For a number of reasons, superannuation funds in Australia are providing mixed returns for members.
The Australian on April 14, 2018 reported that Tony Shepherd, a highly respected executive with significant engagement in the private and public sectors and Chairman of the Abbot government’s cost-cutting taskforce, recently questioned whether Federal public servants and politicians should enjoy a 15.4% employer superannuation contribution when other workers receive only 9.5%.
Criticism has erupted over suggestions by Labor that the planned increases in employer superannuation contributions from the current 9.5% to a targeted 12% by July 2025 should be accelerated.
The Banking Executive Accountability Regime (BEAR) has made banks and businesses cautious and concerned. Banks have echoed a warning that BEAR threatens the clarity of roles between APRA and ASIC, and also creates potential upheaval with insurance and superannuation funds, as BEAR could be broadly applied to such organisations.
The Agenda is our must-read summary of issues concerning Boards of Directors and Government.
The Agenda is the must read summary of issues concerning Boards of Directors and Government.
It is our observation that wealth creation and provisioning for a comfortable retirement is in part being supported through public company executive participation in equity based incentive plans.
Although existing superannuation organisations will have three years to meet proposed independence requirements, by 1 July 2016 they will need to formulate a transition plan on an individual Director basis.