Retirement
Boss of major super fund makes big calls on future of retirement savings
Retirement
Boss of major super fund makes big calls on future of retirement savings
The chief executive of Australian Super has laid out his predictions for Australia’s superannuation system, and he’s tipping some parts of the industry to contract in the coming years.
Boss of major super fund makes big calls on future of retirement savings
The chief executive of Australian Super has laid out his predictions for Australia’s superannuation system, and he’s tipping some parts of the industry to contract in the coming years.

Australian Super boss Ian Silk said factors like the royal commission, volatile markets and ongoing legislative tinkering combine to create a “challenging environment” into the future for superannuation.
In a recent address, he predicted the self-managed super fund sector would take a hit, driven by performance concerns and regulatory tightening.
He added: “There should not be any consistently underperforming funds – this is the most important change that will benefit members. You shouldn’t be able to be in a consistently poor fund – because they simply shouldn’t exist. If those running consistently underperforming funds don’t do the right thing, APRA must.”
Mr Silk also called on the industry to remedy the “unacceptable” situation that women currently retire with less superannuation than men.
“Many other groups don’t get their fair share of benefits from that system. The system is meant to be universal and needs to distributes those benefits more fairly,” he said.

For Mr Silk, any fund or offering that is not wholly member-centric will struggle in the long term.
“That future will be harder to deliver than the past – more competitive and with even greater scrutiny of our performance. We should welcome the extra scrutiny that comes with our current position of industry leadership,” he said.
“Each of us and our funds should make a genuine commitment to take our funds from their current position to elite performance for members,” he said.
“It’s easy to rely on formulaic words and say we’re committed to members’ best interests, and say that we’ll make that commitment,” he said.
“The real test will be whether we act in members’ interests every single time, not some or most of the time, but each and every time we make a decision, including when that might not be in the best interests of our fund, or even ourselves,” he said.

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more