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SuperBrief Independent & Concise

Issue #12 of 2015: Friday, 27th March

FAIR WORK COMMISSION

The Australian Council of Trade

Unions (ACTU) is lobbying the

Fair Work Commission to raise

the compulsory superannuation

rate for those workers on the

minimum wage when it

undertakes its annual wage

review.

The ACTU believes that nearly 2

million low paid workers are

$167 million worse off a year

due to the delaying of the

employer contributions increase

from 9.5 percent to 10 percent

this year.

Source: ABC News

ASFA REPORTING

The Association of

Superannuation Funds of

Australia (ASFA) and State Street

Global Investors have released

‘The future of retirement

income’ report which shows

that diversification and growth

can help retirees’ super last

longer.

According to the report, retirees

with a defensive portfolio could

expect to draw down their

super until the age of 90

whereas retirees in a diversified

portfolio could expect to draw

down until the age of 98.

Source: ASFA

INSURANCE IN SUPER

The Trowbridge Review on Retail

Life Insurance Advice has

released its final report. The

report, initiated by the Financial

Services Council (FSC) and the

Association of Financial

Advisers (AFA), makes 11

recommendations. Of the 11

recommendations, 6 are cover

policies and the remaining 5 are

related to the implementation

and review of the reforms.

Source: Financial Standard

Industry Super Australia’s

Deputy Chief Executive, Robbie

Campo believes that the

Trowbridge Report on the retail

life insurance industry fails to

properly cover the issue of

conflicted remuneration.

Robbie Campo explains, “While

the report’s proposal may deal

with the most egregious

situation of churn, it fails to

tackle the fundamental conflict

cause by the existence of

commissions, even if capped”.

Source: Industry Super Australia

Don Trapnell, Synchron director,

believes the Trowbridge report

recommendations to cap

adviser remuneration will have

commercial ramifications, “The

commercial reality is that if the

numbers don’t stack up, any

business of any size is out of

business”.

Source: Money Management

SUCCESSOR FUND TRANSFER

The Superannuation Complaints

Tribunal (SCT) has recently

handed down a decision that

will order a successor

superannuation fund to refund

fees to members where the fees

charged are in excess of those

which would have been paid in

their previous fund.

Source: Super Review

DEFAULT SUPERANNUATION

Industry Super Australia (ISA)

recently sought legal advice in

terms of the legality of banks

offering business client’s

incentives to switch their

employee default super

scheme. The law (SIS Act

section 68A) prohibits banks

from offering bank incentives

but there is no civil penalty for

breaching section 68A, which

the ISA wants to change.

Source: Financial Standard

APPOINTMENTS

Lynelle Briggs will replace John

Coombs on Maritime Super’s

board as an independent

director.

Source: Investor Daily

LUCRF Super has appointed

Martin Drew, previously of First

State Super, as the new head of

investments.

Source: Investor Daily