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.

Sponsored Content

“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.

Asset Owner:Future Fund

One response to “Let’s work together quickly: Stronger Super chair”

Leave a Comment

Sort content by

Three-way shift in investor behaviour

There are three major behavioural shifts occurring among investors that will have significant impact on asset allocation in the next 10 years, according to a year-long study by global head of research at State Street’s Center for Applied Research, Suzanne Duncan. An increase in investor sophistication, re-evaluation of the risk/return trade-off and more discernment over

How the Future Fund found agility

Using a fund of funds enabled the Future Fund to build a large exposure to hedge funds quickly during the global financial crisis.

Quant models limber up for change

Active quant strategies came in for criticism after the global financial crisis, with a number of models seen as lacking both the appropriate diversification and the dynamism necessary to react to major market events. While acknowledging the need to rethink quant models, global head of active equities for developed markets at State Street Global Advisor

POLL RESULTS: Will you allocate more to infrastructure outside your home country?

mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Collaboration keep deals on tap

As British Columbia Investment Management Corporation (BCIMC) moves towards its target of having 30 per cent of its portfolio exposed to real assets, it is seeking collaborative opportunities with similar large institutional investors. The investment manager is on the lookout for other like-minded investors and has already made significant co-investments in recent years. This year

Defensive setting, anaemic growth

Global pension funds continue to have a defensive asset allocation, reflected in the anaemic growth in the total assets of the world’s largest 300 pension funds by less than 2 per cent in 2011, new Towers Watson research reveals. The P&I/ Towers Watson Global 300 research reveals that concerns about ongoing uncertainty in global markets

Previous