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Superannuation

Today

The growing power of the super sector raises some big questions.

CFMEU’s return to Cbus board shows it’s time for change

Appointing union officials as directors at a time when super fund boards are screaming out for specialist skills raises questions about the need for change.

  • James Thomson
Simone Constant has ramped up the heat on super fund executives even more, as the scandals engulfing the sector deepen.

Super chiefs risk pay cut for failings: ASIC, APRA

The corporate watchdog has threatened superannuation fund executives with penalties if they do not fix their customer service failings.

  • Hannah Wootton

Yesterday

Michelle Levy recommended a shake-up of the financial advice sector.

Michelle Levy backs big super, Labor in financial advice fee fight

The Quality of Advice Review chairwoman has backed big super funds and Labor’s bid to allow funds to share the cost of financial advice across their membership bases.

  • Updated
  • Hannah Wootton
Office towers are plummeting in value, forcing super funds to reprice their assets.

HESTA forced to repay 120,000 customers stranded in poor investments

The prudential regulator said the industry super fund’s deficient procedures left members worse off, including one who was down $17,000 as a result.

  • Updated
  • Hannah Wootton

This Month

Red card for super fund bosses more effective than fines

Readers’ letters on appropriate punishment for super fund director breaches; Zionism v Judaism; kicking our coal habit; and Donald Trump’s cabinet picks.

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Wayne Swan claims Cbus’s administrator is at fault for much of the misconduct alleged against the fund.

Cbus customer service provider hits back

Superannuation administration platform Link Group says it services 19 other super funds that do not face the same level of complaints as Cbus.

  • Hannah Wootton
ASIC chairman Joe Longo. He says the superannuation system is not delivering for many members.

Big super is being put to the stress test

The sector is destined to become bigger than the $5.3 trillion banking system, but it’s unprepared for what happens when retirees draw down their balances.

  • Michael Stutchbury
Kinetic Group and Globalvia teamed up to buy UK-based Go-Ahead Group last year.

Bus group Kinetic’s PE owners pull brakes on 100pc sale

Despite icing plans for a 100 per cent sale, sources say Kinetic is progressing talks with a handful of interested parties.

  • Sarah Thompson, Kanika Sood, e and Emma Rapaport
Wayne Swan says he acted immediately when he learned of customer service problems at Cbus.

Swan says Cbus board was not too slow on payouts. ASIC disagrees

Breaking his silence on the customer service scandal engulfing the industry super fund, the chairman and Labor powerbroker said many criticisms this week were “completely inaccurate”.

  • Hannah Wootton
Super recontributions are growing in popularity.

This super loophole can create tax-free money for the kids 

There has been a surge in the number of people using so-called recontribution strategies, which allow older Australians to wash tax from super inheritances.

  • Michelle Bowes

Australia’s most complained about super funds revealed

Embattled construction industry fund Cbus topped the list of major funds, new data shows, but complaints across the sector jumped last financial year.

  • Hannah Wootton
Insignia paid $1.44 billion for MLC. Four years on, it is yet to properly see the full benefits.

New CEO takes a turn to ‘Make MLC Great Again’

The last owner to make good money out of MLC was Lendlease, more than two decades ago. But it is coming back.

  • Anthony Macdonald
Cbus chief executive Kristian Fok appears before the senate on Thursday.

ASIC warns directors could be on hook for super customer failures

The warning came as Cbus CEO Kristian Fok apologised to members but defended the fund’s deep financial links to the CFMEU.

  • Hannah Wootton
The growing power of the super sector raises some big questions.

Cbus puts super sector on the edge of a systemic scandal

The banking royal commission taught us seemingly innocuous problems can have huge ramifications. The super sector may be about to learn that lesson.

  • James Thomson
ASIC deputy chair Sarah Court says super funds across the board have let customers down.

Systemic customer failings in super, says ASIC

The opposition has accused the Albanese government of looking after super funds rather than their members, as ASIC warns more prosecutions are afoot.

  • Hannah Wootton
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Former sex discrimination commissioner Kate Jenkins.

Lack of action on workplace harassment holds back productivity

Readers’ letters on the impact of anonymous harassment reports; the need for flexibility in the super system; fee-free university; Trump’s inflation danger; working-class voters; and climate obligations.

Cbus chairman Wayne Swan

ASIC sues Cbus for ‘inordinate delays’ in claims worth millions

The super fund headed by former treasurer Wayne Swan has admitted that failing to process payments cost members $20 million. Past payouts suggest the figure could be closer to $1 billion.

  • Updated
  • Hannah Wootton
ISPT’s Core Fund has a number of significant office assets in the Melbourne CBD. Their valuations have fallen over the last year.

Big industry super property fund plunges to $1.5b loss on write-downs

ISPT, backed by AustralianSuper and other big funds, has written down the value of assets in its flagship vehicle as it prepares to merge into IFM Investors.

  • Nick Lenaghan
Wayne Swan is well-practiced in parliamentary manners.

Wayne Swan’s Cbus dodging Senate’s invitations

Even a month isn’t enough notice for the $94 billion superannuation fund, which is admittedly busy dealing with several headaches.

  • Hannah Wootton
Iress boss Marcus Price.

ESSSuper takes Iress to court claiming tax mistakes cost it members

The ASX-listed software firm allegedly gave the Australian Taxation Office the wrong information about its $37 billion superannuation fund client.

  • Amelia McGuire

Original URL: https://www.afr.com/topic/superannuation-62e