Author: Recruitment Super
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Aware Super Leads Fee Reductions in Australian Superannuation Industry
Superannuation funds in Australia are gearing up for the end of the financial year and the impending report by the Australian Prudential Regulation Authority (APRA) on superannuation performance. This has prompted a wave of fee reviews across the industry. In a bid to stay competitive, Colonial First State and Aware Super have already taken steps…
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Superannuation Performance Test Sparks Industry Debate on Member Interests
Australia’s superannuation landscape has been undergoing significant changes, driven by the implementation of APRA’s performance test. This test has brought to light chronic underperformance within the superannuation sector and has prompted a wave of consolidation among funds. However, the latest results have sparked a critical debate regarding the efficacy of a backward-looking benchmark in balancing…
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Survey Reveals Australians Risk Superannuation Disarray Without Vital Nominations
Millions of Australians are potentially jeopardizing their superannuation by neglecting to complete vital beneficiary paperwork, as highlighted by a recent survey conducted by Super Consumers Australia. The research indicates that a significant portion of Australians have not clearly stipulated their fund’s ‘death benefit nominations’, which specify who should receive their superannuation upon their passing. According…
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Maximize Superannuation Benefits Through Strategic Estate Planning
Estate planning involves considerations beyond one’s lifetime, extending to the distribution of superannuation assets posthumously. Proper preparation can help loved ones avoid excessive taxation on inherited super balances. Experts emphasize the importance of strategic planning to maximize the financial benefits for beneficiaries. Wills and Estate Planning: The Essential Guide for Australians | $26.91 Terry Vogiatzis,…
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ASIC Sues Mercer Super for Systemic Failures and Compliance Breaches
Australia’s corporate watchdog, ASIC, has taken legal action against Mercer Super, a $70 billion superannuation fund, alleging systemic failures. The allegations include charging insurance premiums to deceased members, creating accounts without default insurance, and failing to update member information. 2024 Premium Financed Life Insurance: The Key To Effective Estate Tax Planning | $40.26 Mercer Super,…
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Strategies to Navigate Superannuation Inheritance Tax for Beneficiaries
When it comes to superannuation inheritance, the looming specter of the “death tax” can cast a shadow on the otherwise well-intentioned scheme. With Australians amassing a staggering $4.2 trillion in super assets, the implications of passing on wealth to beneficiaries have come under scrutiny. The original purpose of super was to support retirement and reduce…
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Aware Super’s Wu Leads Global Retirement Income Innovation
When it comes to retirement, super funds worldwide face a crucial challenge: efficiently converting retirement savings into income streams that benefit members. This challenge is particularly significant for Aware Super, managing $190 billion in assets, with a substantial portion in retirement phase, paying out billions annually in benefits. Shang Wu, the portfolio manager for retirement…