If you are now, or even have been, an employee and can’t remember ever choosing a superannuation fund, chances are you have retirement savings sitting in one or more MySuper accounts. As we’re talking about 9.5% of your income and possibly hundreds of thousands of dollars by the time you retire, it’s worth following ... Read more
Revamp for super system: Financial Services Royal Commission recommends change
Although most media coverage following release of the Final Report from the Hayne Royal Commission has been about its impact on Australia’s banking system, the fallout for the super and financial advice industries is likely to be every bit as significant. The three-volume final report from the Royal Commission into ... Read more
Royal Commission: 9 recommendations for superannuation
The government today released the Final Report into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Below are the 9 recommendations concerning superannuation. See also the Royal Commission's 10 recommendations for financial advice. Trustees’ ... Read more
Boom! Productivity Commission super report finds the emperor has no clothes
Reading the Productivity Commission’s draft report on the superannuation system reminds me very much of the Hans Christian Andersen’s tale, The Emperor’s New Clothes. The child in the crowd calls out that the emperor is wearing no clothes, even though the emperor’s retinue, resident sycophants and loyal subjects ... Read more
What the Productivity Commission says about SMSFs
In May 2018, the Productivity Commission released its draft report into the superannuation system. The report also made some interesting findings on self-managed super funds. In the 571-page draft report, Productivity Commission Draft Report on ‘Superannuation: Assessing Efficiency and Competitiveness (April 2018), ... Read more
Productivity Commission and super: 22 draft recommendations
In May 2018, the Productivity Commission released its draft report into the superannuation system, which also included its recommendations into alternative models for allocating default fund members to products. The PC produced 22 draft recommendations (set out below), and for each draft recommendation, we list ... Read more
Productivity Commission identifies 41 major issues with superannuation system
In May 2018, the Productivity Commission released its draft report into the superannuation system, which also included its recommendations into alternative models for allocating default fund members to super products. The PC released 41 draft findings (covering 11 main areas, which are set out below). The PC has ... Read more
Fee hike for small super accounts
If you have less than $1000 in your super account, or you have children or grandchildren with part-time jobs (or starting their first full-time job), then you will be very interested in this article. Not so long ago, the super rules used to look after fund members with small super account. If super account had less ... Read more