In recent months there has been a lot of commentary – and regulatory exhortation – in the superannuation sector suggesting that a wave of fund mergers is imminent.
The proposed changes now appear to strike a more reasonable balance for the industry.
The winds of change are blowing in superannuation: renewed emphasis on governance, culture and accountability
Regardless of how, and in what form, the Report’s recommendations are implemented, they will undoubtedly have a significant impact on the structure of the superannuation industry for many years to come.
The Royal Commission has provided a blueprint for raising the bar on the design, implementation and oversight of remuneration that will have impact beyond just financial services firms.
It’s that time of year again – the first Tuesday in November, when we run the Melbourne Cup! Once again, I have been tasked to find the followers of this blog the winner.
One of the best recommendations in the Productivity Commission (PC) draft report on the superannuation industry was the backing the PC gave to making permanent the current temporary (until 1 July 2020) tax rollover relief for fund mergers and transfer events.
For many employers, complying with complex superannuation rules is an enormous challenge and despite best intentions, there are occasional errors.
After 25 years, superannuation was due a landmark critical analysis – and the Productivity Commission’s draft report out yesterday certainly has not disappointed in that respect.It has spotlighted many important issues I would endorse.
The next decade will see a major rationalisation of Australia’s superannuation sector – with the number of funds in Australia being cut in half. But this is a natural evolution from the current market situation which is already seeing a two-speed divide between larger and smaller funds
KPMG is concerned the Budget announcements surrounding the removal of default insurance in super for people under the age of 25, plus inactive accounts and small balances will damage the overall system for relatively little benefit.