February 2020

05Feb

Super funds push for lower pension age for Indigenous Australians

Superannuation funds are agitating for lower retirement age thresholds for Indigenous Australians, warning lower life expectancy means they're not getting fair access to the pension and super. Major fund AustralianSuper, consulting firm PricewaterhouseCoopers, the Australian Institute of Superannuation Trustees and the Australian Council of Trade Unions all raised concerns about Indigenous access to funds in retirement as part of submissions to a government review Australian Bureau of Statistics data shows for the Aboriginal and Torres Strait Islander population born...

February 5, 2020
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January 2020

29Jan

New Zealand. Retirement Commissioner backtracks on call to raise pension age because Kiwis can’t afford it

New Zealanders are approaching retirement in poorer shape than their parents' generation did – and that means we cannot afford to raise the pension age, the Retirement Commissioner says. The commission has long argued that an increase in the age of eligibility for superannuation is needed because of the cost of providing it to an increasing number of older people. But now acting commissioner Peter Cordtz has issued recommendations that backtrack on that. In the commission's latest three-yearly Review...

January 29, 2020
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22Jan

Australia. More pensioners are taking up part-time work to avoid the threat of pension poverty

More pensioners than ever are having to work part-time just to get by according to new research, with nearly 5 per cent of people on the pension now doing paid work. Key points: New research shows that a growing number of pensioners are needing to work part-time Women and divorcees are among those most affected Seniors Australia says tax changes are needed to not penalise pensioners who work Cost of living and inequality researcher Paul Blacklow, of the University...

January 22, 2020
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16Jan

Australia. Superannuation returns hit a six-year high in 2019, but investors warn of a 2020 slowdown

The total size of Australia's superannuation is staggering. Key points: The average super fund returned 15.2 per cent, while the typical balanced fund grew by 13.8 per cent in 2019 Those returns are the best since 2013 Analysts say lower interest rates, partly initiated by Donald Trump's trade war with China, were a major factor in the growth "We've got the equivalent of three football stadiums of $100 bills," the chief executive of the Association of Superannuation Funds of...

January 16, 2020
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December 2019

11Dec

MySuper Product Heatmap

By APRA The MySuper Product Heatmap provides assessments of the performance of every MySuper superannuation product. The heatmap provides stakeholders with transparency on the outcomes being delivered by all trustees providing MySuper products. It is designed to lift industry practices and enhance member outcomes by publicly identifying which MySuper products are underperforming and the areas they need to improve. It uses a graduating colour scheme to provide credible, clear and comparable insights into MySuper products across three areas: investment performance, fees...

December 11, 2019
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11Dec

Worst Australian Pension Funds Warned to Improve or Shut Down

Australia’s prudential regulator has vowed to weed out under-performing pension funds after publishing its first ranking of firms, including those it fears don’t have a sustainable business model. The inaugural heatmap assessment of default investment plans found 15 had issues with net cash flow or growth that jeopardized their future survival, the Australian Prudential Regulation Authority said Tuesday. Some 28 funds were found to be charging excessive fees, and nine had net returns significantly below a reference portfolio of...

December 11, 2019
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November 2019

29Nov

Australia. Supporting upskilling of dispersed workforce

Leadership, communication and collaboration are consistently seen as the top three skills people managers want and online training can help foster these skills, writes Scott Cooper. Almost a quarter of a million people are employed as direct care providers in Australia’s aged care sector. The government has estimated this number needs to increase two to three times by 2050 to look after the ageing population. At the same time, there’s already an urgent shortage of skills and highly-trained people...

November 29, 2019
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22Nov

Australia. Super tax breaks outweigh pension payments

Superannuation tax concessions provide higher income earners with greater taxpayer assistance than those on low incomes who rely on the age pension, according to a paper released by the government's review into retirement incomes. The consultation paper, which outlines the starting point for the review and the principles that will guide it, says the overall level of public support provided by the retirement income system "should be targeted to those who need it most''. But modelling provided by the...

November 22, 2019
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20Nov

Ageing population a threat to Australian economy: Treasurer

Australia's Treasurer Josh Frydenberg has warned that the nation's ageing population is an "economic time bomb". Read also US. Longevity Project explores the nuanced implications of longer life According to The Australian Financial Review on Tuesday, Frydenberg said in a speech that the population is ageing and this will place new demands on health, aged care and pension systems. Read also The human face of pension management According to data cited in his speech, the ratio of working-age Australians to every...

November 20, 2019
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14Nov

Australia. A 24-Year-Old Is Suing Pension Fund for Not Being Green Enough

Mark McVeigh, a 24-year-old environmental scientist from Australia, won’t be able to access his retirement savings until 2055. But, concerned about what the world may look like then, he’s taking action now, suing his A$57 billion ($39 billion) pension fund for not adequately disclosing or assessing the impact of climate change on its investments. The Federal Court battle is shaping up to be a unique test case. Are pension funds in breach of their fiduciary duties by failing to...

November 14, 2019
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