Search results for: “Industry Fund”
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Industry Funds Thrive, Government Funds Struggle in Super Rankings
Australian super funds are experiencing a shift in rankings, with industry funds gaining momentum while government schemes are facing setbacks. Industry funds are seeing growth in member inflows and expansion through consolidation, whereas government funds are struggling due to ageing memberships and conservative strategies. The Self-Managed Super Fund Investment Secrets: Full Guide on How To…
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Industry Super Fund
Industry Super Funds are a type of Superannuation Fund that is run to profit members rather than shareholders. These funds are designed to provide retirement benefits to employees in a particular industry, such as healthcare, retail, or construction. Industry Super Funds are known for their low fees, strong returns, and focus on member interests. The…
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ASIC Raises Alarms Over Shield and First Guardian Funds
ASIC has highlighted significant concerns about the Shield and First Guardian master funds, indicating that platforms hosting these funds should have declined due to various red flags. The lack of performance track record and high-risk nature of the products were key factors in this assessment. Despite no explicit reports of misappropriation, the regulator emphasized that…
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Superannuation Industry Evolution: Navigating Future Growth and Challenges
The Australian superannuation industry is at a critical juncture, facing a tipping-point challenge as the balance between contributions and withdrawals shifts. With Australians contributing substantial amounts to superannuation annually, the system is experiencing a significant evolution. Experts predict that by 2062, outflows will surpass inflows, marking a pivotal moment for the industry. This transformation underscores…
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Australian Superannuation Funds Face Cyber Attacks, Funds Compromised
Several Australian superannuation funds fell victim to cyber attacks, resulting in the theft of substantial amounts of money from members. Among the targeted providers were Hostplus, Rest, AustralianSuper, and Australian Retirement Trust. The breaches, which were detected following a surge in online security threats in Australia, highlighted significant vulnerabilities in the superannuation sector. Pacify 3…
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ASIC Review Targets Superannuation Funds’ Property Investment Expansion
The Australian Securities and Investments Commission (ASIC) has initiated a targeted review aimed at potentially increasing property investments by the superannuation funds in the country. This move by ASIC is significant as it could have implications for the investment strategies of these funds, which play a crucial role in the Australian financial landscape. 30 Properties…
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Super Funds Charging Fees to Deceased Members: ASIC Report
Some super funds have been found to charge fees to deceased members, according to a report by the Australian Securities and Investments Commission (ASIC). The report, known as REP 806, highlighted how superannuation funds handled death benefit claims, revealing that insurance premiums and financial advice fees were still being deducted from deceased member accounts. This…
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Government Considers Tighter Regulations After Shield Master Fund Collapse
The federal government is considering tighter regulations on superannuation investment funds following the collapse of the Shield Master Fund. Macquarie Group has agreed to reimburse $321 million to 3000 members of Shield after being sued by the Australian Securities and Investments Commission for not acting fairly. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…
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APRA’s Superannuation Fund Performance Test Reveals Positive Trends
APRA recently released the results of its annual superannuation fund performance test, revealing a positive outcome for most products. The test evaluates the performance of MySuper options, non-platform choice products, and choice options offered through platform services. While all MySuper options and non-platform choice products passed the test, there was room for improvement in choice…
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Australian Superannuation Crisis Unveiled: First Guardian Fund Collapse Impact
Thousands of Australians face the risk of losing their superannuation following the collapse of First Guardian, a super fund currently under investigation by the Australian Securities and Investments Commission (ASIC). The collapse has left investors like Juan Carlos Sanchez regretting their decision to reinvest their super savings based on misleading promises from financial advisers. Retirement…