Section 68A of the SIS Act should be amended to prohibit trustees of a regulated superannuation fund, and associates of a trustee, doing any of the acts specified in section 68A(1)(a), (b) or (c) where the act may reasonably be Read More …
Tag: fund
3.2 — No deducting advice fees from MySuper accounts
Deduction of any advice fee (other than for intra‑fund advice) from a MySuper account should be prohibited. Government Response The Government agrees to prohibit the deduction of any advice fees from a MySuper account (other than for intra–fund advice).
3.1 — No other role or office
The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a superannuation fund. Government Response The Government agrees to Read More …
Nominating default funds
Recommendation 3.5 – One default account A person should have only one default account. To that end, machinery should be developed for ‘stapling’ a person to a single default account. Recommendation 3.6 – No treating of employers Section 68A of Read More …
Trustees’ obligations
Recommendation 3.1 – No other role or office The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 13: Superannuation submissions: Key themes Excessive fees The Commission received over 250 submissions focused on unreasonably high Read More …
Overview
Submissions highlighted a range of concerns about the conduct of RSEs, banks, and financial advisers with which they had dealings relating to their superannuation. Over 150 different financial services entities were mentioned in the 1,626 submissions that were received. Notably, Read More …
6.1 Background
This case study concerned group life insurance offered to members of the superannuation funds of AMP Superannuation Limited (AMP Super) and NM Superannuation Proprietary Limited (NM Super), the AMP Group’s superannuation trustees. AMP Life Limited (AMP Life) is the group Read More …
12.3 What the case study showed
Four things should be observed about these arrangements. The first is that the payments described above add up to significant amounts. If IOOF’s income for the March 2018 quarter were repeated for the rest of the year, the payments would Read More …
12.2 Evidence
12.2.1 IOOF Investment Management IOOF Investment Management Limited (IIML) is RSE licensee of the IOOF Portfolio Service superannuation fund (the Portfolio Service). Through the ‘platform’ provided by IIML, superannuation members can invest in particular managed investment schemes run by IIML Read More …