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After a change in the rules allowed members to withdraw almost A$16bn from their accounts, We investigate whether the sector is able to absorb the shock.
Wind farm Western Australia
The A$52 billion industry superfund has set a target to achieve net zero emissions in its portfolio by 2050, with renewables set to play a major role in the transition.
Australian currency
Senator Jane Hume, assistant minister for superannuation, argues that the early super withdrawal scheme has gone ‘exceptionally well’ to date with only 0.5% of the whole system’s assets withdrawn.
Australian currency
The A$53bn industry fund says it may have to invest over shorter time horizons if the early withdrawal scheme is extended.
Changes to financial hardship provisions have seen members affected by covid-19 withdraw significant sums, with the largest funds and those with membership cohorts in struggling industries the hardest-hit.
The two profit-for-member funds have delayed their merger date by six months due to concerns about market volatility and to help ease staff working arrangements.
Managers should get ready for internationalisation, downward pressure on fees and bigger private capital allocations, should the current wave of mergers come to pass.
Sydney skyline
Speaking at a conference in Sydney, Mark Delaney highlighted the stronger-than-expected returns generated by infrastructure in comparison to bonds.
The two funds, which both count public-sector workers among their membership, say a merger will lead to stronger returns and lower fees for members.
Sydney skyline
Diana Callebaut's departure comes a little over a week since the superannuation fund announced its CEO, David Atkin, would also be stepping down by mid-2020.
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