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string(151) "What to expect as the end of lockdown looms? Will the Stage 2 tax cuts boost your tax return? Where should investors be looking as the economy reopens?"
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string(148) "what-to-expect-as-the-end-of-lockdown-looms-will-the-stage-2-tax-cuts-boost-your-tax-return-where-should-investors-be-looking-as-the-economy-reopens"
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string(254) "
In this episode of The nestegg Podcast, guest host Fergus Halliday checks in with our three experts to talk through the biggest conversations happening around when it comes to the world of superannuation, property, investing and wealth creation.
" ["fulltext"]=> string(1195) "Steve Waters, director of Right Property Group, talks to us about how Sydney and Melbourne’s property sectors are faring as the light at the end of the lockdown tunnel begins to come into sight.
Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, guides us through how investors should approach taking advantage of the economy as reopens. How do you spot a company with strong fundamentals?
Lastly, tax and super guru Timothy Munro tells us why consumers should expect a better tax return than usual in 2021. We also talk through whether the government should lead by example when it comes to paid parental leave and superannuation, and touch on recent suggestions by Australian lawmakers that the super sector is affected by cartel-like behaviour.
Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.
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string(47) "accc-probed-over-cartel-like-behaviour-in-super"
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Australia’s competition regulator admitted that the super sector presented competition issues, but pushed back against arguments made by legislators.
Write comment (0 Comments) " ["fulltext"]=> string(4854) "The Australian Competition and Consumer Commission (ACCC) has refuted suggestions of cartel-like behaviour in Australia’s superannuation industry.
Speaking to the House of Representatives’ standing committee on economics, ACCC representatives pushed back against concerns raised by MP Tim Wilson.
Pointing to instances where super funds act as default funds for certain sectors or collaborate via either proxy advice arrangements or investment vehicles, Mr Wilson asked why such behaviour didn’t fall afoul of the ACCC’s cartel provisions.
“We essentially have cartel behaviour in super funds,” Mr Wilson asserted.
General manager for the ACCC’s financial services branch, Leah Won, acknowledged issues around competition in the super space, but denied that default arrangements themselves constituted cartel-like behaviour.
“I don’t think that the default arrangements themselves are a cartel, but you’re right there is some indication of dampened competition between them,” she noted.
“There certainly are interesting competition issues in relation to super. I don’t disagree with you on that, but I don’t think that a default setting by itself gets you to a cartel agreement.
“If there was a contract arrangement or understanding between these parties not to approach each other’s customers, that would be something that the ACCC could look at.”
ACCC chair Rod Sims supported this view of the situation.
Speaking to the committee, he emphasised that the facts had to support any intervention by the regulator.
“We’ve got to prove that there’s a substantial lessening of competition in a market or that an agreement has been reached that brings about a cartel. They’re the windows we have to look at these things,” he explained.
According to Mr Sims, default agreement in the super space would not be enough to justify action by Australia’s competition watchdog.
“There’s always that subtle distinction of something going on which doesn’t look good from a competition perspective but is not actually a breach of the law as the black-letter law is written,” Mr Sims said.
The ACCC’s comments come as experts predicted that the trend towards consolidation and concentration in Australia’s super fund landscape will continue to accelerate, following the passage of the Your Future, Your Super reforms earlier this year.
One report by KPMG predicted that the super industry would halve through consolidation by 2028.
Right Lane associate principal Abhishek Chhikara warned that the reforms could accelerate the already high-level consolidation and concentration within the superannuation industry.
While consumers are largely set to win out from the reforms, he said that the changes will have a disproportionate impact on small and medium-sized funds.
“This could lead to a system dominated by mega funds, with no room for quality specialist funds,” warned Mr Chhikara.
Mr Chhikara predicted that the “retailisation” of funds could drive up costs and diminish the ability of specialist funds to compete.
According to him, “the changes are likely to solidify the position of a few, large, fast-growing funds, with the capability to invest in direct acquisition, the capacity to keep pace with increasing compliance requirements, and the courage to persevere in the face of ever-growing scrutiny”.
Speaking to nestegg earlier this year, a spokesperson for the ACCC suggested that the commission will consider any super fund mergers on a case-by-case basis.
The ACCC said that when it comes to future mergers in the super space, the regulator will “consider conducting a public review, depending on the facts including the funds’ market shares (in terms of member numbers and assets under management)”.
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super sector is warning that new disclosure regulations may make it harder for them to compete on a global stage.
Write comment (0 Comments) " ["fulltext"]=> string(4090) "The Australian Institute of Superannuation Trustees (AIST) has come out with a warning that new disclosure regulations may harm member returns.
“Requiring super funds to disclose the precise value of privately held assets will compromise their ability to effectively implement investment strategies on behalf of members — members’ retirement outcomes will be harmed,” said AIST CEO Eva Scheerlinck.
The non-for-profit organisation, which claims to represent $5 trillion in profit to members within the super sector, has proclaimed its open opposition to the new regulations.
A regulatory complement to the government’s Your Future, Your Super reforms package earlier this year, the draft disclosure requirements for super funds will come into effect on 31 December 2021.
When they do, the new regulations will force super funds to publicly disclose both the value and percentage of their holdings in property and private infrastructure assets.
However, the AIST said that, in their current form, the new disclosure regulations may make Australian superannuation capital less attractive to investment partners, reducing their access to investment opportunities and their ability to deliver returns for members.
Ms Scheerlinck said that super funds generally supported disclosure on a “wide-ranging basis” before making the case that the current structure of the reform falls short and risks prejudicing the best financial interests of members.
“Signalling the precise value of unlisted assets will enable other institutional investors — including overseas buyers, sovereign wealth funds and hedge funds — to receive an unfair advantage over Australian super funds,” Ms Scheerlinck said.
Describing the reforms as a situation where the federal government is giving international investors a leg-up at the expense of Australian funds, the AIST pointed to the inconsistencies between the draft super fund disclosure regulations and those applied towards the Future Fund.
“It is both prejudicial to the effective operation of the Australian superannuation system and inconsistent for Australia’s sovereign wealth fund to be exempted by legislation from disclosure of matters that Australian superannuation funds are required to disclose by regulation of the same government,” the AIST said.
As part of its formal submission to the government on the reforms, the AIST emphasised the importance of structuring disclosure requirements in a way that puts overseas investors and Australian super funds on equal playing footing.
Without doing so, “this may risk co-investment opportunities and, ultimately, may jeopardise Australian jobs and returns to Australian super fund members”, Ms Scheerlinck warned.
Shortly after AIST’s comments on the matter became public, AustralianSuper issued its own statement pushing back against the new portfolio holdings disclosure rules.
AustralianSuper CEO Mark Delaney warned that the government had a responsibility to demonstrate that the disclosure practices required by the legislation would not compromise the value of members’ retirement savings.
“The regulations will increase costs for members and decrease returns, which is at odds with the government’s stated desire to increase performance and reduce costs in Australia’s superannuation system,” he said.
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false or misleading representations and engaging in misleading and deceptive conduct when communicating with members.
Write comment (0 Comments) " ["fulltext"]=> string(2493) "The Federal Court has declared Colonial First State Investments, as trustee for the Colonial First State FirstChoice Superannuation Trust, liable for misleading superannuation members regarding investment directions on at least 12,978 occasions.
According to the corporate regulator, ASIC, the misleading representations may have encouraged members to stay with the FirstChoice Fund rather than move to the MySuper product - designed to offer members a cost-effective super product with lower fees and straightforward features.
The misleading or deceptive conduct by Colonial included telling its members that recent legislative changes required Colonial to contact them and obtain an investment direction to stay in the FirstChoice Fund when that was not the case.
Colonial also failed to tell members that if Colonial did not receive an investment direction from the member, it was required to transfer the member’s superannuation contributions into a MySuper product.
“Superannuation fund members need to receive clear and accurate information to make informed decisions," said ASIC deputy chair Sarah Court.
“ASIC alleged Colonial made misleading representations which may have impacted members’ decisions about where to keep their funds and may have resulted in members’ funds being kept in higher fee-paying super products that included commissions. These actions did not put members’ interests first,” Ms Court noted.
Overall, the court found that Colonial, between 18 March 2014 and 21 July 2016, engaged in misleading and deceptive conduct by sending 12,911 letters to members containing misleading representations about investment directions; made false or misleading representations and engaged in misleading and deceptive conduct in 70 calls to members; failed to provide a “general advice warning” in 17 calls to members; and failed to do all things necessary to ensure the financial services covered by its licence were provided efficiently, honestly and fairly.
A penalty hearing has been listed for 12 October 2021.
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["alias"]=> string(34) "how-esg-focused-is-your-super-fund" ["introtext"]=> string(423) "A recent look into the voting patterns of Australia’s 50 largest super funds has shown that only eight funds supported more than 50 per cent of ESG-related shareholder proposals in 2020, a fall from nine between 2017–2020.
Write comment (0 Comments) " ["fulltext"]=> string(3013) "The Australasian Centre for Corporate Responsibility (ACCR) Super Votes report has analysed how super funds engage with shareholder proposals relating to environmental, social and governance (ESG).
Allowing shareholders to proxy vote on ESG issues through proposals is considered to be an integral part of company engagement, according to the report.
Since 2019, the funds seen most supportive of their shareholders’ proposals were Active Super (supporting 76 per cent), Vision Super (69 per cent) and HESTA (65 per cent).
Lobbying-related proposals were found to get the most traction, with 16 out of 50 funds supporting more than 50 per cent of lobbying-related proposals between 2017 and 2020.
Only seven funds consistently supported more than 50 per cent of climate-related proposals in this time, while only six funds did the same for over 50 per cent of social-related proposals in this time.
In 2020, lobbying-related proposals saw 31 per cent support across the board, while the same was only true for 27 per cent of climate-related proposals and 18 per cent of social-related proposals.
What was also of concern to the ACCR was that less than half of the funds examined published complete proxy voting records on such proposals in 2020.
Only 22 of the 50 funds examined made this information available, with industry funds being far and away the most transparent — 59 per cent disclosed the information.
The most opaque were corporate funds — only 9 per cent made these records available.
Despite low numbers, the proportion of funds disclosing such information has jumped since 2017, when only 12 funds made this information available.
Furthermore, while 11 funds did not disclose any proxy voting records in 2019, this fell to eight in 2020.
This change may owe itself to the increased demand from investors and shareholders that funds show accountability by disclosing how they are engaging with ESG issues and communicating the real-world outcomes of the investments made.
The ACCR was critical of the funds found to show little engagement with shareholder proposals and those that did not disclose an adequate voting record.
“Six of the biggest super funds in the country — AMP, BT, Colonial First State, Commonwealth Super Corp, MLC and QSuper — either don’t vote, don’t disclose their voting records or support far fewer ESG proposals than their peers,” said Dan Gocher, ACCR director of climate and environment,” it said.
“Together, these six funds manage more than $748 billion, or approximately 38 per cent, of APRA-regulated funds.
“Their members deserve better transparency and stronger support for ESG issues.”
The report’s key recommendations included having all funds disclose their entire proxy voting record, with a rationale provided should the fund opt to abstain from a vote or vote against management.
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["alias"]=> string(39) "what-is-an-annuity-and-how-does-it-work" ["introtext"]=> string(392) "Having enough income for retirement is important. If you’re looking for an alternative source of income when you’re retired, an annuity may be the answer.
Write comment (0 Comments) " ["fulltext"]=> string(10923) "Annuities are insurance products that give retirees a reliable and steady income. These income payments can support your financial needs for the rest of your life or for a fixed number of years.
An annuity can be a good foundation of your retirement planning. It can complement your other retirement investments and sources of income, such as your superannuation and the Age Pension.
In this article, we answer your most basic questions about annuity to help you understand this retirement tool.
What is an annuity and how does it work?
An annuity, also referred to as lifetime pension or fixed-term pension, is a type of pension product offered by life insurance firms and investment companies. You can also buy it from a super fund.
This product works by transferring risk from the investor (called the annuitant) to the insurance firm. Similar to other types of insurance products, you pay the annuity provider premiums to carry this risk.
These premiums can be paid through a lump-sum amount (averaging $5,000 to $10,000 or higher in Australia) or through a series of payments, depending on the type of annuity you have availed.
What sets an annuity apart from other types of insurance is that you are not required to pay premiums indefinitely. Once the premium-paying period known as the accumulation phase is over, you stop paying the annuity and it will start paying you.
Your contract will now enter what is called the payout phase. During this phase, an annuity provides you with a guaranteed income for a set period of time. The amount you receive will be based mostly on how much money you put towards purchasing it. Generally, the more money you invest, the higher the return.
To learn more, read our article on how you can get the most benefit from annuities.
What are the main types of annuity?
There are two main types of annuities that are offered in the market: fixed and variable.
Fixed annuities
In fixed annuities, the payout is a fixed sum and the annuitant will receive a principal amount and a minimum rate of interest.
As long as the provider is financially sound, the money you invested in a fixed annuity will grow and will not decline in value. The growth rate of the annuity’s value and/or benefits you receive may be fixed at a specific amount or by an interest rate. It’s growth does not also depend directly or fully on the performance of investments the insurance company makes to fund the annuity.
The convenience and predictability of a set payout makes a fixed annuity a popular option for retirees who want to have a steady income stream to supplement their other retirement income (e.g. super, Age Pension).
The subcategories under a fixed annuity are equity-indexed annuity and market-value-adjusted annuity.
An equity-indexed annuity is a type of fixed annuity, but has mixed features. It charges a minimum rate of interest, like fixed annuity, but its value is also based on the performance of a specific stock index. This is usually calculated as a percentage of that index’s total return.
Meanwhile, a market-value-adjusted annuity combines the two attractive features of giving the annuitant the ability to select and fix the time period and interest rate over which their annuity will grow and the flexibility to withdraw money from the annuity before the end of the set term.
This flexibility is achieved by adjusting the annuity’s value to reflect the change in the interest rate “market” or the general level of interest rates from the beginning of the selected time period to the time of withdrawal of the money.
Variable annuity
The second main type of annuity is a variable annuity. The investment return and income paid by the variable annuity fluctuates with the performance of the underlying investments.
However, in exchange for a fee, the provider of such products may guarantee a minimum payment, either for a set period or for life. The higher the amount of the guarantees, the higher the fees paid.
How and when do I receive my income from an annuity?
When your contract enters its payout phase, payments can start immediately (immediate annuities) or at a future date you choose (known as deferred annuities).
You will receive guaranteed income payments that can be given to you on a monthly, quarterly, half-yearly or yearly basis.
You can receive payments for a set period of time (fixed-term annuity) or for as long as you are alive (lifetime annuity).
You also have the option to have regular payments fully or partially adjusted in line with inflation or not. Providing for inflation can substantially impact the cost of the annuity and/or the value of initial payments.
How can I buy an annuity?
Anyone aged 18 and above can buy an annuity. You can purchase one by using money from your regular savings or from your super.
However, if you are using super money to buy an annuity, you must have reached preservation age of between 55 and 60 or have met a condition of release outlined by the Australian Taxation Office (ATO).
What happens if you die early after investing in an annuity?
The Australian government’s MoneySmart website states that when buying an annuity, you will have two options to prepare for a scenario where you die after investing in an annuity. One is to nominate a reversionary beneficiary and the other is to select a guarantee period.
A reversionary beneficiary is a person you have nominated (it can be your spouse or dependent) who will be receiving payments for the rest of their life, usually at a reduced amount of the income you were receiving from your annuity.
With a guaranteed period option, your beneficiary gets your full payments, either as a lump sum or income stream (for a set period) after your death.
What are the advantages of an annuity?
- Guaranteed fixed income regardless of how the sharemarkets perform.
- Any payment you receive from an annuity you bought using your super money is tax-free from age 60.
- Annuitant can choose for regular payments to reflect inflation.
- No risk of outliving your payments (with a lifetime annuity).
- Payments from certain annuities may give you beneficial Centrelink treatment.
What are the disadvantages of an annuity?
- You will not receive the full amount of your annuity if you decide to withdraw your funds entirely and cancel your annuity (if allowed by provider).
- Lack or no flexibility where your money will be invested.
- Low income payments if annuity payout period starts in a low interest rate environment.
- Your money is illiquid; your money is locked away until the term or period of the annuity ends.
- You are not allowed to change the amount you receive once the payment period begins.
Can I lose money in an annuity?
Annuity products are generally described as “guaranteed”. But remember that the guarantee is as good as the provider. As with any financial product, the risk that your provider might go under should be taken into account when deciding.
Additionally, remember to always read the fine print before you buy an annuity and make sure you understand the provider’s specific terms and conditions.
Before deciding if an annuity is the right option for you, consider your personal needs and circumstances. You could also look into mixing your retirement options or consulting a licensed financial adviser to help you make a more informed decision.
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Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#6560 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["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) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(2) "-1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6436 (3) { ["data":protected]=> object(stdClass)#6322 (1) { ["options"]=> object(stdClass)#6353 (2) { ["options0"]=> object(stdClass)#6348 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#6352 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6351 (3) { 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negatively impact members, an industry expert has revealed.
Write comment (0 Comments) " ["fulltext"]=> string(3447) "During Wednesday’s AIST seminar, AustralianSuper’s chief investment officer, Mark Delaney, outlined why the Your Future, Your Super (YFYS) reforms may restrict members from getting the best returns possible.
The YFYS reforms are a government flagship program designed to improve the superannuation system.
The key changes to the super landscape include stapling members to a fund for the duration of their working life; pushing funds to inform members in writing of poor performance; making available a comparison tool; and ensuring trustees have a duty to act in the best financial interest of their members.
While praising the thought behind the reforms, Mr Delaney noted the obvious holes in the policy which could actually leave members in a worse financial position come retirement.
“There’s a lot to like about the thinking behind Your Future, Your Super and comparing the returns of the fund compared with a passive portfolio,” Mr Delaney said.
“If we can’t beat a passive portfolio then we shouldn’t spend members’ money trying to do so.
“The issue I have with Your Future, Your Super is returns are a function of what strategy you follow and how well you execute it with your future only measuring the second one of those.”
The CIO noted the potential that funds may develop an overly defensive strategy to protect themselves.
He explained: “Funds can have a very defensive strategy which means members make a lot less money in the longer run, outperform their benchmarks, i.e. do better than cash in a defensive strategy and the member will still make a very modest return.
“It’s the overall returns that matter for members because that is what they have to spend when they retire. So, what we should be doing is generating the biggest returns we can for members and we should be using both strategy and value-add to do so.”
Mr Delaney said the most important thing for members is their superannuation is in a high-performing fund, with it being less important as to how the money is made.
The Association of Super Funds of Australia (ASFA) estimates the average superannuation balance required to achieve a comfortable retirement would be $640,000 for a couple and $545,000 for a single person, assuming they withdrew their super as a lump sum and received a part Age Pension.
How much super you personally need will vary, though, according to the standard of living you want to maintain at retirement.
However, the average person has far less superannuation than these benchmarks, with men aged between 65 and 69 having on average $384,539 in super, while women have $313,050.
While members are currently retiring with less than they need, the YFYS test revealed a glaring issue, with IOOF passing with annual fees of $726 and a net return of 7.38 per cent, while Victorian Independent Schools which have lower fees of $577 and a stronger net return of 7.58 per cent failed the same test.
Mr Delaney warned the YFYS reforms may need tinkering to stop funds taking the test too seriously which could have perverse outcomes for members.
“What worries me is if funds take this really seriously, they may move to less growth-style portfolios and more defensive portfolios because it’s easier to beat. And I don’t think that is a worthwhile outcome,” he concluded.
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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)#6575 (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" 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["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(70) "/retirement/superannuation/yfys-reforms-set-to-leave-members-worse-off" ["image"]=> string(44) "images/article-826x550/money-close-up-ne.jpg" ["image_alt"]=> string(14) "superannuation" } }
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