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SuperBrief Independent & Concise

Issue #10 of 2015: Friday, 13th March

TECHNOLOGY

Bravura Solutions has

announced that Trustees

Executors Limited (TEL), New

Zealand’s largest provider of

third party administration

services, has gone live with its

Sonata implementation.

Notably the solution has been

implemented as a Managed

Application Service, with TEL

also being the first company to

administer KiwiSaver on Sonata.

Source: Bravura Solutions

The Commonwealth Bank of

Australia has selected IRESS’

XPLAN as its advice platform for

the Group’s Wealth

Management Advice business.

The deal will see the CBA as the

first customer to use the new

scaled advice XPLAN Prime

platform, with implementation

expected to commence in

2016.

Source: IRESS

MEMBER RETENTION

Rice Warner has conducted a

survey of Australia’s largest 45

superannuation funds and has

found that funds who offer

quality in-house advice have

much greater member

retention than those where

members are forced to go

externally for advice services.

Source: Super Review

INTERGENERATIONAL REPORT

Following the release of the

Intergenerational Report (IGR),

Treasurer Joe Hockey has

made several public comments

indicating that changes to

superannuation will be

considered as part of long-term

policy. Mr Hockey has said that

the conversation is required

due to the changing nature of

life and work. He has also

floated the idea of first home

buyers having access to

superannuation to help fund a

deposit, an idea that has been

widely criticised.

Source: SolePurposeTest

REPORTING

The Association of

Superannuation Funds of

Australia (ASFA) has made a

submission to the Australian

Securities and Investments

Commission (ASIC) arguing that

new guidance for fee disclosure

in Product Disclosure

Statements (PDSs) is not

required. ASFA has argued that

legislative and regulatory

changes are required to truly

address reporting issues, rather

than the on-going piece-meal

approach currently being

taken.

Source: Super Review

DEATH BENEFITS

The Association of

Superannuation Funds of

Australia (ASFA) has released a

fact sheet aimed at guiding

members through the process

of nominating beneficiaries, as

well as a best practice guide

aimed at funds managing

death benefit claims.

Combined, the papers are

intended to deliver better

processes and experiences for

both funds and members.

Source: ASFA

INVESTMENTS

Draft legislation for the final

element of the Investment

Manager Regime (IMR) has

been released by Treasury. The

changes remove tax

impediments and provide

greater clarity for foreign

entities investing into Australian

based hedge funds.

Source: Investor Daily

INSURANCE

There has been a call to link

insurance by members Tax File

Numbers to help reduce the

number of extra accounts held

and reduce wasted member

premiums. The change would

see secondary accounts opt-in

rather than opt-out.

Source: Money Management