qmv superbrief 20141031
TRANSCRIPT
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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