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SuperBrief Independent & Concise

Issue #31 of 2015: Friday, 7th August

RETIREMENT

The Australian Institute of

Superannuation Trustees (AIST)

and AustralianSuper have

released a joint paper titled

“Busting the $1 million

retirement myth”, saying that

the focus on larger balances is

only causing confusion and

disengagement among

members. The paper argues

that most Australians won’t

retire with large balances, and

highlights that even a fairly

modest super balance can

provide significant benefits in

retirement.

Source: AIST

ADVICE

A survey of 19 not-for-profit

superannuation funds,

conducted by the Australian

Institute of Superannuation

Trustees (AIST) and Industry

Super Australia (ISA), has

indicated the benefits of the

Future of Financial Advice

(FoFA) reforms are being met.

Showing an existing increase in

provision of small scale, simple

advice to members, the survey

also highlights expected growth

of advice services of 43% over

the next four years.

Source: AIST

SUPER GUARANTEE

The Financial Services Council

CEO, Sally Loane, is the latest to

call for commitment from both

sides of government to increase

superannuation contributions to

12% by 2022. Ms Loane quotes

Rice Warner research that

shows the current pause at 9.5%

is creating a saving gap that

models show is only ever

reduced when a rate of 12% is

used.

Source: FSC

REGULATION

The Australian Securities and

Investments Commission (ASIC)

has released its enforcement

report for June 2015, with 323

enforcements outcomes for the

first six months of the year. ASIC

notes that poor culture is a key

driver of poor conduct, and will

be a major area of review in

the coming six months.

Source: ASIC

REFORM

Michael Keating, former

Secretary of the Department of

Prime Minister and Cabinet

under the Hawke government,

and one of the original

architects of the Australian

superannuation system, has

admitted it was a mistake not

defining the purpose of

superannuation when it was

introduced in 1992. Mr Keating

said that addressing this now

would help promote more

predictable policy, as well as

reducing the risk of continual

piecemeal reform. Mr Keating

joins a growing crowd stating

that “the time is right for a

much more holistic approach

to reform”.

Source: Canberra Times

In a recent speech, Shadow

Treasurer, Chris Bowen, has

reiterated the Oppositions

commitment to reducing tax

concessions for high balance

superannuation account

holders (>$1.5 million), stating

that the sustainability of

superannuation tax concessions

needs to be addressed, despite

the Governments dismissal of

the concerns.

Source: Money Management

REMEDIATION

Ausbil has informed investors

that it has identified

inconsistencies in fee charges

between what’s outlined in the

funds PDS, and what’s allowed

under the funds constitution,

with the errors covering a ten

year period between 2004 and

2014. The fund has already

been compensating impacted

investors, with the final

compensation package

totalling $18 million.

Source: Investor Daily