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Superannuation

ASIC: no plans for SMSF balance threshold

ALICE URIBE  |  FRIDAY, 21 FEB 2014
The Australian Securities and Investments Commission (ASIC) has no plans to prevent financial planners from providing advice for self-managed superannuation funds with balances under $100,000.

Looming pension deeming rules "lack clarity"

ALICE URIBE  |  FRIDAY, 21 FEB 2014
The changes to the deeming rules for account based pensions look likely to be passed by the Parliament this year, with SPAA warning SMSF trustees to be prepared despite the lack of available information.

EISS switches custodians

JAMES FERNYHOUGH  |  THURSDAY, 20 FEB 2014
Energy Industries Superannuation Scheme (EISS) has appointed Northern Trust as its custodian, replacing JP Morgan

BT reveals post-awards strategy

JAMES FERNYHOUGH  |  THURSDAY, 20 FEB 2014
BT Financial Group will pitch its MySuper product to at least 30,000 employers via Westpac's business bank should the government proceed with its plan to take superannuation out of modern awards.

SMSF industry welcomes more flexible penalties

ALICE URIBE  |  THURSDAY, 20 FEB 2014
The government's re-introduction of measures that allow for more flexible penalties for trustees who breach rules has received general support from the self-managed superannuation fund (SMSF) industry.

Industry resists full portfolio disclosure

JAMES FERNYHOUGH  |  MONDAY, 17 FEB 2014
The superannuation and funds management industry has universally resisted the move towards full transparency of portfolio holdings.

Pressure mounts on super in modern awards

JAMES FERNYHOUGH  |  FRIDAY, 14 FEB 2014
MLC and BT have called on the Fair Work Commission (FWC) to delay its four yearly review of the default fund terms of modern awards until after the government has completed its own review into the issue.

SPAA urges concessional cap rethink

MARK SMITH  |  FRIDAY, 14 FEB 2014
The SMSF Professionals Association of Australia (SPAA) has called for a higher concessional cap and the accurate costing of superannuation taxation concessions in its submission to the federal government's May budget.

AIST adopts middle ground on board structure

JAMES FERNYHOUGH  |  THURSDAY, 13 FEB 2014
Super funds should not be forced to include a third quota of independent directors on their boards, but the law should be changed to allow them to do so if they wish, according to the Australian Institute of Superannuation Trustees (AIST).

Member direct investment at "high water mark": AIST

JAMES FERNYHOUGH  |  THURSDAY, 13 FEB 2014
Superannuation funds offering member direct investment (MDI) options must design them to be in the best interest of their members, according to David Haynes, executive manager, policy and research at the Australian Institute of Superannuation Trustees.