qmv superbrief 20141031

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SUPER CLAIMS

The Department of Human

Services (DHS) has released its

2013-14 Annual Report, which

shows the number of

applications received for early

release of superannuation

benefits on compassionate

grounds has increased 7% in

the 2013-14 financial year, to

19,286. The average amount

released per approval is now

$12,874.

Source: Department of Human Services

COMPLIANCE

The financial services sector is

one of the highest for dragging

down productivity through self-

imposed red tape and

overzealous rulemaking,

according to a new report by

Deloitte, titled Get out of your

own way: Unleashing

productivity. Among the

findings is one-third of all

employment growth in the

finance sector from 2006 to

2011 was made up of

compliance workers.

Source: Deloitte

ANNUITIES

Challenger has pushed the

case for deferred lifetime

annuities (DLAs) stating their

introduction in the near future

would alleviate future pressure

on the pension system and

would cost the Federal

Government nothing to

introduce.

Source: Money Management

INVESTMENT CHOICES

Towers Watson has launched a

global not-for profit

organisation aimed at

"influencing change in the

investment world to improve

the provision of savings."

Dubbed the Thinking Ahead

Institute, it is open to asset

owners, investment managers

and other parties. So far it has

19 members from Australia,

France, South Africa, the UK

and the USA with total assets of

$5.6 trillion.

Source: Financial Standard

SUPER GUARANTEE

A new ruling from the tax office

means that pizza delivery

drivers must be paid as

employees and not contractors

for the purposes of

superannuation obligations.

According to University of

Sydney economist Dr Michael

Rafferty, the move may also

shed light on other “grey

areas” of employment, such as

casual workers and those with

multiple jobs.

Source: The New DaIly

INDUSTRY PARTNERSHIPS

AMP has announced it will

acquire a 19.99 per cent stake

in China Life Pension Company

Limited, a subsidiary of China

Life Insurance Company

Limited and the largest pension

company in China, for AUD

$240 million.

Source: Investor Daily

NEW PRODUCTS

The Eureka Report, a subsidiary

of News Corporation, is in

negotiations with investment

platform provider OneVue to

launch a superannuation

product for its subscribers. A

News Corp spokesperson

confirmed they are “in

discussions to bring to market

an innovative investment

platform solution for people

wanting greater say in the

management of their

investments”.

Source: Investor Daily

REGULATION

APRA have released their final

prudential practice guide on

group insurance arrangements,

which provides guidance on

good practices for insurers in

relation to group insurance

arrangements. They have also

released for consultation a

draft prudential practice guide

on superannuation fraud risk

management.

Source: APRA

TECHNOLOGY

Platform and wrap provider

Wealthtrac has launched a

new app for its wrap product

that allows members to monitor

their super on their mobile

device.

Source: SMSF Adviser

QMV SuperBrief Quick Superannuation Industry News

Issue #44 of 2014: Friday, 31st October 2014