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Showing 1 - 10 of 20 results for "MySuper transition"

Super fund delays successor fund transfer

KANIKA SOOD  |  TUESDAY, 5 MAY 2020
A retail superannuation fund has postponed its MySuper transition to a $16.5 billion industry fund citing market uncertainty and volatility arising from COVID-19. Perpetual's MySuper product was to transition to CareSuper effective around May 1 ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... Act and section 1041H of the Corporations Act; Failed to act in the best interests of members by delaying the MySuper transition that may have resulted in greater fees and ongoing commission payments being deducted from member accounts; and Put the interests ...

Poor systems delay MySuper transitions: CFS

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
Operational constraints and poor systems once again took a beating at this morning's Royal Commission hearing, contributing to what Colonial First State admits was a lengthy transition of members to MySuper products. CFS executive general manager ...

CFS and a messy MySuper transition

KANIKA SOOD  |  TUESDAY, 14 AUG 2018
Colonial First State's messy MySuper transition came under the Royal Commission's lens on Tuesday. Taking the witness box, Colonial First State executive general manager Linda Elkins told the Commission CFS initially failed to transition 13,000 members ...

AMP wealth arm leaked $873 million in first half

KANIKA SOOD  |  WEDNESDAY, 8 AUG 2018
AMP's wealth management arm, which includes its superannuation and platform products, saw net outflows of $873 million in the first half of 2018. By comparison, it had recorded net inflows of more than $1 billion in first half of last year. AMP's North ...

MySuper milestones monitor industry movement

DARREN SNYDER  |  MONDAY, 11 SEP 2017
... between 41 and 49 years, posting returns of 14.4% and 13.7% respectively. As July's deadline loomed for the MySuper transition, Rainmaker said it is not surprising that retail MySuper accounts grew in the last three years from $17 billion to $103 billion ...

Super FUM up 10pct to $2.3tn

ALEX DUNNIN  |  THURSDAY, 24 AUG 2017
Superannuation savings climbed 10% in 2016-17 to reach $2.3 trillion, with performance income accounting for almost all the flows, according to figures released by APRA this week. Within segments, not-for-profit (NFP) funds climbed 12% to $983 billion ...

Super reform impacts AMP results

JAMIE WILLIAMSON  |  THURSDAY, 11 MAY 2017
AMP attributed increased net cash outflows in its first quarter results to Australians readying themselves for incoming superannuation reforms. The institution recorded an 11% increase in wealth management inflows year on year to $6.4 billion, but was ...

MySuper transition costing retail members

JAMIE WILLIAMSON  |  THURSDAY, 20 OCT 2016
The retirement savings of retail super fund members could be diminished by $20,000 as a result of retail and bank-owned funds delaying the transition of members into default MySuper products. Research conducted by Rainmaker Information and commissioned ...

Time to review MySuper effectiveness

DARREN SNYDER  |  FRIDAY, 1 JUL 2016
... from its deadline and millions of members are expected to be transferred in the second half of 2016. As the MySuper transition completes, Workplace Super Specialists Australia (WSSA) chief executive Douglas Latto believes consideration must be given ...
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