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Super wars

This Month

Mercer said the legislation surrounding when and how trustees can contact members were confusing and needed modification.

How 750,000 retirees are missing out on $850 a year

They are exposed to more than $635 million in extra tax annually due to confusing and ill-fitting laws that cover superannuation, Mercer says.

  • Lucas Baird
An Australians for Prosperity-funded advertisement in Westfield Bondi Junction.

‘Smears and lies’: Spender blasts claim she wants to raise taxes

The teal MP has called for truth in political advertising laws after a new right-wing campaign group, Australians for Prosperity, paid for ads saying she wants to lift taxes.

  • Michael Read

December 2024

As Super Members Council chair, I have seen first-hand how this governance model gives super fund members a clear voice at the board table.

Deloitte gave industry super governance a big tick

The report into Cbus’ fit and proper processes dispels assertions that the equal representative model is a barrier to funds getting the skills and expertise needed to govern these large financial institutions.

  • Ann Sherry
Cbus chairman Wayne Swan.

Cbus’ Swan has ‘serious questions’ to answer: Coalition

Fundamental transparency and accountability failings at the industry super fund may yet claim the scalp of its chairman.

  • Michelle Bowes, Joanna Mather and Lucy Dean
Michelle Levy recommended a shake-up of the financial advice sector.

Labor unveils plan for army of advisers to help Baby Boomers

Labor will attempt to re-write financial advice laws to relax the regulatory requirements that have made advice prohibitively expensive for many.

  • Joanna Mather
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Beleaguered Cbus chair Wayne Swan has defended the fund while also apologising to members.

‘Failings’ in Cbus’ best financial interests duty: Deloitte

The independent review has slammed the Cbus board’s lack of compliance with the best financial interests duty test.

  • Updated
  • Michelle Bowes
The Cbus report is a shot across the bows of the super sector.

Super sector’s problems are much bigger than Cbus

The damning review of governance at CBUS shows while industry funds have led the way in gathering and growing assets, they now need to play governance catch-up.

  • James Thomson

November 2024

You tell me what the cash flows of a toll road are going to be for the next 50 years.

Unlisted assets mask awkward questions about super governance

We need to be sure that on valuations, trustees are not conducting some tick-a-box exercise and playing with the retirement savings of members.

  • Richard Holden

Big Super’s reckoning has arrived

After 32 years of guaranteed inflows from workers and scant scrutiny, the $3.9 trillion industry faces customer fury over service, unclear investment practices and questionable governance.

  • 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

October 2024

Wayne Swan says the super sector’s infrastructure may not be fit for purpose.

Swan accuses Cbus critics of ‘raw politics’ and ‘deliberate damage’

The former treasurer said industry funds were under attack from critics jealous of their success.

  • Hannah Wootton
Forty-two self managed super funds have more than $100 million in assets and receive more than $140 million per year in tax concessions, sparking calls for the government to put a limit on how much superannuation a person can accumulate.

‘Tax-free to the children’: 42 super accounts worth more than $100m

The mega-SMSFs receive more than $140 million per year in tax breaks, sparking calls for the government to put a limit on superannuation balances.

  • Michael Read
Liberal politicians Jenny Ware, Maria Kovacic, Angie Bell and Bridget Archer.

Liberal MPs push to give single women early access to super

The MPs argue that some single and divorced women could be forced to rent forever and risk homelessness if they can’t access their superannuation early.

  • Michael Read
Stick to returns, Garry Weaven tells APRA.

Stick to super returns, don’t cave to ‘political interference’: Weaven

Garry Weaven says APRA shouldn’t give in to “bastardised political interference” in governance and performance testing of high-performing industry funds.

  • Hannah Wootton
Industry super funds have given all Australians a bigger share in the economy.

Union and employer boards make industry funds so successful

Industry super funds achieve strong performances precisely because of the equal representation on their boards – not despite it.

  • Garry Weaven
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August 2024

Retirees and savers just starting should be at the forefront of super fund thinking.

Shouldn’t retirees be on super boards too?

Super funds have changed since the Cooper inquiry recommended more independent directors. Now, it might be a case of why stop there?

  • Jeremy Cooper and Ruth Stringer
IFM Investors CEO David Neal previously led Future Fund.

IFM Investors, ISPT shareholders agree terms for $240b merger

Property investor ISPT is ready to sign on the dotted line with IFM Investors after more than a year of negotiations.

  • Sarah Thompson, Kanika Sood and Emma Rapaport

June 2024

Superannuation investors are tinkering their income levels to avoid the ‘Division 293 tax’ where they can, a new study shows.

The super funds with the most million-dollar members

After losing ground to industry super funds since the Hayne royal commission, data shows retail funds are fighting back when it comes to attracting and retaining high-net-worth members.

  • Joanna Mather and Michelle Bowes

Eight ways to squeeze more into super – which ones are you using?

A couple employing just four of these methods could boost their retirement savings by almost $5 million.

  • Duncan Hughes
The debate over default pensions will be an important one in the next 12 months.

Why KKR’s Colonial First State calls default pension plan ‘dangerous’

Colonial First State chief executive Clive van Horen says the wealth and super giant is back in growth mode. But he’s not shying away from a big super debate. 

  • Updated
  • James Thomson

Original URL: https://www.afr.com/topic/superannuation-wars-1mr4