New reality for super funds
Some Australian superannuation funds will need to consider their futures in the face of higher costs and tougher regulations.
The chairperson of the Association of Superannuation Funds of Australia (ASFA), Rosemary Vilgan, said such consequences would flow from the current market turmoil.
Opening the 2008 ASFA national conference in Auckland, New Zealand, Vilgan said the market turmoil had changed the realities confronting many super funds.
She said one of the most important changes was the increased scrutiny of the regulators and the need to communicate more clearly with members.
Vilgan urged those funds confronting tough decisions to come to terms with the realities.
She said funds also needed to look at their roles in terms of delivering a comfortable retirement rather than simply managing the 9 per cent super guarantee.
AUTHOR
Mike Taylor
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
