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The CEO of an industry super fund has explained how the group will invest $1 billion of member funds in venture capital “bets”, including online mortgage lenders and nuclear fusion.

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Appearing before a parliamentary committee on 21 November, Hostplus chief executive David Elia explained that the super fund has made a commitment of $1 billion towards venture capital (VC), of which $670 million has been invested to date.

“We think that in time, some of our largest company exposures will originate from our early VC investments in managers and funds such as Square Peg, Blackbird Ventures, Artisan, Carthona, the CSIRO Innovation Fund, Main Sequence Ventures and the Carnegie Innovation Fund,” the CEO said.

“We think that venture capital will certainly provide us with access to opportunities to investments that would not otherwise be available. Some of these are life-changing in terms of what we’re doing in this space, albeit we are obviously focused on delivering great investment outcomes for our members.”

Mr Elia noted that for the year ending 30 June 2019, the VC asset class delivered 21 per cent for Hostplus.  

Deputy chief investment officer Greg Clerk explained that the $43 billion super fund’s connection through the venture capital program is via 40 universities globally and a multiple research institution such as the CSIRO and others.

“The kinds of investments we are in are things like Vaxxas, which is for needle-free vaccinations, which will enable us to deliver these without the protections that need be afforded needle-based treatments and the like,” Mr Clerk said.

Hostplus also has a stake in mortgage provider and neo-lender Athena Home Loans and nuclear fusion business Commonwealth Fusion Systems.

“If you accept the proposition that these new types of technologies, these disruptive technologies, will challenge the old-world economy, then we would argue that we have a fantastic hedge in place,” Hostplus CEO David Elia said.

“We’re actually taking bets with regard to some of those new emerging and disruptive technologies.”

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The CEO of an industry super fund has explained how the group will invest $1 billion of member funds in venture capital “bets”, including online mortgage lenders and nuclear fusion.

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Union partnerships, tennis attendance, inactive accounts and implementation of key royal commission reforms have been some of the hot topics launched at super funds in the past week as part of the government inquiry into the banks and financial institutions.

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A number of super funds were in the hot seat last week for the first day of superannuation hearings for the House of Representatives standing committee on economics’ inquiry into major banks and other financial institutions.

It saw two retail super funds and four profit-to-member funds take to the stand to give evidence: IOOF, Nulis, AustralianSuper, Rest, QSuper and Hostplus.

A rundown from the Australian Institute of Superannuation Trustees (AIST) noted that questioning covered a broad scope of topics, broader than what was indicated by the inquiry’s terms of reference.

While funds did answer questions on their activity related to issues raised in the royal commission, AIST noted that much of the questioning focused on relationships between super fund performance, fees, scale and investment strategies.

Differences between for-profit and profit-to-member approaches and outcomes were highlighted, and attention was given to reasons for retail fund underperformance.

Here’s some of the main information to come from the day’s hearings:

AustralianSuper

AustralianSuper CEO Ian Silk said the fund had learned three key lessons from the royal commission:

- The fact that customer interest reigns supreme must be the “watchword”.
- The reinforcement of the notion of community expectations.
- And the dangers of complacency – Mr Silk said that AustralianSuper was an organization that emerged “relatively well” from the royal commission – but it must continually focus on members’ interests.

Mr Silk noted that AustralianSuper has complied with new government measures, including protecting your super and member outcomes, “and in many cases has pre-empted the legal fate of the obligation”.

“We’ve transferred 240,000 accounts ($6 million in member assets) to an eligible roller fund prior to it being passed through to the ATO,” he said.

“We’ve heeded lessons of RC and have acted promptly ahead of the required time.”

IOOF

CEO Renato Mota conceded that the fund did a lot of things in the past they aren’t proud of.

He outlined actions taken by the fund post-RC, including the appointment of independent directors and the establishment of a board and investment trustee “with no other role”.

Grandfathered commissions now account for less than 7 per cent of the fund’s total revenue – a drop of 30 per cent in the past year.

When asked if the fund had done the same thing as AustralianSuper and sent its low balance, inactive accounts to an eligible rollover fund, Mr Mota said: “That’s not the way we operate.”

“You shouldn’t do that. Our long-standing approach has been to consolidate account. We’ve consolidated 20,000 accounts in the last five years. In February this year, we are moving a further 20,000 accounts in accordance with what is expected of us,” he offered.

Australian Labor Party’s Dr Andrew Leigh then indicated that Superrating rated eight of IOOF’s funds below median performance and posed the question: “Is it your understanding that you are currently underperforming on average?”

“That’s certainly not my understanding,” he replied.

“I’d have to have the data to be definitive on that. There are different measures and this needs to be measured differently. We would want to compare over five years. And on our analysis on five years, we are above average. “

REST

REST CEO Vicky Doyle began by outlining that the fund has achieved a 10-year return of 8.95 per cent per annum.

It has a new organisational structure and increased staffing levels across risk and compliance areas, she said.

Liberal Party member Tim Wilson said, “REST has underperformed the MySuper average, particularly as you have low-income earners.”

Ms Doyle responded: “REST’s strategy is about ensuring long-term returns and protecting our members’ capital.”

REST was also questioned regarding its relationship with the ACTU and the $48,000 it is paying the union.

QSuper

QSuper CEO Michael Pennsi and CIO Charles Woodhouse took to the stand and noted that it had reviewed and implemented all reforms that have been legislated.

Mr Woodhouse said the fund believed it received a fairly clean bill of health from the royal commission and was proud of what it has been doing since then, especially in relation to its work in Indigenous communities.

Jason Falinski also questioned QSuper on its placement with regard to climate change, to which Mr Pennsi responded that “the board has asked the fund to focus on climate change”.

Mr Woodhouse said, “The board gives guidance around initiatives, which is to work with ACSI. The ESG team decides how QSuper will vote on company resolutions, the vote is made, and then this is reported back to the board.”

NULIS Nominees Australia

Company director Peter Promnitz and chief operating officer Brian Marriott were both in attendance at the hearing.

Questions to NULIS covered actions taken by the fund post-royal commission, returns, remediation payouts, scale benefits and culture.

Tim Wilson began by asking: “What was the core reason for the wrongdoing you feel you need to apologise for?”

In response, Mr Promnitz said, “The core issue was planned service fees that evolved from earlier product structures where those fees were essentially commissions.”

There were not enough protocols to ensure the services attached to the fees were being delivered, he continued.

“With the benefit of hindsight, those services were jot delivered. It was a lack of attention to detail at the time.”

On the topic of repatriation, Mr Marriott noted there were “grey areas” around their offering of some form of fee for no service.

“We are still working through some remediation,” he conceded.

“Adviser fees charged to dead members is taking time as we have to chase beneficiaries,” the chief operating officer outlined, with the potential for another 2000 cases needing to be remediated.

The Australian Labor Party’s Dr Daniel Mulino homed in on the culture topic, asking the director and chief operating officer to provide concrete examples of what NULIS is doing to improve its culture.

In response, Mr Promnitz said that across MLC wealth management group, “it would be concerning if I thought an employee couldn’t report misconduct”.

He explained that NULIS relies on the MLC Wealth CEO and management team to ensure that the culture is appropriate, but as trustee “we have a fair bit of influence”.

“Our expectations are that all employees working on super ought to know that members come first and any misconduct must be reported,” he continued.

“We are an influencer rather than deliverer of culture change but will take providing concrete examples on notice.”

Hostplus

Hostplus had three members of its executive team in attendance: CEO David Elia, deputy chief investment officer Greg Clerk and group executive, risk and compliance Norlena Brouwer.

Mr Elia began by listing off a number of Hostplus’ accolades before the committee queried the leadership team on its implementation of royal commission recommendations, their presence at the tennis, inactive account management, marketing spend and membership profiles.

The CEO noted that since 1 June 2019, the fund has transferred 10,000 inactive accounts worth $27 million to the ATO. Prior to that, Hostplus had transferred 60,000 member accounts worth $82 million to AUSfund.

The fund plans to send 94,000 inactive accounts worth $189 million to the Australian Taxation Office from April 2020, Mr Elia continued.

The CEO then went on to flag that the average retirement balance of a Hostplus member at retirement is $311,000 for a pension fund member.

The average for accumulation members sits at just under $40,000.

In response to questioning about what percentage of members come from default options, Mr Elia said, “About 250,000 are in our public offer fund, and 1.2 million members in the industry division.”

“Those in the public offer, we make the assumption have made an active decision to join,” he added.

Tim Wilson then queried Hostplus’ spending of “five entire members’ super contributions on tennis each year”, noting that it “seems like an expensive indulgence”.

In response, the CEO said Hostplus is “out there competing against retail funds and other industry funds – the importance of maintaining relationships is key”.

Dr Mulino then asked if they were “confident” they weren’t the only financial services organization in the sporting precinct over the last 12 months, to which Mr Elia replied: “They were all there – ANZ sponsors the tennis.”

The $20 million spent by Hostplus on marketing was also a hot topic, to which the CEO explained that it’s all funded out of a $1.50 fee.

“Consumers have a choice who they want to manage their money,” he said.

“AustralianSuper and Hostplus have two factors – outstanding investment performance and brand, and effectiveness of the brand.”

He said marketing includes TV advertising, servicing seminars, marketing material and tender documents, before noting that Hostplus pays $44,000 to ACTU.

This gives them access to conferences, booths, invitations and an ability to engage with key employers, said Ms Brouwer.

We’ll provide a rundown of what went down in the second day of superannuation hearings tomorrow.

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Union partnerships, tennis attendance, inactive accounts and implementation of key royal commission reforms have been some of the hot topics launched at super funds in the past week as part of the government inquiry into the banks and financial institutions.

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Superannuation funds will be the dominant shareholder in the ASX, rising to 60 per cent of the market in 2038, new modelling has suggested.

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Deloitte’s Dynamics of the Australian Superannuation System showed continuing growth despite historically low cash rate and weak inflation. 

Total superannuation assets rose from $2 trillion at 30 June 2015 to $2.7 trillion at 30 June 2018.

Deloitte’s modelling predicts that Australia’s total superannuation will increase over the next 10 years to $10.2 trillion by 2038, equating for a rise in compulsory superannuation to 12 per cent by July 2025. 

Diane Somerville, author and principal of Deloitte Actuaries and Consultants, said: “In spite of short-term volatility, funds have consistently earned robust returns over the medium term, ensuring average balances at retirement have increased.”

“An important caveat to the projected 275 per cent growth in total superannuation assets to $10.2 trillion is that the current low interest rate environment that has continued to prevail both in Australia and globally for more than five years is likely to remain the ‘new normal’.”

Deloitte Superannuation lead partner Russell Mason noted that currently the total investment by superannuation funds in Australian shares comprises around 35 per cent of the total market capitalisation of the ASX. 

“If they retain the same percentage allocation, this will increase to more than 60 per cent by 2038 – almost double the current allocation – and so dominate the ASX’s holdings,” he said.

The report also showed that post-retirement assets are also expected to grow despite members beginning to draw down their accumulated superannuation savings over time.

“However, given that there are no maximum constraints on the pace of members drawing down their benefits in retirement, if retirees are forced to draw down their retirement savings more quickly than expected in a low return environment, the projected asset growth to more than $10 trillion by 2038 would slow,” Mr Mason concluded.

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Superannuation funds will be the dominant shareholder in the ASX, rising to 60 per cent of the market in 2038, new modelling has suggested.

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There are two reasons why many of today’s Baby Boomers are only retiring for a short space of time before returning to the workforce, according to a post-retirement expert.

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The term used to describe the phenomenon, according to Mercer’s William Burkitt, is the “Baby Boomeranger”, and there are two major factors to explain the phenomenon of why Australia’s Baby Boomers are retiring only to return to a workplace.

“The Baby Boomer generation is the first one that has a lot longer life expectancy, and they’ve also not necessarily had really hard manual labour jobs,” Mr Burkitt noted.

As a result, they’re physically able to work longer.

And with a standard retirement age that sits around 65 years old, he said “they could still have 20 to 30 years in retirement ahead of them, which is a very, very long time to be retired and not doing anything”.

Mr Burkitt highlighted how Baby Boomers’ parents and grandparents had a life expectancy that was only mid to late 60s and early 70s, where “if you retired in your early 60s, retirement was only five to 10 years rather than 20 to 30 years”.

For the expert, it means Baby Boomers are grappling with new challenges from both a purpose perspective and a financial perspective.

The financial reason

At this point in time, Mr Burkitt outlined, “There is quite a bit of financial stress in Australia, and it’s hidden in quite a lot of respects.”

“We’re not in a formal recession, but different cohorts in Australia and retirees are finding [that] they haven’t necessarily experienced any wages growth for quite a long time,” he indicated.

“There’s research that shows employees’ remuneration and wages peak in their mid-to-late 40s – and so after that point in your 50s and 60s, your salaries decline.”

When coupled with the stagnant wages growth Australia has experienced over the last five to 10 years, plus rising CPI costs across some core goods and services that retirees need, “there have been these forces that have made it financially quite tough for retirees and hence there’s a lot of stress out there for them”, Mr Burkitt said.

“I think that’s the key reason at the moment.”

This driver to becoming a “Baby Boomerang” is often easy to identify and “driven out of necessity”, Mr Burkitt said, and is often triggered pretty quickly after reaching what the perceived or the planned retirement age is.

Oftentimes, the retirement leader said it can see individuals forced into jobs they don’t necessarily like or are passionately motivated by, “but they’re falling back into it as an Uber driver or within the gig economy or working part-time in call centres and so on”.

The non-financial reason

While acknowledging the financial situation as a driving force for the “Baby Boomeranger” phenomenon, the post-retirement leader was just as wary about the non-financial reasons driving Baby Boomers back into employment.

“People underestimate what work gives them,” Mr Burkitt stated.

“There are probably three main life aspects that people don’t necessarily appreciate fully when they go to retire, and hence they don’t set themselves for success in retirement,” he commented.

The three aspects, according to Mr Burkitt, are having social connection around you all the time, having a purpose to life and a structure to your day.

Where these aspects don’t appear to exist to a retiree, the non-financial motivation to return to work can evoke stronger emotions.

“It typically surprises people when it occurs,” Mr Burkitt commented.

“They don’t expect to be within retirement – which is everyone’s goal – but then find they wake up one day and that they are depressed or the relationship that they have, they’re fighting more or not quite getting on as much with their partner in the house or family.”

“So, that does have a strange emotional response attached to it,” according to Mr Burkitt.

The result, for these “Baby Boomerangers” is that they then go searching for meaning and looking for the next perfect job.

Issues arise, Mr Burkitt noted, when these individuals have not necessarily reskilled and retrained, “so it can take a while to be satisfied with what the next part of their life going to look like”.

No matter the reason for a retiree becoming a “Baby Boomeranger”, he said “what actually needs to happen across our organisations and society is that conversations need to be started earlier” around retirement.

“It’s all about having structured conversations and having them early enough,” he continued.

“I don’t think it’s in anyone’s interest to retire underestimating what it takes to have an enjoyable retirement and then be forced back into work, because this emotional aspect comes into it – which is predominantly negative,” Mr Burkitt said.

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There are two reasons why many of today’s Baby Boomers are only retiring for a short space of time before returning to the workforce, according to a post-retirement expert.

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Australian retirees are spending less amid fears they are financially unprepared for retirement or that an economic slowdown could impact their retirement, new research has found.

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Allianz Retire+ surveyed current and prospective retirees nationwide, revealing that retirees are responding to changing economic conditions by reducing spendings and risk in their portfolios.

“They have less interest in travel and other luxuries, and greater emphasis on maintaining independence, staying in their home, being healthy and caring for family,” Allianz Retire+ head of customer experience Jacqui Lennon said.

Ms Lennon believes a confluence of economic and demographic trends are influencing retiree intentions. 

“Many retirees have lived frugally over the years. But with term-deposit interest rates at record lows and investment returns falling, more retirees are having to cut back,” she noted. 

The result is even greater spending and investment conservatism in retirement. 

Ms Lennon also noted that retirees are living longer, with different social expectations to generation gone by meaning the needs of retirees are changing.

“Many are worried that their money will not last as long as they do or that they will have far lower living standards in the final quarter of their life. They are reducing spending now, so their money can last into their 80s, 90s or beyond,” Ms Lennon explained.

What can retirees do?

Ms Lennon said greater investment conservatism in retirement is understandable, but the risk is not achieving sufficient returns to maintain lifestyle for an increasing lifetime.

“The investment industry needs to respond to changing retiree needs,” said Ms Lennon. 

“As people live longer, a higher allocation to growth assets such as shares may be needed to generate sufficient returns to ensure their portfolio can go the distance. 

“However, retirees are naturally concerned about equity volatility. They don’t want the stress of sharemarket falls they cannot recover from.”

Ms Lennon believes investors should choose an approach, such as stop losses, that eliminates downside risk while allowing retirees to grow their funds.

For example, a 60-year-old nearing retirement might choose a -10 per cent floor (with a corresponding cap) because he or she can tolerate higher risk. 

If Australian shares fall 20 per cent that year, their loss is limited to 10 per cent. The maximum potential return that year will be subject to the corresponding cap, she concludes.

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Australian retirees are spending less amid fears they are financially unprepared for retirement or that an economic slowdown could impact their retirement, new research has found.

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A lawyer has warned Australians of the ease with which hackers can drain an individual’s life savings online and the risks associated with cyber crime.

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Nicole Murdoch, a principal lawyer at Brisbane’s Eaglegate Lawyers, said the latest figures show that cyber criminals are preying on individuals and businesses every 10 minutes, “trying to drain victims’ bank accounts”.

She said the rising prevalence of cyber crime is seeing Australians lose millions of dollars a year to thieves and online scammers.

There have been more than 13,500 reports of cyber crime to the Australian Cyber Security Centre (ACSC) in the past three months, the lawyer noted.

While romance and bank scams are the frontrunners in the cyber theft world, Ms Murdoch said “email scams have become so sophisticated, honest people can easily be hoodwinked by a scammer”.

The lawyer cited the case where a 65-year-old retiree reportedly lost $66,000 when he transferred money to what he thought was a legitimate bank account after buying a car from a dealership.

“He received an email with an invoice and bank details so he paid only to later discover either a cyber criminal had got into the dealership’s computer network and sent the email, or his email account could have been hacked.”

“Sadly, stories like this are becoming commonplace,” Ms Murdoch said.

“Retirees especially are being targeted by cyber criminals who claim to be from banks or internet service providers, claiming your computer has a virus they can remove if you give them control of your system,” she explained.

Types of scams

Ms Murdoch highlighted that romance scams involve a criminal cultivating an online relationship with a person over several months before persuading them to transfer money for medical treatment or essential goods.

Bank scams involve a person being sent a text or email that appears to be from their bank, requesting login details to fix a problem with their credit card or online banking. If the person supplies the details, it allows the cyber criminal access to the bank account.

The lawyer also indicated that compromised emails “are one of the top issues being reported to the ACSC by businesses”.

“For example, a criminal hacks into a business email account and pretends to be a legitimate employee and sends an email to another employee who might be the person who make online payments and trick them into making an online payment to the criminal,” she explained.

Ransomware is also prolific, with Ms Murdoch commenting that criminals can take control of your computer system and make you pay a ransom to get your computer system back under your control again.

Protecting yourself

The lawyer has advised that “the safe option is: never supply your log on details or passwords or bank account details to a caller or in response to an email unless you have initiated the contact with that institution”.

She urges Australians to regularly change their banking passwords or financial apps and create passwords that cannot easily be guessed.

Ms Murdoch also advises against using the same password across all apps and accounts.

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