NEWS

Let’s work together quickly: Stronger Super chair

The time for ideological argument was over, said the chair of the Stronger Super Committee, Paul Costello, and the industry should work constructively to implement the Australian Government’s response to the Cooper Review.

Costello and the rest of the committee met for the first time last week with the Minister for Superannuation, Bill Shorten, and the first priority was to appoint working committees for the four reform streams to be implemented: MySuper, SuperStream, Governance and SMSFs.

While the committee will provide broad, high-level advice on the design and implementation of the reforms, the working committees will drill down into technical specifics, and give practitioners beyond those on the committee a chance for further input.

Costello said this should address any concerns about a lack of direct operational expertise on the committee, none of whom have ever run a large super fund, with the exception of course of Costello himself. (He was CEO at Superannuation Trust of Australia and New Zealand Super, before his four-year stint at the helm of the Future Fund Management Agency.)

The working committees are close to be finalised, Costello said. Their prompt formation was necessary because Costello planned to hand the Federal Treasury the Committee’s implementation recommendations by “May or June”.

The industry veteran said he wanted to be part of the Stronger Super implementation because it could help provide a better retirement for working Australians, and he urged stakeholders to keep that goal in mind.

“The [Stronger Super] report will record where there are differences in preferred approach by the committee members, but I think the Government is really interested in consensus,” he said.

Acknowledging that ‘MySuper’ was one of the most controversial aspects of the reforms, Costello said the committee would give regard to maximising the long-term net returns received by working Australians, and not just minimising the upfront costs incurred by their fund.

© Copyright: Whole articles from this website and newsletter cannot be reproduced without permission from the editor. If you wish to publish introductions to any article please ensure that it links to original content site www.top1000funds.com.au, and that it shows clear attribution to Top1000funds.com, plus author name and date. Failure to abide by this request will be considered a breach of copyright and legal action will be taken.

 
  • Filter:
  • News

    Intelligence on up to the minute items from around the globe

  • Investor Profile

    Behind the scenes summary of large institutional investors’ investment strategy and future plans

  • In Conversation

    Candid conversation with the leading investment experts

  • Analysis

    An in-depth examination of the latest investment trends and ideas

  • Insider

    An editorial perspective on what affects the people and processes in this industry

  • Research

    Cutting edge academic and practitioner insight

London investment think-tank

Investment professionals from pension funds, endowments and family offices in the UK and Europe were ... [more]

Historical sector returns and the future of investing

Analysing equity market returns over a very long period – 1900 to 2014 – reveals ... [more]

Measuring manager performance expectations

Institutional investors do not act on their own expectations when choosing fund managers, rather their ... [more]

Beauty and the beast of low-volatility investing

Usually focusing on how to design the best low-volatility strategy, David Blitz, Matthias Hanauer and ... [more]

AustralianSuper contemplates foreign outposts

Australia’s largest superannuation fund, AustralianSuper, is considering whether it should have its own investment management ... [more]

Stanford dumps coal: why divestment doesn’t work

The decision by the Stanford University endowment to divest from coal stocks might produce some ... [more]

The predictive power of portfolio characteristics

Investors still rely, to a great extent, on past performance to assess managers’ future performance. ... [more]

Does pay for performance work?

Governance experts say that paying competitive salaries for internal staff will have benefits across the ... [more]

GPIF continues equities rampage

The giant Japanese pension fund, the Government Pension Investment Fund, continues its quest to move ... [more]