Tag: superannuation news

Chant West, a reputable research firm, has recently introduced a groundbreaking service known as Lifetime Product Ratings for the superannuation sector. This new offering is designed to evaluate the quality of lifetime products, which are instrumental in providing a steady income stream for members of super funds throughout their lives. The criteria used in this…

Amidst the escalating tariff war and growing recession fears, Australian superannuation balances have taken a hit due to the recent turmoil in the US stock markets. President Donald Trump’s comments on the potential impact of his tariff policies on the US economy have further fueled uncertainty, causing Wall Street to experience significant plunges. The Nasdaq…

In a significant move, the Australian Securities and Investments Commission (ASIC) has intensified its regulatory oversight by taking legal action against AustralianSuper, the country’s largest industry fund. This action underscores ASIC’s commitment to regulating the superannuation sector more rigorously and dispels any notion of special treatment for superannuation funds. Before January 1, 2021, ASIC’s authority…

The Australian Securities and Investments Commission (ASIC) has taken legal action against AustralianSuper, the country’s largest superannuation fund, over alleged delays in processing death benefit claims. ASIC filed a lawsuit in the Federal Court, accusing AustralianSuper of inefficiency and lack of transparency in handling nearly 7000 death benefit claims between 2019 and 2024. This move…

Financial advisers are facing increased scrutiny from ASIC due to errors in superannuation advice, as reported by ifa. ASIC has taken action against advisers for providing poor superannuation advice that led clients to surpass contribution caps or untaxed plan limits, resulting in higher tax payments. This regulatory intervention followed the discovery of compliance breaches reported…

The impact of recent events on superannuation balances has garnered attention due to the repercussions of President Donald Trump’s tariffs, particularly on Australian steel and aluminum. The turbulence in the US stock market, triggered by fears surrounding the implications of Trump’s tariffs, has reverberated globally, affecting Australian shares as well. The announcement that Australia would…

A potential risk looms over Australians’ superannuation as the specter of a US trade war casts its shadow. The recent escalation of trade tensions, primarily driven by the United States under President Donald Trump, has raised concerns among economists and experts about the broader implications for global economies and, in particular, the impact on Australians’…

AustralianSuper, one of Australia’s largest superannuation funds, is facing legal action for alleged delays in processing death benefit claims. The Australian Securities and Investments Commission (ASIC) has taken further steps against AustralianSuper in the Federal Court, accusing the fund of significant delays in assessing nearly 7,000 death benefit claims between July 2019 and October 2024.…

During the COVID-19 pandemic, millions of Australians resorted to tapping into their superannuation funds for financial relief. The Australian Taxation Office data revealed that 3.05 million individuals withdrew a total of $37.8 billion from their superannuation accounts in 2020 under the government’s early release scheme, allowing withdrawals of up to $20,000. This move raised questions…

As the political landscape heats up in anticipation of the upcoming election, the superannuation sector finds itself at the center of attention with significant changes on the horizon. Experts are sounding the alarm, warning individuals to brace themselves for potential shifts that could impact their retirement savings. Superannuation, a critical component of Australia’s retirement system,…