Retirement

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Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.

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Retirement Manager is engineered to answer two critical questions for those approaching or already in retirement: "How much can I spend?" and "How long will my money last?" The tool allows users to set up an income stream, select an investment option, and model different income and spending scenarios. A unique feature, the "Income confidence score," provides users with a quantitative measure of how their retirement plan aligns with their financial goals.

Steve Travis, Aware Super's Group Executive Member Growth, emphasised the tool's pioneering nature in the realm of retirement planning and digital advice. "Retirement Manager takes the stress out of retirement planning, giving members the power and the flexibility to create a personalised plan that can be easily adjusted as their needs and circumstances change," Mr Travis stated. He further highlighted the tool's ability to simplify the retirement planning process, noting, "With many people heading into retirement without any plan at all, Retirement Manager dramatically lowers the degree of difficulty involved in getting started and, importantly, is integrated with human help for that additional level of personalised support."

One of the standout features of Retirement Manager is its ability to estimate Age Pension eligibility and incorporate a spouse’s financial details, providing a comprehensive overview of a retiree's financial landscape. The tool also models the impact of significant financial decisions, such as taking an overseas holiday or assisting children with a home deposit, on a retiree's overall financial plan.

Aware Super members can also book an advice appointment directly from within the tool at no extra cost, allowing them to fine-tune their plans and explore options with an Aware Super retirement specialist. This integration of digital and human support underscores Aware Super's commitment to providing holistic and accessible financial advice to its members.

The launch of Retirement Manager builds upon the success of My Retirement Planner, a tool designed for members aged 60 and under. My Retirement Planner has already assisted over 130,000 Aware Super members in the accumulation phase to model their retirement goals and devise suitable savings plans. Mr Travis remarked on the broader impact of these digital solutions, stating, "These digital advice solutions reinforce Aware Super’s position as an industry leader in innovation and the use of technology to enhance member experience and retirement outcomes through scalable solutions."

Currently, Retirement Manager is in its pilot phase, tested by a select group of members. Aware Super plans to make it available to all eligible members aged 60 and over later this year, signalling a significant step forward in the accessibility of retirement planning tools.

The introduction of Retirement Manager comes at a time when many Australians are seeking more personalised and flexible retirement planning solutions. As the financial landscape continues to evolve, tools like Retirement Manager offer a promising way forward, combining advanced technology with personalised advice to meet the diverse needs of retirees.

By leveraging cutting-edge technology and integrating it with expert human advice, Aware Super is setting a new standard in digital financial planning, ensuring that its members are well-equipped to navigate the complexities of retirement with confidence and ease.

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Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.

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Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG mandates, and illiquid asset strategies. The question for boards and CIOs is not whether to keep the test, but how to evolve it so members get both value for money and long-horizon returns. Here’s what business leaders need to know—and do—now.

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Key implication: The performance test has moved from a compliance exercise to a capital allocator. It determines which products attract flows, which strategies survive, and which brands retain trust. With renewed calls for refinement following the latest results, trustees and executives face a strategic trade-off: maintain accountability while avoiding a one-size-fits-all regime that inadvertently drives benchmark hugging and underinvestment in productive, long-term assets.

What the test measures—why it matters

APRA’s annual performance test, introduced under the Your Future, Your Super reforms (2021), compares a product’s net investment performance against a reference portfolio built from standard market indices aligned to the product’s strategic asset allocation. MySuper options are assessed over eight years; trustee-directed (choice) products were brought into scope from 2023. A product fails if it underperforms its benchmark by more than 50 basis points per annum over the assessment period, after fees. One failure requires member notification; two consecutive failures bar the product from accepting new members.

The mechanism is deliberately simple: clarity for members and regulatory teeth for chronic underperformance. But simplicity brings friction. Lifecycle MySuper designs with age-based cohorts, unlisted assets with valuation lags, downside protection overlays, or impact/ESG tilts can all diverge from the standard proxy indices in ways not fully captured by the test. That’s the crux of today’s debate: how to retain discipline without flattening diversity of investment approaches that can, net-net, benefit members.

Business impact: transparency gains—and consolidation pressure

The test has undeniably sharpened accountability. Underperforming products have exited or merged, fees have fallen, and boards are more forensic about strategy drift and implementation. APRA has consistently framed the test as a member-first mechanism: capital and attention must shift to products that deliver persistent value.

It has also catalysed industry consolidation. Independent analysis from major consultancies has tracked a marked acceleration in mergers since 2021, with mid-tier and sub-scale funds combining to reach cost and capability thresholds in investment, data, risk, and member experience. Case in point: a series of mergers involving retail and niche funds post-underperformance or regulatory scrutiny, and specialist funds closing or transferring members when scale or performance could not be credibly remediated. The direction of travel is clear—fewer, larger funds with industrial-strength operating platforms.

For employers and members, this has immediate implications: simpler market choice sets, more scrutiny of default arrangements, and greater emphasis on transition execution when products close. For providers, scale is no longer optional—it is the entry ticket to compete on net outcomes and withstand the volatility of being measured annually against public benchmarks.

Competitive dynamics: the herding risk is real

Boards and CIOs increasingly acknowledge an unintended consequence: strategy convergence. When the cost of failing is brand-damaging member letters and growth limits, investment committees naturally calibrate portfolios closer to benchmark proxies. This risk is most acute in illiquid and alternative allocations where benchmark fit is imperfect. Some CIOs have already shifted from opportunistic, high-tracking-error bets to tighter ranges and more liquid expressions of risk, a rational response but potentially costly for innovation and long-term returns.

ESG and sustainability strategies face a parallel issue. Where climate pathways, transition exposures, or real-economy investments (e.g., renewables, social infrastructure) deviate from benchmark weights, the test can penalise in the short run even if long-horizon payoffs are attractive. Member demand for values-aligned options has grown, but the performance test design needs to ensure such offerings are assessed on risk-adjusted merit, not merely benchmark proximity.

Implementation reality: data, design, and disclosure hard yards

The organisations that are winning under the regime show three patterns:

• Portfolio engineering: Pre-commit strategic asset allocation bands and rebalancing rules that map cleanly to APRA’s reference indices. Where exposure is non-benchmark (private credit, venture, transition infrastructure), articulate the risk budget and expected tracking error through the cycle.
• Valuation discipline: Tighten valuation policies for unlisted assets to minimise lag and ensure fair-value alignment, particularly around quarter-ends used in performance testing.
• Member narrative: Build clear, plain-English disclosure explaining design intent, cohort differences, and long-horizon expectations—so member letters (if ever needed) inform rather than alarm.

Technology and data are now front-of-house. Robust look-through analytics, factor decomposition, and scenario testing are essential. Several funds have invested in factor-based performance attribution tools to pre-empt test risk and simulate outcomes under different benchmark and market regimes. The capability gap here is widening and will be a competitive separator.

Market context: what latest results signal

As choice products were brought into scope, the first wave produced a materially higher fail rate than MySuper—unsurprising given the breadth and legacy complexity of the choice universe. Subsequent assessments have sustained pressure on small and legacy products, with sustained underperformers exiting and member balances transitioning to better-rated options. For employers, that translates to a simpler due diligence path for default plans and a measurably lower risk of staff being stuck in poor-performing products.

The macro backdrop matters. With rates higher and public markets more volatile post-2022, dispersion of returns has increased. That makes year-on-year results noisier and the eight-year horizon even more important. It also underscores the need for test refinements that distinguish luck from skill, and cyclical underperformance from structural failure.

Global perspective: convergence on value-for-money, divergence on method

Australia is not alone. The UK is progressing a Value for Money framework for defined contribution schemes, combining net returns with service and cost metrics. The Netherlands relies on rigorous supervision and risk-based assessment within collective schemes. In the US, fiduciary litigation has forced fee and performance scrutiny in 401(k) plans. The international lesson: transparency is non-negotiable, but methodologies evolve to reflect market structure and member expectations.

What should change—and what should not

Industry bodies and consultants largely agree on the direction of refinement: keep the bright line on accountability; enhance the measurement of risk and strategy intent. Practical options include:

• Risk-adjusted lenses: Incorporate complementary risk metrics (e.g., volatility or drawdown-aware lenses) alongside the existing absolute underperformance threshold to reduce perverse incentives.
• Lifecycle nuance: Assess age cohorts separately for lifecycle MySuper products to avoid cross-subsidies and misattribution.
• Illiquid asset treatment: Improve alignment of private markets benchmarks and valuation timing to reduce measurement distortion while preserving incentives for productive investment.
• Choice product taxonomy: Tighten product categorisation so like-for-like strategies are compared, reducing noise in the choice test.
• ESG clarity: Allow transparent, pre-declared factor tilts or sustainability objectives to be recognised in the reference portfolio where evidence-based and bounded.

What should not change: the consequences for repeated failure and the requirement to inform members. These are the levers that have delivered real improvement.

Strategic playbook for boards and executives

Three actions belong on next quarter’s board agenda:

1. Codify a performance test risk appetite: Define acceptable tracking error by asset class and at total portfolio level, tied explicitly to member outcomes and the test benchmark. Mandate pre-commitment of remediation triggers.
2. Invest in attribution and simulation: Deploy factor-based tools to decompose performance versus the test, run scenario analyses for rate shocks and equity drawdowns, and stress-test illiquid allocations.
3. Design for clarity: Where the strategy differs from the benchmark, bake in a communication architecture—member materials, employer packs, adviser briefings—that explains why, how long, and how success will be judged.

The destination is not a softer test, but a smarter one. Business leaders who treat the regime as a design constraint—not a handbrake—will compound trust, flows, and long-term performance.

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Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG mandates, and illiquid asset strategies. The question for boards and CIOs is not whether to keep the test, but how to evolve it so members get both value for money and long-horizon returns. Here’s what business leaders need to know—and do—now.

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In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of Australians regarding life after work. The initial results of this survey have highlighted a worrying trend: the average Retirement Confidence Pulse score stands at just 50 out of 100, indicating that a substantial portion of the population lacks financial peace of mind as they approach retirement.

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The introduction of this new measure comes at a time when the cost of securing a comfortable retirement has escalated significantly. According to recent data from the Association of Superannuation Funds of Australia (ASFA), the annual cost for a couple aged 65 and over to maintain a comfortable lifestyle has surged by over $13,000 in the past five years, now exceeding $75,000. For individuals, the cost is $53,289 per year, up from $43,687 in 2020.

Alexis George, AMP's Chief Executive, expressed concern over these findings, stating, "Australians over the age of 65 will make up nearly a quarter of our population within four decades – a demographic shift set to reshape the nation's economic and social landscape. Yet, as this Pulse shows, despite growing super balances and national wealth, too many feel financially insecure about life after work – an issue that needs to be front and centre for policymakers and the superannuation industry."

The Retirement Confidence Pulse has shed light on several key areas of concern. A significant gender gap exists, with only two in five women feeling confident about their retirement prospects, compared to nearly three in five men. This disparity underscores the ongoing challenges women face in achieving financial security.

The survey also highlighted the struggles of the so-called "Sandwich Generation" – individuals in their 40s who are often juggling mortgages, raising children, and caring for ageing parents. Fewer than two in five in this age group expressed confidence in their retirement plans. Single mothers in their 40s reported particularly low confidence levels, with less than one in five feeling secure about their retirement, marking them as one of the most vulnerable groups.

Interestingly, the survey revealed that confidence does not necessarily increase with age. More than one in three Australians aged 65 and older still feel financially insecure, worried that their savings may not last through their retirement years. This finding suggests that even reaching the traditional retirement age does not guarantee financial peace of mind.

The survey also identified a "confidence dividend" associated with being in a partnership. Partnered Australians are significantly more confident about their retirement prospects, with nearly three in five expressing confidence, compared to just two in five singles. However, divorce can have a detrimental impact on retirement confidence, particularly for women. Only one in three separated or divorced women feel confident about their financial future, in contrast to over half of separated or divorced men.

Income levels also play a crucial role in retirement confidence. Three in four Australians earning between $190,000 and $250,000 reported feeling confident about their retirement, while only two in five earning less than $45,000 shared the same sentiment. Middle-income Australians, those earning between $45,000 and $135,000, were evenly split, with just half expressing confidence.

In response to these findings, AMP has launched the Retirement Confidence Hub, an initiative aimed at translating insights into practical solutions. The Hub's Advisory Committee, which includes industry experts such as AMP’s Chief Economist Dr Shane Oliver and Director of Retirement Ben Hillier, is tasked with addressing these challenges. Nicola Stokes, CEO of the AMP Foundation, is also part of the committee, ensuring that social and community needs are considered.

Ben Hillier, Chair of The Retirement Confidence Hub, stated, "The Pulse is our scoreboard; the Retirement Confidence Hub is our game plan – a standing effort to turn evidence into action so more Australians can feel confident about their retirement, and unlock a better quality of life. This requires a system that is easier to understand, improved financial literacy, easier access to guidance and advice at critical life moments, and more solutions that provide lifetime income and which unlock the considerable wealth tied up in property."

The launch of the Retirement Confidence Pulse and accompanying Hub represents a significant step towards addressing the financial insecurities faced by many Australians as they approach retirement. By providing insights and practical solutions, AMP aims to foster a more secure and confident future for retirees across the nation.

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In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of Australians regarding life after work. The initial results of this survey have highlighted a worrying trend: the average Retirement Confidence Pulse score stands at just 50 out of 100, indicating that a substantial portion of the population lacks financial peace of mind as they approach retirement.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(109) "/retirement/planning/half-of-australians-financially-insecure-about-retirement-as-amp-launches-new-initiative" ["image"]=> string(116) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1758624130/Alexis_George-15-HighRes_mmwlql.jpg" ["image_alt"]=> string(88) "Half of Australians financially insecure about retirement as AMP launches new initiative" } [3]=> object(stdClass)#8572 (57) { ["id"]=> int(18953) ["title"]=> string(88) "APRA’s performance test is doing its job — but now it risks doing the wrong job well" ["alias"]=> string(81) "apras-performance-test-is-doing-its-job-but-now-it-risks-doing-the-wrong-job-well" ["introtext"]=> string(487) "

Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, backward‑looking benchmark safeguard members while still enabling long‑horizon, nation‑building investment? With Treasury signalling a review, the next iteration will shape fees, portfolio construction and the pace of capital into housing, energy and infrastructure.

" ["fulltext"]=> string(8032) "

Key implication: The performance test has raised the floor on value for money, but in its current form it increasingly pulls portfolios toward low‑tracking‑error, listed beta. Unless recalibrated, trustees will manage to the metric rather than to member outcomes over decades — a textbook case of Goodhart’s Law.

What the test measures — and why it bites

APRA’s annual performance assessment, introduced under the Your Future, Your Super reforms, compares each product’s net returns over a rolling multi‑year window against a composite benchmark built from its strategic asset allocation (SAA) to listed indices. A product fails if it falls materially short of the benchmark tolerance and, if it fails twice, faces closure. The test covers fees and taxes and applies to MySuper defaults and, more recently, trustee‑directed products (TDPs).

It is simple, scalable and hard to ignore: fail, and you must write to members and stop taking new ones. For boards and CIOs, that creates a binding constraint that now sits alongside risk budgets, liquidity limits and climate targets in investment committees’ dashboards.

What’s worked: a higher floor and faster clean‑up

Three shifts are clear from APRA’s published results and sector data. First, the inaugural year produced double‑digit failures in MySuper, followed by a sharp drop the next year as laggards exited or retooled. Second, when the regime expanded to TDPs, failures spiked — a sign the discipline was reaching more complex, choice products. Third, fees trended down and consolidation accelerated. APRA‑regulated funds have roughly halved in number over the past decade, and the test has been a catalyst for mergers and product closures. Large transfers — such as BT Super’s move into Mercer — underline how boards are using scale to reduce unit costs and improve net returns.

The Productivity Commission long argued for stronger performance accountability, and APRA has consistently emphasised member benefits from eliminating chronic underperformance. On these metrics, the regime has delivered.

Where it frays: innovation, illiquids and unintended herding

Investment leaders and consultants have flagged three structural concerns.

• Horizon mismatch: The test is backward‑looking and relatively short compared with super’s 30‑ to 40‑year horizons. When the cycle turns, a multi‑year underweight to momentum‑driven indices can trigger a fail even if the strategy is prudent through the cycle.

• Illiquid penalty: Benchmarks built from listed indices sit awkwardly next to unlisted assets whose valuations are smoothed and idiosyncratic. CIOs argue that accommodating Australia’s need for patient capital — housing, renewables, transmission, digital infrastructure — requires tolerating higher tracking error and valuation lags. Investment Magazine and others have reported widespread concerns about “herding behaviour” as funds crowd closer to index exposures to avoid failure risk.

• Narrow lens: The test focuses on net returns versus a reference portfolio, not risk‑adjusted performance, sequencing risk for members approaching retirement, or non‑financial objectives such as climate pathways. That creates tension for funds with strong ESG targets or differentiated inflation‑hedging strategies.

The result is a portfolio construction puzzle: optimise to pass the test, or optimise for long‑term, real, risk‑adjusted outcomes — and hope policy keeps pace.

Competitive playbook: managing to the metric without becoming the metric

Leading funds are treating performance‑test risk as a design constraint, not the design objective. Five practical moves are emerging:

1) Two‑tier SAA: Maintain a benchmark‑aware core with cheap beta, and a capped “alpha and illiquids” sleeve sized to the fund’s tolerance for tracking error relative to the test. Use factor overlays to neutralise unintended bets versus the test’s reference portfolio.

2) Ex‑ante test modelling: Build daily “shadow tests” that estimate the fund’s score under multiple benchmark mappings and valuation scenarios. Stress test for rising rates, equity drawdowns and vintage‑year dispersion in private markets.

3) Fee discipline at meaningful scale: Lock in merger synergies and supplier resets early. APRA’s heatmaps show fee reductions translate directly into improved test outcomes; unit cost targets should be embedded in CIO scorecards.

4) Liquidity and valuation governance: Tighten unlisted valuation frequency, third‑party reviews and disclosure. Transparent methodologies reduce perceived smoothing and make board sign‑off easier if drawdowns widen relative to listed proxies.

5) Member segmentation: For pre‑retirees, dial down sequencing risk even if it adds short‑term tracking error. Communicate clearly why a slightly lower test “score” can still be a better outcome for a 58‑year‑old member.

Policy choices: refine the measure, don’t blunt the mission

Following industry consultation and ministerial roundtables, Treasury has flagged a review to remove unintended barriers to institutional investment in housing and the energy transition. Options that preserve accountability while improving alignment include:

• Broader benchmarks: Allow approved, investable reference portfolios for unlisted infrastructure, property and private credit that better reflect expected return drivers rather than forcing listed stand‑ins.

• Multi‑metric scorecard: Retain the net‑of‑fees benchmark test but add complementary indicators — risk‑adjusted returns, drawdown metrics for near‑retirees, and fee reasonableness tests — presented as a dashboard rather than a single pass/fail gate.

• Cycle‑aware windows: Use overlapping windows with recession/expansion weighting or extend the horizon for asset classes with long payback periods, reducing pro‑cyclicality.

• Safe harbour for scale investments: Provide time‑limited relief when funds commit to nationally significant, member‑benefiting projects (e.g., social and build‑to‑rent housing) subject to strict governance and disclosure.

These adjustments would keep pressure on chronic laggards while recognising super’s structural advantage: patient capital.

Global context: Australia is not alone

The UK’s emerging “Value for Money” framework similarly shifts focus toward net performance, fees and service quality, with regulators wary of short‑termism. The Netherlands couples strict risk budgeting with peer‑relative assessment. The trend line is clear: transparency and accountability are non‑negotiable, but regimes are evolving toward multi‑metric views that better capture member outcomes. Australia can lead by integrating long‑horizon investing into a still‑tough accountability framework.

What to watch next

• Test recalibration timeline: Any changes need transitional arrangements; CIOs should scenario‑plan both status quo and revised rules through FY26.

• M&A cadence: Expect further consolidation as sub‑scale products weigh the cost of passing the test versus joining a larger platform.

• Capital deployment: If safe harbours or refined benchmarks land, watch for an uptick in super capital flowing to housing supply, grid modernisation and firming assets.

• Data quality: Better SAA mapping, look‑through holdings and valuation disclosures will be the quiet superpower for both passing the test and retaining member trust.

The bottom line for boards: sustain the test’s hard edge on value for money, but evolve it so that what gets measured is what members actually need — inflation‑beating, risk‑aware, long‑horizon returns.

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• Yes

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Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, backward‑looking benchmark safeguard members while still enabling long‑horizon, nation‑building investment? With Treasury signalling a review, the next iteration will shape fees, portfolio construction and the pace of capital into housing, energy and infrastructure.

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In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into the US-based real estate investment trust (REIT), STORE Capital. The investment, amounting to US$250 million (approximately A$390 million), is part of a co-investment with funds managed by Blue Owl Capital, a prominent alternative asset manager.

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This investment into STORE Capital is particularly noteworthy as it highlights the growing demand for alternative sources of commercial finance, spurred by systemic shifts in debt financing markets. STORE Capital, known for acquiring commercial properties and leasing them back to business owners under long-term 'triple-net leases', stands to benefit from these market changes.

Andrew Bambrook, Rest’s Head of Real Assets, Investments, elaborated on the strategic nature of this investment. "The commercial finance sector has shifted in recent times. Many traditional lenders in the US have exited the sector, which has provided an opportunity for asset owners to step into this void and help businesses finance their growth,” he stated. Bambrook further explained that sale-and-leaseback transactions offer a dual advantage: they allow business owners to unlock capital tied up in their premises while providing asset owners like Rest with long-term, predictable cashflows.

The mechanics of a triple-net lease are such that the tenant is responsible for operating the business at the property, maintaining the property and improvements, and covering expenses like insurance and property taxes. This arrangement offers a stable and predictable income stream for investors, a factor that Rest finds particularly appealing given the long-term financial planning required for its 2 million members.

Bambrook highlighted the broader economic trends influencing this investment decision. "Inflation and interest rates are likely to stay higher for longer, which increases the attraction for businesses to rent rather than own real estate. We expect this shift will create more attractive investment opportunities for our members,” he noted. This perspective aligns with Rest's long-term investment strategy, which takes into account major forces shaping the global economy and society.

Diversification is another key aspect of Rest's investment in STORE Capital. Bambrook pointed out that the STORE Capital portfolio, which includes more than 3,000 properties with over 600 tenants across 49 US states, offers greater exposure to assets in the retail and industrial sectors. "The portfolio is much more diversified than you’d typically see in real estate portfolios. This can create a durable portfolio that is more resilient to economic volatility, providing stable income streams and downside protection for Rest members,” he said.

The co-investment with Blue Owl Capital, a firm known for its expertise in alternative asset management, further underscores the strategic nature of this transaction. Alicia Gregory, Managing Director at Blue Owl, expressed her enthusiasm for the partnership. “We are pleased to co-invest with Rest on this transaction and for Blue Owl to continue serving as a partner of choice for private markets investors based in Australia,” she stated.

This collaboration between Rest and Blue Owl Capital not only highlights the attractiveness of STORE Capital's business model but also reflects a broader trend in the investment community towards seeking out opportunities that offer resilience and growth potential in a changing economic landscape. As traditional lenders retreat from certain sectors, alternative asset managers and institutional investors like Rest are stepping in to fill the gap, providing businesses with the capital they need to thrive while securing long-term benefits for their members.

Rest's investment in STORE Capital is a strategic response to the shifting dynamics of the commercial finance sector. By aligning with a partner like Blue Owl Capital and investing in a diversified portfolio of triple-net lease properties, Rest is positioning itself to take advantage of emerging trends in the global economy, ultimately benefiting its members in the long run.

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In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into the US-based real estate investment trust (REIT), STORE Capital. The investment, amounting to US$250 million (approximately A$390 million), is part of a co-investment with funds managed by Blue Owl Capital, a prominent alternative asset manager.

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APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3.7 trillion sector. With the government now launching a formal review, the stakes are moving from compliance to competitiveness. This case study dissects how leading funds responded, what changed on the ground, and where the next set of winners will emerge. For boards and CIOs, the lesson is clear: treat the test as an operating system, not a scorecard.

" ["fulltext"]=> string(9307) "

Context: The benchmark that moved the market

Australia’s Your Future, Your Super (YFYS) performance test compares each super option’s net returns against a reference portfolio derived from asset-class benchmarks over an eight-year window. Fail by 50 basis points or more and the product must notify members; fail twice and it closes to new money. While the methodology improved transparency and member outcomes, it also introduced powerful incentives that rippled through asset allocation, product design and cost structures.

The latest test results reignited concerns from funds and independent experts about unintended consequences—especially the disincentive to allocate to long-duration or emerging sectors that may not track the benchmark closely in the short to medium term. In response, the federal government has announced a formal review to identify and remove barriers that may limit investment in national priorities such as housing and renewable energy. The agenda has shifted from whether the test works to how it can work better.

Decision: Treat the test as a design constraint, not a compliance chore

Leading funds reframed the test from a box-ticking exercise to a core design constraint alongside liquidity, valuation discipline and long-term risk. This pivot addressed four strategic questions:

• Business impact: How do we deliver net-of-fee outperformance when measured against an explicit benchmark, without sacrificing long-horizon returns?
• Competitive advantage: Can we exploit tracking error intelligently—running “near-benchmark” in public markets while reserving active risk budget for high-conviction, scalable private assets?
• Implementation reality: What must change in portfolio construction, cost management and data systems to manage to the test daily, not annually?
• Future outlook: How could a reviewed test alter benchmarks, lookback periods or risk adjustments, and how do we pre-position?

Implementation: The operating model behind passing—and winning

Funds that built durable advantage under the test made five operational shifts:

1. Dual-lens portfolio construction. Every investment decision is assessed under two lenses: (1) long-term total returns; and (2) YFYS benchmark relative performance and tracking error. CIOs introduced position-sizing guardrails that cap benchmark-relative risk in listed equities and fixed income, while allocating active risk to where the expected alpha per basis point of tracking error is highest.
2. Cost-to-alpha discipline. With performance measured net of administration and investment fees, funds launched procurement resets and index implementation upgrades. Common moves included transition to lower-cost index mandates, securities lending income, and internalisation of factor sleeves. For many options, shaving 5–10 bps from implementation costs is equivalent to a year’s worth of alpha in efficient markets.
3. Private markets recalibration. Unlisted assets remain strategic, but pacing and valuation governance tightened. Funds prioritised brown-to-green infrastructure, core-plus real estate with inflation linkage, and operating renewables with contracted revenues—assets whose cashflow resilience is easier to evidence under the test’s measurement cadence.
4. Product rationalisation and M&A. Underperforming or subscale options were closed or merged, reducing duplicative cost. The sector’s consolidation wave—producing mega-funds such as Australian Retirement Trust and scaled platforms at AustralianSuper and Aware Super—has been accelerated by the test’s economics of scale.
5. Data, risk and member communications. Daily benchmark-relative dashboards, enhanced SAA/TAA attribution, and member-friendly explanations of performance versus benchmark became baseline. The goal: fewer surprises, faster course correction and clearer accountability.

Results: What changed—in numbers and behaviour

While APRA’s early rounds flagged sizable underperformance in some MySuper offerings, the number of failing MySuper products has fallen materially since the test’s inception in 2021, even as the regime expanded to Choice options where failure rates were initially higher. The market response has been tangible:

• Fee compression: MySuper administration and investment costs have continued to trend down by multiple basis points since 2021, reflecting scale benefits and sharper procurement—directly improving net member returns.
• Scale and resilience: A series of mergers has created funds with >A$100bn–A$300bn in FUM, unlocking lower unit costs, broader internal capabilities and deeper co-investment access.
• Sharpened liquid-market efficiency: Many options have reduced unintended style bets and minimised tracking error in listed exposures, reallocating risk budget to high-conviction areas where information advantages are more durable.
• Portfolio liquidity and governance: More disciplined liquidity ladders and valuation oversight, especially for unlisted assets, reduced the risk of benchmark-relative drawdown surprises.

The behavioural result is more predictable performance relative to the test, with fewer “left-tail” outcomes. At the same time, critics argue that benchmark pressure can nudge portfolios towards “benchmark hugging” unless offset by disciplined active risk budgeting.

Technical deep dive: How the test drives decisions

The YFYS test assigns each option an asset-class mix and compares net performance against reference indices, over an expanding window up to eight years. Underperformance of 50 bps or more constitutes a fail. Because the reference portfolio is transparent, the test effectively prices tracking error. Practical implications include:

• Time horizon friction: Investments with J-curve effects (greenfield infrastructure, early-stage renewables, emerging managers) can struggle to keep pace over shorter windows.
• Valuation cadence: Infrequent valuation of unlisted assets can produce timing mismatches versus listed benchmarks unless governance is robust.
• Cost asymmetry: Every basis point of fee is a permanent drag against a benchmark that assumes low-cost exposure.

Market context and policy direction: What a review could change

The government’s review—framed around enabling capital for housing and the energy transition—could refine benchmarks, extend lookback periods, or introduce risk-sensitive adjustments that recognise genuine diversification and long-duration value creation. Industry submissions (including from large industry funds that have advocated reform) highlight opportunities to:

• Recognise the role of unlisted and nation-building assets through more calibrated risk treatment and valuation guidance.
• Reduce cliff effects from a single pass/fail line via confidence intervals or traffic-light gradings.
• Maintain pressure on underperformers while avoiding incentives that homogenise portfolios.

Globally, the direction of travel is consistent: the UK’s emerging Value for Money framework and heightened fiduciary scrutiny in the US both push for clearer member outcomes, lower costs and transparent benchmarking. Australia remains at the frontier—its choices now will shape global practice.

Lessons: A playbook for boards and CIOs

1. Run a two-speed investment engine. Keep listed exposures near the benchmark to preserve test certainty; concentrate active risk where conviction and structural edges are strongest.
2. Industrialise cost advantage. A perpetual 5–10 bps cost edge compounds meaningfully. Treat fees as design choices—internalise where scale and capability warrant, outsource ruthlessly where they do not.
3. Institutionalise liquidity and valuation governance. Align pacing, revaluation frequency and disclosure with the test cycle to avoid avoidable tracking-error penalties.
4. Rationalise product shelves. Prune subscale or overlapping options; where member interests are better served, pursue mergers to unlock scale economics.
5. Pre-position for reform. Scenario-test portfolios under plausible review outcomes (longer lookback, risk adjustments, revised benchmarks). Build optionality in housing and renewables pipelines so capital can ramp quickly if constraints ease.

The performance test has already lifted the floor on member outcomes. The next frontier is lifting the ceiling—rewarding funds that can deliver long-horizon value without tripping short-horizon constraints. Early movers that embed the test into their operating system will not just pass; they’ll outperform.

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• Yes

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APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3.7 trillion sector. With the government now launching a formal review, the stakes are moving from compliance to competitiveness. This case study dissects how leading funds responded, what changed on the ground, and where the next set of winners will emerge. For boards and CIOs, the lesson is clear: treat the test as an operating system, not a scorecard.

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