Superannuation Archives - Page 3 of 7 - Consumers' Federation of Australia

Image 11 May , 2023

Voice for Consumers Will Strengthen Superannuation

Original media release on 9/05/2023 by Super Consumers Australia (SCA). The Federal Government has strengthened the superannuation system today by ensuringpeople are paid the super they earn, creating fairer super tax concessions and providinglong-term funding to continue an independent superannuation consumer advocate. SuperConsumers Australia has been delivering on this mission for the last five years…

Image 2 May , 2023

Super Payday

Super Consumers Australia welcomes the Federal Government’s announcement that people will now be paid super at the same time as wages. The move will see more money in the pockets of Australians at retirement and help the regulator crack down on wage theft.

Image 1 May , 2023

“Some super funds shouldn’t be in the market”

With the release of the Australian Prudential Regulation Authority’s (APRA) ‘Choice Heatmap‘ which provides greater performance transparency and scrutiny on various multi-sector Choice investment options, Super Consumers Australia (SCA) released a media statement on 26/04/2023 (below) calling for more transparency and testing while emphasising the specific vulnerability of Australian retirees: “It is appalling that after…

Image 23 March , 2023

Australians want super paid on time

The following is a media release from Super Consumers Australia, released 21/03/2023 Super Consumers’ national consumer survey finds that two in three Australians agree that super should be paid at the same time as wages. This is in contrast to the three months the law currently allows employers to pay super. Super Consumers Australia is…

10 December , 2022

Superannuation trustees on notice to uplift complaints handling

Superannuation trustees are on notice to improve their internal dispute resolution systems after a targeted review of trustee compliance with the enforceable complaints handling requirements found that some trustees had sub-standard arrangements for managing complaints. Report 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees (REP 751) outlines ASIC’s findings on compliance…

26 October , 2022

Failed super funds slash fees

New research from Super Consumers Australia has found products which failed the annual super performance test have on average cut their fees by 20%. The performance test is protecting Australians from poorly performing super products. In just over one year, every fund bar one that failed the first performance test is addressing its underperformance through…

5 September , 2022

Performance test continues to drive improvement in underperforming super funds

In a clear sign that the tail of underperforming funds in the super sector is being cleaned up, only one additional product failed the performance test this year. A further four products failed for a second time, but three of these already have plans to exit the industry. This is a media release from Super Consumers Australia.…

12 August , 2022

ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns

Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…

20 July , 2022

How much do you need to save for retirement?

After an extensive consultation process, new retirement savings targets for homeowners are ready to help Australians get started on their retirement plan. This is a media release from Super Consumers Australia. It was originally published on 18th July, 2022. “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income…

28 June , 2022

Is your insurance company watching you online and is it legal?

New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

15 March , 2022

Super Consumers Australia launches consultation on retirement savings targets

The research released for consultation today is designed to help Australians answer one of the most important financial questions they face, “how much do I need to save for retirement?” “Our goal is to develop trustworthy retirement targets that give people a solid ‘rule of thumb’ on what they’ll need to save to maintain their…

17 February , 2022

Super Consumers Australia welcomes Retirement Income Covenant

Super Consumers Australia says the Covenant will bring a much-needed focus to how super funds can support Australians manage their income in retirement. Now, attention needs to shift to how best to support people through the complex retirement planning process. This is a media release from Super Consumers Australia. It was originally published on 10th February, 2022.…