Retirement

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Changing government regulation and the COVID-19 pandemic have led to an increase in superannuation mergers, with the majority of super assets now controlled by just a handful of funds, an industry report has revealed.

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KPMG’s Super Insights 2021 showed that the changing government regulation and the COVID-19 pandemic have increased the number of superannuation funds that are merging.

Using ATO and APRA data, KPMG has focused on APRA-regulated funds, which represent $2.4 trillion in assets under management. During 2019/20, the number of funds had fallen from 171 to 154.

These mergers are leading to just 12 superannuation funds dominating over 77 per cent of members accounts and 76 per cent of funds under management.

According to the report, five ‘mega funds’ – funds with over $100 billion in assets – have emerged and will control 47 per cent of the assets and 43 per cent of members superannuation assets.

Earlier this year, it was announced Sunsuper and Qsuper would become one of Australia’s largest superannuation funds after the two announced a merger.

The report also details mergers between Post Super, AustralianSuper, IOOF and MLC, Aware Super and AMP, which will all create new mega funds. 

“The standout issue in the industry is consolidation. We see an increase in ongoing merger activity – which kept up during COVID but will now accelerate, mostly in the industry funds sector,” KPMG national sector leader, asset and wealth management Linda Elkins said.

Ms Elkins predicts: “Over the next few years, we will see an increase in scale of the ‘mega’ funds (over $100 billion) and a widening gap between the ‘sub-mega’ funds (over $50 billion) and those lower down.”

In addition, KPMG is predicting that the changing market environment, including Your Future Your Super reforms, is likely to see mergers increase. 

“The potential effect of stapling a member to their existing super fund is expected to provide some funds a significant challenge attracting new members. For many funds, meeting rising member expectations will lead to increased costs, and the challenge is to find more sustainable ways to operate,” she said. 

“These increasing expectations, and the challenging regulatory environment – such as the ongoing impact of APRA’s MySuper Product Heatmap – will continue to drive mergers, as we see from current market discussions.”

However, KPMG noted the key issues for mergers this year is maturing regulatory and government settings, business model sustainability, separation and integration, globalisation and rising member expectations.

“Having said that, there is definitely still a place for new entrants. We have witnessed new participants to the industry at multiple points throughout the value chain – having genuine impact on operational efficiencies, administration and technology platforms, in addition to new funds entering the market,” Ms Elkins concluded.

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Changing government regulation and the COVID-19 pandemic have led to an increase in superannuation mergers, with the majority of super assets now controlled by just a handful of funds, an industry report has revealed.

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The government has announced an overhaul of the superannuation performance test to capture admin fees and to provide certainty to funds looking to invest in domestic infrastructure and unlisted property.

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Fund administration fees will now be included in the government’s underperformance test for superannuation funds, which is scheduled to roll out for 1 July 2021, Treasurer Josh Frydenberg announced on Wednesday.

Moreover, the government’s last-minute amendments will see investments in domestic infrastructure and property assets declared safe, following concerns the super sector could be discouraged from investing in these assets for fear of being labelled an underperformer.

“This will improve the accuracy of the performance test, strengthen the focus of the test on investment outcomes delivered to members, and ensure that Australian superannuation funds can invest with confidence in these domestic assets,” Mr Frydenberg said in a statement.

In announcing the overhaul, the Treasurer also formally launched the exposure draft consultation process, due to close on 25 May.

The regulations released for consultation include:

• Outline the methodology for the annual performance test and reopening test, as well as requirements for notifications to members.
• Prescribe the definition of a ‘stapled fund’, including tie-breaker rules for determining which fund is to be an employee’s stapled fund where they have multiple existing funds.
• Specify the formulas as a basis for ranking products on the YourSuper comparison tool.
• Set out the manner in which the portfolio holdings disclosures are organised.
• Prescribe the information that must be included with the notice of an annual members’ meeting.
• Further strengthen the prohibition on funds offering inducements to employers.

Super Consumers Australia was quick to welcome the Treasurer’s announced overhaul, noting that the most relevant outcome for people is how substantial their savings are in retirement.

“Admin fees are one of the biggest drains on people’s retirement savings, so we strongly welcome their inclusion in the test. Treasury modelling shows including admin fees will turn up the heat on even more funds, in a move that is likely to drive fast improvements to the super savings of a million more people,” Xavier O’Halloran, director of Super Consumers Australia, said.

Mr O’Halloran did, however, note that more work remains to be done.

“Currently, not all investment options face scrutiny. This needs to change and be enshrined in legislation. It also gives wide discretion to the Minister of the day to ban investments.

“We think scrutiny is a good idea, but we’d be better served by a regulator following a clear process. In the interests of transparency and probity, we recommend that APRA and ASIC jointly exercise this discretionary power under a similar regime to other financial products they regulate,” Mr O’Halloran concluded.

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The government has announced an overhaul of the superannuation performance test to capture admin fees and to provide certainty to funds looking to invest in domestic infrastructure and unlisted property.

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The Minister for Superannuation has praised the success of the early access to superannuation scheme after it was revealed the majority of Australians used the money to pay their bills.

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A survey released by the Australian Bureau of Statistics showed that the majority of money withdrawn from super was used to pay bills.

The Morrison government allowed people who were suffering hardship to access $10,000 during both 2020 and 2021, under a scheme facilitating early access to super savings.

The ABS survey found that 29 per cent of people who jumped on the scheme by September 2020 used the funds to pay their mortgages or rent, while 27 per cent used it for household bills.

Another 15 per cent directed the extra funds towards servicing their credit cards or personal debts, while only 13 per cent added it to their savings.

“We found that for people who accessed the scheme twice, the average total amount withdrawn was $17,441,” ABS director of household economic resource surveys Dean Adams said.

“The average single withdrawal was $7,728 for the first opportunity, and $7,536 for the second.”

With the ABS data showing that a significant portion (55 per cent) of early super payments were used to pay mortgage, rent or other household bills, Superannuation Minister Jane Hume called it “an overwhelming success”.

“The Morrison government acted decisively in the national interest to support households and businesses and address the significant economic consequences of the COVID-19 – the success of this program proves that it was an effective measure,” Ms Hume said.

“The scheme was a flexible option, and more than 3 million Australians weighed up the decision, and decided that withdrawing their super was the best financial decision for them.”

Ms Hume praised the Australians who used their super to pay down debt, citing the Retirement Income Review’s finding that “offering prudent and limited access to superannuation prior to retirement is consistent with the objective of balancing living standards pre- and post-retirement”.

Early super payments quickly surpassed Treasury’s initial estimates of $27 billion, with around $36 billion withdrawn.

The program faced significant criticism from superannuation funds and economists, but Ms Hume said that early super was a “flexible option” that many Australians decided “was the best financial decision for them”.

“The best way for the government to help workers rebuild their retirement savings is to do everything we can to help them get back into a job soon. And that’s exactly what we’re focused on,” Ms Hume said.

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The Minister for Superannuation has praised the success of the early access to superannuation scheme after it was revealed the majority of Australians used the money to pay their bills.

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Big super has warned Australia’s largest businesses that it will vote against directors of companies that fall short on managing their climate-related risks.

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The Australian Council of Superannuation Investors (ACSI) , which represents over $1 trillion in assets and owns an average 10 per cent of every ASX 200 company, aims to improve how companies, particularly those which are highly exposed, approach climate risk for the long-term benefit of investors.

Under the new climate policy starting in 2022, the ACSI now expects ASX 200 companies to adopt detailed corporate strategies that align with the Paris Agreement, which aims to limit global warming to 1.5 degrees and commit to net-zero emissions by 2050.

ACSI CEO Louise Davidson said the changing policy represents the expectations of how investors may use their ownership rights to address climate risk in their investments.

“As the impact of climate change becomes a reality, the approach that investors take to manage these risks has to be more active,” she said.

ACSI said companies should fully disclose what physical and financial risks global heating poses to their assets while urging businesses not to use their lobbying efforts to act against climate change.

The policy will also support an investor ‘say on climate', which will ask companies to publicly report on their climate exposures, with the ACSI warning if companies fail to do so, then they may vote against the re-election of certain directors they believe have failed to manage climate risk appropriately.

ACSI and other investors have already secured commitments for advisory ‘say on climate' votes at company AGMs for Woodside, Santos, Rio Tinto, and Oil Search in 2022.

“The advisory vote on climate reporting supports engagement between companies and investors as companies develop and execute climate transition strategies. The vote will allow investors to voice concerns where issues arise and provide further focus, transparency and accountability,” she said.

Ms Davidson warned that climate change remains one of the greatest challenges investors and businesses face today.

“Climate change risks are deeply embedded in the financial system and impact all sectors and asset classes. For long-term investors, this poses a serious challenge to long-term value creation across investment portfolios,” she said.

“Not all companies have listened to investor expectations, and in many cases, the pace of change is moving too slowly. In order to increase the focus on climate-related risks in the companies they invest in, ACSI may recommend members vote against the re-election of directors.”

Last week the Australian Prudential Regulation Authority confirmed it too is increasing its focus on climate issues, as it told super funds, banks and insurers to up their game on climate change issues. Namely, APRA issued its draft Prudential Practice Guide CPG 229 Climate Change Financial Risks  to assist APRA-regulated entities in managing climate-related risks and opportunities as part of their existing risk management and governance frameworks. 

"Since the Australian government became a party to the Paris Agreement, APRA has been raising awareness of climate-related risks to the financial sector. Given the unique and long-term nature of the risks, however, processes to measure, monitor and manage climate-related financial risks are still developing," said APRA chair Chair Wayne Byres, at the time.

“The prudential practice guide doesn’t direct or prevent APRA-regulated entities making any particular business or investment decision. Rather, it is aimed at ensuring decisions are well-informed and appropriately consider both the risks and opportunities that the transition to a low carbon economy creates,” Mr Byres added.

APRA is seeking stakeholder feedback on the draft CPG 229 by 31 July 2021

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Big super has warned Australia’s largest businesses that it will vote against directors of companies that fall short on managing their climate-related risks.

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Superannuation funds are being warned that they are legally required to understand and manage the financial risk posed by climate change, two industry experts have revealed.

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In the latest update by SC Noel Hutley and commercial barrister James Mack, the lawyers have advised members that superannuation funds must divest from assets with a high degree of climate risk or face breaching members’ best interest duties.

The pair noted super trustees are exposed to multiple climate change risks from economic consequences of failing to reach the Paris climate goals and regulators who are stepping up their efforts to police climate risk in the financial sector.

“Superannuation trustees should expect that regulators will exercise their enforcement powers consistently with their statements on climate change risk,” Mr Hutley and Mr Mack opined.

“Therefore, trustees should ensure they receive advice from asset consultants and other experts which is consistent with the reality of the financial risk posed by climate change. Superannuation trustees should ensure that they have the expertise to assess any advice and to mitigate any risks of climate change.”

Further, Mr Hutley and Mr Mack have recommended that super funds must consider divestment where climate risks are too great for a particular investment.

“Trustees should expect that, increasingly, every investment turn will require an engagement with the financial risk posed by climate change,” Mr Hutley and Mr Mack wrote.

“The engagement is also required by the law. If that engagement identifies a risk, the law also requires that a superannuation trustee manage that risk.”

The superannuation trustee duties update follows Rest Super’s setting on a landmark case that forced the super fund to recognise the financial effects of climate change when making investment decisions.

Following the ruling, Rest and several other superannuation funds have announced net zero timelines.

However, Market Forces warns 23 of Australia’s 300 biggest companies, as well as many more internationally, are pursuing plans consistent with the failure of the Paris Agreement, including the expansion of the fossil fuel sector. Almost every super fund in the country currently invests in some of these “out of line” companies.

“These out-of-line companies are driving increasing global warming, which increases physical climate risk across the entire economy. We also know the rapid decarbonisation required to meet the Paris climate goals means fossil fuel–producing and generating assets need to also decline rapidly,” Market Forces said.

“Yet fossil fuel companies are spending billions of dollars to massively expand coal, oil and gas production, significantly increasing their exposure to climate change transition risks, including stranded asset risk.”

Only a handful of super funds, such as Australian Ethical, Future Super, Cruelty Free Super and Verve Super, explicitly exclude investment in fossil fuels across their entire portfolios.

Ten of the largest 40 super funds have confirmed they have divested from companies whose main business is mining coal for power generation.

According to Market Forces, of the 15 biggest super funds in the country (by assets under management), 10 have taken no action to divest from or exclude any fossil fuel companies.

Sunsuper, Cbus and Rest have set targets to reduce portfolio emission to net zero by 2050, with Cbus also targeting a 45 per cent reduction by 2030.

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Superannuation funds are being warned that they are legally required to understand and manage the financial risk posed by climate change, two industry experts have revealed.

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Industry Super Australia is urging state MPs to fight for legislated increases in the superannuation guarantee, warning a freeze will amplify the current gender discrepancy in retirement.

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Research released by Industry Super Australia shows the major benefits in increasing the SG would go to middle and low-income workers, with the legislated boost likely to help women close the gap in retirement.

According to the superannuation body, failure to lift the rate is currently seeing a 30 per cent gap between men and women in their 50s.

ISA stated by the time women in South Australia reach retirement, they have an average balance of $44,000 less than men.

“There is little more important to a woman’s economic security than super. Superannuation minister Jane Hume was right when she said that the longer the increase is delayed, a generation of women will face economic insecurity as a direct result of inadequate savings,” ISA’s advocacy director, Georgia Brumby, said.

“As the new minister for women’s economic security, we hope she acts on her own sage advice and delivers the promised super boost for all South Australian women.”

However, despite falling behind their male counterparts, women, and men, in South Australia are retiring with less than what is required for a comfortable retirement.

Both men and women median balances are less than the $545,000 recommended for a comfortable retirement.

However, half of South Australian women retire with a super balance less than $161,200, below the male median balance of $204,900.

“It is time we bridged the gender super gap in South Australia. It’s not right that South Australian women retire with balances persistently lower than what they need for an adequate retirement,” Ms Brumby said.

“South Australian MPs have a choice — they can fight for a super increase and to get super paid on every dollar earned, or turn their back as more South Australian women risk retiring into poverty.”

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Industry Super Australia is urging state MPs to fight for legislated increases in the superannuation guarantee, warning a freeze will amplify the current gender discrepancy in retirement.

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string(19) "2020-07-08 05:42:04" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5692 (3) { ["data":protected]=> object(stdClass)#5695 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5694 (3) { ["data":protected]=> object(stdClass)#5697 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(18) "Second article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#5862 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5696 (3) { ["data":protected]=> object(stdClass)#5699 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5698 (3) { ["data":protected]=> object(stdClass)#5701 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#5859 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5700 (3) { ["data":protected]=> object(stdClass)#5703 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5702 (3) { ["data":protected]=> object(stdClass)#5705 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#5860 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5704 (3) { ["data":protected]=> object(stdClass)#5707 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5706 (3) { ["data":protected]=> object(stdClass)#5709 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#5855 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5708 (3) { ["data":protected]=> object(stdClass)#5714 (1) { ["options"]=> object(stdClass)#5712 (2) { ["options0"]=> object(stdClass)#5711 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#5713 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5710 (3) { ["data":protected]=> object(stdClass)#5716 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#5858 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5715 (3) { ["data":protected]=> object(stdClass)#5718 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5717 (3) { ["data":protected]=> object(stdClass)#5720 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#5868 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5719 (3) { ["data":protected]=> object(stdClass)#5722 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5721 (3) { ["data":protected]=> object(stdClass)#5724 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(61) "/retirement/superannuation/raising-sg-key-to-super-gender-gap" ["image"]=> string(48) "images/article-826x550/working-women-team-ne.jpg" ["image_alt"]=> string(34) "Raising SG key to super gender gap" } }