
|... are paying less in fees, at the same time as improving results," Vision Super chief executive Stephen Rowe said. "Our MySuper default balanced growth option is top three over the last financial year, and top ten over all periods up to ten years. Most ...|
|... peer reviews, in which many super funds are pitting themselves against a narrow field and failing to include all of their MySuper products in the assessment. "Often it wasn't clear to us why certain peer groups for choice products had been selected. ...|
|MySuper funds continue to recoup coronavirus-induced losses, as the latest Rainmaker research finds default products have on average gained three out of every four dollars lost in February and March. The 2021 financial year kicked off in positive territory ...|
IOOF expects to spend up to $32 million on paying out Buyer of Last Resort arrangements with financial advisers leaving its network, primarily from Bridges Financial Services.
Link Group is now exploring the possibility of listing PEXA despite recently flagging there was strong interest from other parties in buying the property settlement platform.
PIMCO has named a new lead for its Asia Pacific business as part of an executive shuffle announced overnight.
Even before the COVID-19 vaccine arrived in Australia, it was clear we were returning to pre-pandemic normality, and latest stats back this.
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